CCFT Holdings Pte., Ltd. was invited to participate in Standard Chartered Bank letter of Export Letters of Credit practice exchange

On August 30, 2024, Ms. Li Hui, Director of Operations of CCFT Holdings Pte., Ltd.(referred to “as our company”), was invited to participate in the exchange training of the Export Letter of Credit (Level 2) course organized by Standard Chartered Bank in Singapore.

As a widely used payment method in international trade, letter of credit is essentially a kind of bank credit, which provides transaction protection for buyers and sellers through banks as intermediaries.The letter of credit not only plays an important role in reducing transaction risks and promoting the smooth progress of international trade but also has certain defect risks.

The training session focused on two learning objectives: the appreciate the intricacies and risks associated with using LCs as a seller, and the better understand the importance of mastering the rules to protect your interest. Gabriel Sham, representative of Standard Chartered Bank, participated in a Q&A session with participants from different industries and shared real cases of international trade settlement in recent years.

At the meeting, Ms. Li conducted in-depth exchanges with the participating experts on the problems that our company, as an exporter, encountered in the use of L/C settlement methods, such as the importer's failure to issue L/C according to the contract, the fraud of forging L/C, and the credit risk of the issuing bank.

This conference provides our company with the opportunity to communicate with the world's leading international trade banks and representatives of different industries, enriche our knowledge on the use of L/C, and takes effective measures to prevent and respond to ensure the safety and smooth progress of L/C transactions and improve our risk control ability.

Contributed by: CCFT Singapore