September 19, 2021

Enterprise Singapore’s Trade Credit Insurance Scheme to be revised starting 1st April 2021

By: DigitalCFO Asia Newsroom | 25 March 2021

Photo from Canva

Enterprise SG’s Trace Credit Insurance Scheme (TCIS) helps to defray the cost of trade credit insurance by supporting part of the minimum premium payable. Trade Credit Insurance (TCI) is an insurance protection that your company can purchase to protect itself against non-payment by your buyers, allowing you to acquire new customers with greater confidence.

Starting from 1st April 2021, TCIS will be streamlined under the Market Readiness Grant (MRA)  as the Trade Credit Insurance support category.

This means that organisations have until 31st March 2021 to insure their accounts receivables with up to 50% of minimum insurance premium cost supported by TCIS. From 1st April 2021 onwards, TCIS will be changed to protect against buyers’ defaults in overseas market under the MRA grant.

Organisations should leverage on this scheme to protect their businesses against non-payments in these uncertain times. To find out if your organisation is eligible for TCIS and speak to a trade credit insurance provider, please click here.