New and Unique Banking Product for Coffee Traders

From late July 2010, Maritime Bank has launched the foreign bill purchase services for coffee futures traded at the Singapore Commodity Exchange (Sicom).

 

This is the latest, unique banking product for coffee producers and traders. Accordingly, Maritime Bank becomes the first bank to provide this product in Vietnam.

 

According to this new policy, Maritime Bank acts as both a broker for Vietnamese coffee producers and traders with the commodity exchange, and as a credit lender for coffee traders. When these companies finish a coffee deal on Sicom, Maritime Bank will advance money immediately instead of on a T+4 payment schedule. In addition, they only need to import coffee into bonded warehouses and show foreign bill purchase papers to enjoy preferential discounted borrowing rates, consulting fees and service charges.