The Monetary Authority of Singapore (MAS—the central bank) and Export Credit Insurance Corporation of Singapore (ECICS) are Singapore’s two key sources for trade-related finance and insurance. The MAS, through its export-bills rediscounting scheme, provides short-term concessionary financing to exporters with eligible locally manufactured export products. Under the programme, the MAS rediscounts pre-export and export bills of exchange drawn by the banks. The main objective is to lower the cost of credit for exporters and, accordingly, to enhance their competitiveness.
ECICS was originally incorporated in Singapore in 1975 under the Companies Act as a public limited company. The only export-credit insurance company in Singapore, it is a wholly owned subsidiary of International Factors (Singapore). The company’s primary objective is to facilitate and finance exports by providing insurance cover for domestic exports against commercial and non-commercial risks.
