Spanish multinational banking group Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has joined Singapore-based trade finance platform Capital and Credit Risk Manager (CCRM) as a full member bank.
CCRM is a wholly owned subsidiary of Tin Hill Capital and is supported by the Monetary Authority of Singapore (MAS) Financial Sector Development Fund. CCRM provides a digital marketplace in the secondary market for trade and working capital risk. It facilitates operational efficiency, greater price discovery, market depth and governance in the secondary market place model.
The move is in line with the bank’s digital strategy to advance itself in the fintech ecosystem and drive innovation to explore new digital solutions. The new platform will improve the efficiency of trade asset distribution, transparency to the market and will make it easier for stakeholders to access the market. It will help the bank to develop its trade finance business.
Commenting on the development, Daniel Berenguer, Executive Director of Global Trade & International Banking Digital Sales and Platforms at BBVA, said: “There is no doubt that we are still at an initial phase in the development of these new ways of understanding the business. There are some challenges that have to be resolved, such as its general adoption by the market, financial institutions, funds and insurers; but it is undoubtedly a significant step forward in the right direction for the management of the business in the future. But what is already a reality – and this how we feel it in our organization – is that adapting to new technologies is being internalized by the teams and now forms part of our DNA as an organization.”
The move is aligned with the bank’s strategy to position itself as an agile organisation, and strengthen its presence in the market segment. In June, BBVA became the first bank to offer structured product prices (equity, forex, derivatives) in real time through the Bloomberg platform.