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.
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.