Dubai Mercantile Exchange (DME) has approved ING Bank’s Singapore brand to issues letters of credit (LCs) for trading on DME directly from Singapore to support customers in Asia.

This latest development is part of DME’s ongoing efforts to have a diverse roster of international banks that are authorised to issue LCs directly from Singapore to guarantee deliveries of Oman Blend crude oil through the DME, said a statement.

Christopher Fix, chief executive officer of DME, said: “The success of DME and the steady growth in volumes has been driven by our commitment to creating a world class trading environment for our customers in Asia through improved access to finance to support their crude oil deliveries  and reduce their risks.

“We are delighted to have ING Bank N.V., Singapore Branch as an approved financial institution and I hope our customers will take advantage of our robust financing framework to address their trading needs.”
 
Catherine Low, country manager, ING Bank., Singapore branch, and head of International Trade and Export Finance in Asia, said: “Our participation is in line with our efforts to support the trading needs of our clients in the global energy market around DME’s flagship Oman crude which is seeing sustained levels of interest in Asia.

“Enabling our clients to trade in a more efficient and secure environment is a priority for us and we look forward to helping our clients through the direct issuance of LCs from Singapore.” - TradeArabia News Service