SINGAPORE » Aug. 27, 2020 » Bruc Bond
, /PRNewswire/ — , a leading global corporate banking services provider, today announced the creation of its new Commodities and Derivatives Department.
The Department focuses on risk-managed provision of banking services, payment accounts and payment and clearance facilities to commodities traders around the world.
Bruc Bond’s » Krishna Subramanyan
“COVID-19 and the slowdown in global trade have dealt a blow to commodities traders engaged in sustaining vital supplies around the world. commodities department, with a variety of custom-tailored banking solutions, allows us to provide much-needed support to international trade efficiency with a quick turnaround,” said Bruc Bond CEO .
COVID-19 Disruptions to Commodities Banking
No sector of the economy has been spared the shocks of the global COVID-19 pandemic. The pandemic has affected the demand and supply of commodities, according to the April edition of the World Bank’s Commodity Markets Outlook report. Those effects are direct, resulting from shutdowns to mitigate the spread of the virus and disruptions to supply chains, and also indirect, as the global response slows growth and leads to what is anticipated to be the deepest global recession in decades.
The effects have already been dramatic, particularly for commodities related to transportation. Oil prices have plunged since January, and prices reached an historic low in April with some benchmarks trading at negative levels. While gains have been made since the April lows, the road to recovery is still long ahead. Meanwhile, the price of gold is reaching never-seen-before highs as investors seek a safe haven for their funds.
Meanwhile, over 50 countries have changed port protocols, ranging from port closure and quarantine measures to additional documentation requirements and examination, imposing additional barriers to trade. Further, lockdowns have affected the availability of labour to unload ships at ports. Limits of mobility are affecting a variety of trade processes, placing great strain on commodity and equipment traders around the world.
The disruption caused by the pandemic has also hurt the ability of banks to provide adequate services to clients in the commodities sectors. Travel restrictions and shelter-in-place orders have disrupted client-onboarding processes and prevent banks from taking on clients from the commodities sector.
Digital Facilities Offer Hope
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Subramnyam goes on to say ” is well adapted to a digital-only corporate banking experience. Our -based company is a global leader in corporate banking services, serving clients with complex needs in , , , and elsewhere. “
Bruc Bond’s » Bruc Bond
Commodities and Equipment Trade department is building a portfolio of clients engaged with Commodity & Equipment Trade as well as Investment Funds operating in the commodities space. is inviting qualified traders and regulated investors to submit applications for its banking facilities and banking relationship management services.
Bruc Bond » Bruc Bond
facilitates the opening of bank accounts and enables their ongoing management through its banking relations and top-class open banking platform, while providing an impeccable quality of customer service. offers remote identification, straightforward onboarding and careful, risk-aware management of corporate bank and payment accounts in leading APAC and European banks.
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is a leading business banking company that sources new and innovative ways to bridge the gaps between clients and banking partners. We believe in effortless banking, aiming to deliver a more straightforward, simple, convenient and bespoke service to our clients. Our customer service model and digital banking suite are centred around an enhanced user experience, allowing our clients the freedom and stability they need. is based in and is trusted by customers and leading financial institutions in the EU and across the world.