Why eGuarantees?

Today, businesses and individuals (applicants) apply for or purchase banker’s guarantees and insurance bonds from financial institutions (FIs) such as banks and insurers. They then deliver the paper-form of these guarantees and bonds to Government Agencies to meet contractual or licensing requirements. eGuarantee@Gov digitises this process to enable applicants, FIs and Agencies to reap time and cost savings.

Benefits of eGuarantee@Gov

1. Swift - Fast issuance process, usually less than 1 day; [1]

2. Seamless - eGuarantee lodged and discharged on Networked Trade Platform (NTP) via a digitalised process; and
3. Savings - No need for courier charges and costs for physical storage of paper guarantees.

[1] Subject to other bank conditions such as credit limit.