Forgers forcing trade financing into digital age

Singapore: The US$9 trillion business of financing global trade needs to go digital, according to South-East Asia’s second-biggest lender.

Forgers have become so adept at faking documents used by banks that going paperless has become a necessity for the industry, said Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp Ltd, the region’s second-biggest bank by assets.