MOF and MAS launch process to digitalise banker’s guarantees and insurance bonds

29 November 2022

On 2 November 2022, the Ministry of Finance (MOF) and the Monetary Authority of Singapore (“MAS”) jointly launched eGuarantee@Gov, a simple and secure digital process for businesses and individuals to provide a banker’s guarantee or insurance bond (collectively, “guarantee”) to government agencies within a day.

With eGuarantee@Gov, businesses and individuals can apply for an eGuarantee from over 20 participating financial institutions (“FIs”) through their websites or by email for direct submission to 17 government agencies. Businesses and individuals need not apply for a paper guarantee from a participating FI and deliver it to the participating government agency to discharge their contractual or licensing obligations. A list of the participating FIs and government agencies can be found at the Annex to the MAS press release. More participating FIs and agencies are expected by end 2023.

eGuarantee@Gov also provides for a more streamlined and simpler workflow as it employs standardised texts which eliminate the need for each guarantee to undergo legal vetting. The eGuarantees are securely transmitted through the Singapore Customs’ Networked Trade Platform (NTP).

For more information on the initiative, please visit www.eguarantee.gov.sg.

Reference materials

The MAS press release is available from the MAS website www.mas.gov.sg.