Mizuho Bank has formalized a partnership with Singapore-headquartered trade technology company GUUD Pte Ltd (“GUUD”) with regards to RYTE TFAP, a unified multi-bank trade finance application portal providing digital application services from leading local and international trade finance banks in Singapore.
Launched in November 2019 as CamelONE™ Trade Finance, the portal, now known as RYTE TFAP, is available on the Networked Trade Platform (“NTP”) as a value-added service and is free for corporates to use. The portal allows corporates to scale up their business without increasing their operational complexity.
As one of the major international Japanese banks serving key Japanese conglomerates, Mizuho will provide digital application services for a range of trade finance products via RYTE TFAP to meet the requirements of its client base in Singapore.
With digital technologies playing an increasingly important role in supporting broader international trade activities, one of Mizuho Bank’s key strategies is to accelerate its digitalisation initiatives and explore collaborations with Fintechs to meet existing client needs as well as create new opportunities.
Mizuho’s partnership with GUUD is a step forward for the bank to meet the evolving business needs of its clients in this new era of digital banking, through the simplification of operational requirements with real-time tracking, paperless applications and faster turn-around times. Besides providing convenience and efficiencies for its clients, the partnership will help strengthen business relationships, create more digital opportunities and channel businesses for the bank and its customers.