CCRManager, a digital platform for the distribution of trade finance assets, has raised S$3mn from a group of investors to support its new service aimed at corporates, having initially set out to only serve the bank and investor markets.

Investors include Asia Capital & Advisors (ACA) and Global eTrade Services, a trade facilitation company, as well as new investor Curzon Investment, a private fund with a broad mandate that includes investments in enterprise platforms in trade finance. The funding round closed on May 12.

Launched in 2017, CCRManager’s members include more than 100 financial institutions and non-bank lenders across 35 countries. Backed by the Monetary Authority of Singapore (MAS) through its Financial Sector Development Fund, it provides a secure platform to facilitate the distribution of trade assets in the inter-bank or secondary trade finance market.

At the time of its launch, Kah Chye Tan, CCRManager’s chairman said: “We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five.”

While CCRManager is yet to hit its institutions target, its new investment will see the company shift its attention to corporates for the first time.

The funding will support the Singapore-based firm’s new tool, called Open Distribution, which aims to widen corporates’ ability to access trade finance.

George Lee, COO and CFO at the firm, tells GTR: “Open Distribution serves corporates seeking trade finance facilities from financial institutions and leverages the extensive financial institution network of CCRManager, and empowers them with the opportunity to seek optimal financing arrangements through a combination of the CCRManager network and data from one or more financing institutions.”

He adds that corporates can now utilise the platform “to increase efficiency and effectiveness in their interactions with the financial institution members of CCRManager” and have full interoperability with existing modules that have been serving the platform’s institutional members.

“Our singular focus on creating an ecosystem of services that will serve our members remains unchanged,” says Lee. “We will continue to enhance our platform functionalities to best suit our customers’ needs and particularly the increase in need for digitalisation amidst the pandemic environment that we find ourselves in right now.”

The funding round follows the exit of Ka Kit Man, former CEO of CCRManager, who was appointed senior vice-president of trade asset management at DBS Bank last year. Since his departure, Tan has carried out the CEO function.

“Our team composition will continue to evolve around the needs of our member institutions and our vision for how CCRManager can contribute to the global trade finance ecosystem,” says Lee.