Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Long-time trade finance operations manager Francis Ho died 1 October 2022. Francis who started in banking in October 1972 spent his entire working career at Malayan Banking Berhad (Maybank) Singapore until his retirement in July 2017. As an established professional in the field, Francis looked after Maybank’s trade finance back-end operations. Well-known and beloved throughout the Singapore letter of credit community, Francis was active with the Association of Banks in Singapore (ABS) and participated in IIBLP’s Annual LC Survey events on a regular basis for many years.
“Francis was very knowledgeable and well-respected by his trade staff at MBB”, said retired Singapore banker Joe Yap who knew Francis since 1988. “Even after his retirement, the MBB trade staff still sought Francis’ his advice through a WhatsApp group.”
Dr. Soh Chee Seng, ABS Technical Consultant, added: “Francis had been with me in the Trade Standing Committee of ABS for many years. He was knowledgeable and always there when people asked for his advice. His departure is a loss for the trade banking industry.”
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
