Banks tighten credit in Asia as Hin Leong losses add to woes

Banks tighten credit in Asia as Hin Leong losses add to woes

Photo: Zbynek Burival / Unsplash

Banks and trading companies are scaling down activities in Asia following the oil price collapse and financial problems at three companies including major Singapore trader Hin Leong, according to eight sources familiar with the matter.

The problems are threatening commerce in Singapore, Asia’s commodities trade hub, the banking and trading sources said. Billions of dollars of physical and derivative commodities change hands in the city-state in a supply chain that links financial institutions with traders and logistics companies that deliver fuel to the Asia-Pacific region and beyond.

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