Banks to tighten lending practices for Singapore commodity sector -sources

SINGAPORE — Commodity trade financiers in Singapore are teaming up to improve lending practices and transparency after a spate of defaults, four sources with knowledge of the matter said. Hin Leong Trading Pte Ltd, one of Asia’s biggest oil traders, and three other Singapore-based commodity traders ran into financial difficulties this year as oil prices crashed and the coronavirus crisis hit fuel demand. Commodity trading accounts for 4.5% of Singapore’s GDP and the working group is...