Unity Trade Bank

Trade Finance

To promote and conclude a trade transaction, a financial guarantee is required to issue in favour of the supplier. A typical trade guarantee (but not limited to) can take any of the following forms:

  • Letters of Credit (LC)
  • Standby Letters of Credit (SBLC)
  • Letters of Guarantee (LG) or Bank Guarantee (BG)
  • Proof of Funds (POF)
  • Bank Comfort/Capability Letter (BCL) and so on

Unless otherwise stated, these aforementioned guarantees are transmitted by SWIFT.

Customer KYC checks and Due Diligence

Services we offer are for business/corporate customers only.  All customers are required to comply with Customer Due Diligence, Anti-Money Laundering and compliance checks based on external factors, followed by internal risk management and assessment before finally approved. In addition, a Client Information Sheet (CIS) and an application form are mandatory to be filled in by the customer.

 

Procedures of obtaining trade guarantees

  • Client (importer/buyer) submits proforma invoice (PI) or contracts to UTB.
  • UTB prepares and sends required draft for approval to the client who in tern sends the draft to the beneficiary for final approval.
  • Once approved, client sends UTB beneficiary signed and stamped draft.
  • UTB signs all relevant contractual documents (including indemnity) with the client.
  • Client pays agreed fees.
  • Upon receipt of fees, UTB issues/swift transmits the guarantee within 24 to 72 banking hours.