We will send a copy of the eGuarantee data set after we have successfully transmitted the eGuarantee to the beneficiary. It will be attached to our advice of issuance charges to you.
OCBC Electronic Banker’s Guarantee
Issue your guarantee and have it digitally delivered
What We Do
Why OCBC Electronic Bankers Guarantee?
We issued the first electronic guarantee in March 2020 in favour of Singapore Customs under the Singapore Customs Electronic Guarantee Programme. We assisted 100% of our customers to successfully convert guarantees required by Singapore Customs from paper to electronic ones. With our proven track record, you can be sure that your eGuarantees will always be accepted by beneficiaries upon transmission*.
*If any of the guarantee details provided by you are incorrect, the beneficiary will inform you directly that the eGuarantee has been rejected. Should this happen, please give us revised instructions for re-transmission.
overview
What is eGuarantee@Gov?
eGuarantee@Gov is a government-led initiative to digitise the guarantees issued by Participating Financial Institutions (PFIs) in favour of government agencies and statutory boards (beneficiary). The programme will enable PFIs to send guarantees electronically in data form. No paper guarantee will be issued. The eGuarantees are transmitted securely via the Networked Trade Platform.
Benefits
Save time
Forget the hassle of having to collect and deliver your guarantees for lodgement.
Forget the hassle of having to collect and deliver your guarantees for lodgement.
Save cost
Eliminate courier costs and the risk of having your guarantee getting lost in transit.
Eliminate courier costs and the risk of having your guarantee getting lost in transit.
Additional benefits
Expect your indemnity to be released earlier if we receive an early discharge data set from the beneficiary via the Networked Trade Platform.
Expect your indemnity to be released earlier if we receive an early discharge data set from the beneficiary via the Networked Trade Platform.
How It Works
how to get started
- For customers without facility
For customers with facility - Indicate which beneficiary. Refer to the eGuarantee@Gov programme for a list of beneficiaries that accepts eGuarantees and the templates they accept.
- Under Purpose of Bank Guarantee or Special Instructions, indicate “eGuarantee@Gov template reference, Case Reference, Applicant’s unique identifier (e.g. UEN/NRIC/FIN/Passport No./Tax Payer’s Reference/etc)”.
- Under Delivery Instructions, select “Please transmit electronically”.
- Attach the relevant eGuarantee Template of the Beneficiary, duly signed, to the application form or state the relevant template reference in the application form.
FAQ
Common questions
How will I know when OCBC has issued the eGuarantee?
How will I know whether the eGuarantee lodgement has been accepted by the Beneficiary?
The beneficiary will contact you if your eGuarantee data set requires amendments. If that happens, you will need to inform us of the changes by submitting an amendment to your guarantee application. Fees may apply.
How will I know what exactly I am indemnifying OCBC for, if OCBC is not issuing the full text of the guarantee?
Once you authorise OCBC to issue the eGuarantee Template or instruct us to issue an eGuarantee based on eGuarantee Template Reference Code, the transmission of the relevant eGuarantee Data Set means OCBC is bound by the terms as set out in the eGuarantee Templates. You will hence be indemnifying OCBC for issuing the eGuarantees subject to the terms as set out in the templates.
Need help?
Find out how OCBC can help your business
Call us at +65 6318 7777. Monday – Friday, 9am to 6pm (excluding public holidays).
Important note
You will be directed to a third party website. OCBC Bank shall not be liable for any loss suffered or incurred by any party for accessing the third-party website or in relation to any product and/or service provided by any provider under the third-party website.