CCRManager, the electronic platform for the distribution of trade finance assets, has raised US$6.5mn from a group of investors.
The investors were led by Francis Rozario, who is credited with driving state investor Temasek’s investment into banks around Asia. Other subscribers include Global eTrade Services (GeTS), a trade facilitation company, along with individual investors and family offices.
The funding will go towards CCRManager’s expansion and the further development of the platform, which distributes trade and supply chain finance and working capital assets to the secondary market.
Since launching with five financial institution backers in May 2017, the company is about to complete onboarding its 40th member. George Lee, co-founder and chief operating officer, tells GTR that CCRManager has processed “just a little over US$2bn in transactions to date”.
He says: “In terms of a share of the global secondary market volume this is still very small, and I would be keen to ensure that we have a larger data set before coming to any conclusions. What we are hearing from our member institutions though, is that CCRManager is being adopted as a standard tool and not just a channel to try to push out exotic and hard to distribute deals. This means that the typical transaction size on CCRManager should not differ from the average deal size that the market currently sees.”
At the time of its launch in May, CCRManager’s initial members were Bank of China, DBS Bank, ICICI Bank, Swiss Re Corporate Solutions and UniCredit. It subsequently added ANZ, Bank of America Merrill Lynch, BBVA, Bank of East Asia, BNP Paribas, HSBC, Industrial and Commercial Bank of China, MUFG Bank, Mizuho, Standard Chartered and SMBC in the same month, and since then has been populating the platform with a further three members per month.
Speaking on the receipt of the investment, executive chairman Tan Kah Chye says: “Obviously, we are delighted with Francis as a shareholder and who will be joining us on our board of directors. His wealth of experience and network is invaluable. We are also privileged to have participation from GeTS who bring with them 30 years of experience in the development of digital solutions for trade.”