Singapore banks in talks to tighten lending practices for troubled commodity sector


The MAS and Enterprise Singapore said they would issue a response later

SINGAPORE: Commodity trade financiers in Singapore are teaming up to strengthen lending practices and improve transparency in the sector following a spate of defaults at trading firms, four sources with knowledge of the matter said.

Hin Leong Trading Pte Ltd, one of Asia’s biggest oil traders, and three other Singapore-based commodity traders ran into severe financial difficulties this year.

Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Monetary Authority of Singapore , MAS , lending , DBS , OCBC , HSBC ,

   

Next In Business News

FBM KLCI pushes past 1,600
Ringgit opens higher against US$, other major currencies
KLK's recruitment issues to be short-lived, say analysts
Renewed bets on Fed cuts boost KLCI to 1,600
Wall Street closes higher for third session on rate cut optimism
Trading ideas: Ho Hup, Favelle, KKB, Nice, Sunzen Biotech, Sin-Kung, Ireka, Malaysian Genomics, RHB, Seng Fong
RBA to maintain key rate to restrain price pressures
Optus names Stephen Rue as new chief executive
ADB gets highest net income allocation in history
Century-old association continues moving with the times

Others Also Read