On 29 November 2012, ABC Singapore Branch has successfully executed the branch’s very first Back-to-Back Letter of Credit with mis-match currency. ABC Singapore Branch performed the role of the agent bank and issued a USD Baby Letter of Credit which was backed by a RMB Master Letter of Credit on behalf of a Singapore-incorporated trading firm. The new product provides flexibility for customers to tap into both onshore and offshore RMB market; effectively reduces financing cost and therefore increasing trading opportunities. Meanwhile, the new addition has created yet another business dimension for ABC Singapore Branch’s product portfolio, and further strengthen the branch position as a trade financing platform.