Several financial scandals in the industry, including allegations of fraud and suspect deals, have surfaced this year after the slump in oil prices sparked by the coronavirus crisis. Many have involved Singapore - the world’s biggest ship refuelling station and Southeast Asia’s petroleum refining hub - including Hin Leong, once one of Asia’s largest fuel traders. “We want to uplift standards for the commodities trading industry to increase banking confidence in the industry,” trade minister Chan Chun Sing said at a Financial Times event in Singapore. Commodities trading is a key component of Singapore’s wholesale trade sector, which contributed 17% of the city state’s gross domestic product in 2019, he added. Separately, Singapore has also embarked on a study to develop carbon trading and other carbon services, which will be completed in the first quarter next year, Chan said.

Source: Dhaka Tribune November 02, 2020 12:11 UTC