Singapore launches new process to digitalize banker's guarantees, insurance bonds

SINGAPORE, Nov. 2 (Xinhua) -- Singapore's Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS) on Wednesday jointly launched a digital process for businesses and individuals to provide a banker's guarantee or insurance bond to government agencies within a day.

Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong said at the Singapore Fintech Festival 2022, which is held here from Wednesday to Friday, that MOF and MAS worked with the financial industry to digitalize these guarantees and insurance bonds.