SINGAPORE, July 8, 2021 / PRNewswire / – that of Singapore GUUD (Finance) Supt. Ltd. (“GUUD Finance”) today announced the launch of RYTE – a smart trade finance technology platform designed to simplify complex and traditionally manual trade finance processes, connecting business users to banks and financiers alternatives, and offering them greater opportunities to access finance. options to meet their working capital needs.
GUUD Finance, the financing arm of the GUUD Group, shares the Group’s vision of Trade for Good, and to enable all businesses, especially micro, small and medium-sized enterprises (MSMEs), to become players in global trade by reducing bureaucracy, eliminating middlemen and better access to financial services.
Thanks to RYTE, its new financing platform, processes are streamlined and standardized, allowing companies to easily submit documents, pulling the required data or digital documents through secure repositories such as the online business platform. network (“NTP”) or from digital trade facilitation platforms operated by GUUD such as Trade Declaration Services.
RYTE offers business users a variety of financing options based on their business flows; from supply chain finance to documentary trade, all within a single platform. Whether they are looking to apply for import GST financing, letter of credit issuance, or shipping financing, they can access the RYTE platform to connect with a suitable service provider who will help them meet their needs.
As a digital trade finance platform, RYTE uses the power of data to deliver a better user experience, making their financing journey fast, easy and secure. With a promise of fast turnaround times for all inquiries, real-time status updates and fast and secure autofill of form fields and digital document retrieval through its secure and reliable network, RYTE helps users to navigate their workflows digitally and simply, saving time, cost and unnecessary errors.
Commenting on the launch, Desmond Loh, CEO of GUUD Finance said: âThe global trade finance gap is widening and is estimated at around $ 1.5 trillion from 2019 according to an AfDB survey, and this gap continues to widen. With the launch of RYTE, GUUD Finance hopes to be able to provide as many businesses as possible with financing options that will help them reduce their cash flow, increase their working capital and allow them to easily grow their businesses. “
The launch of GUUD will include welcoming remarks from Mr. Lim Cheng Khai, Executive Director, Financial Market Development at the Monetary Authority of Singapore (“MAS”) as well as a round table with leaders of key financial and technological institutions in Singapore from IN Financial, Ascent Solutions, CIMB and MonetaGo.
m Lim Cheng Khai, Executive Director of MAS, said: âThe RYTE trade finance platform harnesses digitization to deliver a more inclusive and efficient experience for trade finance solutions. It is a welcome addition to that of Singapore trade finance ecosystem and strengthens that of Singapore proposal as a smart fundraising center. MAS will continue to work closely with the financial, technological and business sectors and government partners to facilitate a transparent, digital and reliable trade and trade finance ecosystem in Singapore. “
GUUD is one of the fastest growing commercial technology companies in Singapore, with offices strategically located in China, Indonesia and Kenya, and projects spanning more than 17 countries. The company has achieved many firsts, including the launch of Seafood Xchange, that of Singapore # 1 B2B electronic seafood marketplace for seafood traders. CamelONE â¢ trade finance (now known as RYTETFAP), launched in November 2019 is the first unified multi-bank commercial finance portal in South East Asia and their Smart eCO solution is the world’s first blockchain-compatible eCertificate of Origin.
GUUD Finance is the finance arm of GUUD Pte Ltd, a holding company of DeClout Pte Ltd, one of the leading builders of technology companies headquartered in Singapore.
Notes to Editors:
RYTE, a smart trade finance technology platform developed by GUUD Finance, connects financiers with businesses large and small, giving them access to a suite of finance tools that can help them improve their cash flow and grow their businesses. activities quickly and easily.
RYTE is part of the GUUD digital commerce ecosystem, the only one in the world that connects all stakeholders in the trade facilitation process, and helps businesses bypass long-standing barriers to global trade, allowing them to import or to export goods transparently to any part of the world.
For more information, please visit www.rytefinance.com
GUUD, a new digital way of doing business globally, is a technology platform and group of companies under the umbrella of vCargo Cloud. The GUUD Group refers to the UN / CEFACT Buy-Ship-Pay model to cover all aspects of trade facilitation, bypassing long-standing trade barriers and digitally transforming business processes to become more simple, more effective and more inclusive.
Led by a strong team of industry and IT professionals, GUUD aspires to help everyone, especially micro, small and medium enterprises, to become a player in global trade and to export and import from n ‘ any part of the world.
Our mission is to trade in earnest and guided by the UN Sustainable Development Goals, we pursue what is good for people, businesses and economies, helping to improve livelihoods, generating prosperity and creating efficiencies and technological improvements everywhere we go.
For more information, please visit www.guud.company