, Singapore
519 views

Singapore launches digital banker’s guarantee, insurance bond

The eGuarantee@Gov is available from over 20 financial institutions locally.

The Ministry of Finance and the Monetary Authority of Singapore has launched the eGuarantee@Gov, which enables businesses and individuals to digitally provide a banker’s guarantee or insurance bonds to government agencies.

Business and individuals only need to apply for an eGuarantee from over 20 participating financial institutions through websites or email for direct submission to 17 government agencies. This means that they no longer need to apply for a paper guarantee from a financial institution in order to meet contractual or licensing obligations.

ALSO READ: Singapore to eliminate all corporate cheques by 2025

The eGuarantees will be securely transmitted through the Singapore Customs’ Networked Trade Platform (NTP).

More FIs and agencies are scheduled to come onboard eGuarantee@Gov by end 2023, MOF and MAS said in a joint statement.

The eGuarantee@Gov was developed jointly with the Association of Banks in Singapore and the General Insurance Association of Singapore.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!