Yes. Covenant Desk is available to Singapore banks and lenders with 50 or more staff as a dedicated deployment, with SGD, Singapore rules, your templates and your systems built into the implementation, and your team tests it on your own cases before go-live.
Singapore · Loan origination system
Loan origination system for Singapore banks and lenders
From the first application to a signed facility on one record: documents read by AI, figures checked, the credit memo prepared and the decision approved by the officer with the authority to take it.
In brief
What a loan origination system does in Singapore
A loan origination system (LOS) is the software a lender uses between an application arriving and a loan being booked. It collects the borrower's details and documents, runs the checks, builds the credit assessment, routes the file for approval and produces the offer and facility letter.
Covenant Desk is the AI lending system for banks and for lenders with 50 or more staff, including a bank's local SME desk or a group-owned finance company. An AI banking agent reads the documents, builds the client profile, prepares the credit memo and facility letter and flags what is missing, so credit officers spend their time on the decision. In Singapore the platform is built to your MAS-facing credit file, your authority matrix and your own core banking systems as part of the implementation.
Singapore
What a Singapore LOS has to get right
- 01
A credit file MAS would recognise
MAS Notice 612 expects banks to keep credit files, grade each facility and provision on that grading. The LOS leaves a complete file behind every approval: the documents, the spread, the grade and who approved it.
- 02
Documents read once
Financial statements, bank statements, certificates and business registration documents are extracted by AI and the figures go to the right fields, each linked to its page and line.
- 03
Cost and conduct rules for your licence
Where your licence carries rate, fee or total-cost limits, for example the Moneylenders Act caps for a licensed finance arm, they sit in the product set-up and are checked before disbursement, not reported afterwards.
- 04
Business loans treated as business loans
A group with personal and business books needs the system to know which rules apply to which file. SME lending runs on its own workflow: application, spreading, credit memo, approval matrix, facility letter, collateral, covenants and monitoring.
- 05
Personal data handled under the PDPA
Identity numbers, income documents and bank statements are personal data. Access follows roles, identifiers are masked on screen and every lookup is recorded.
- 06
A decision a named officer owns
AI prepares the decision; your credit officers approve it, with four-eyes control, approval matrices and a full audit trail. That is also what MAS's 2026 AI risk management guidelines expect when credit work uses AI.
Covenant Desk
How Covenant Desk covers it
All of this is available, built to your operation and delivered as part of the implementation.
- 01
Intake
The borrower, directors, shareholders and guarantors in one case. Staff open cases or the borrower applies on your own online form; a secure upload link and a checklist collect the documents. Identity numbers are stored encrypted and shown masked.
- 02
Document extraction
OCR and AI document extraction read financial statements, bank statements, certificates, ID and business registration documents, and the figures go to the right fields, each linked to its page and line.
- 03
Assess
Financial spreading by period; DSCR, leverage and interest cover; bank-account analysis; a versioned 100-point scorecard in which missing evidence shows as unassessed.
- 04
AI banking agent
The AI builds and edits client profiles, prepares the credit memo and facility letter from your templates, summarises the file, schedules client and committee meetings and drafts communications. Every action is logged, permissioned and reviewable.
- 05
Decide
AI prepares the decision; your credit officers approve it, with approval limits by amount, escalation, four-eyes control on exceptions and a full audit trail.
- 06
Core banking engine
Covenant Desk includes its own core banking engine for lending: loan accounts, ledger and postings, interest and fees, repayment and collections, and disbursement. It also integrates with the core banking systems you already run, through APIs or file exchange, so you can adopt it as the lending core or run it beside your existing core.
- 07
Singapore rules, currency and payments
Singapore's rate and fee rules, currency, payment rail and document templates are built into your deployment as part of the implementation, and your team tests them on your own cases before go-live.
Evaluation
Questions to ask any LOS vendor in Singapore
- 01
Where is our data held?
Ask for the hosting region of the database, the documents and the backups, and whether any data leaves it.
- 02
Can our credit team change policy without a release?
Thresholds, hard stops and grade bands should be a policy table with effective dates, not code.
- 03
Does it include a core, or connect to ours?
Look for a lending core you can adopt and an integration path to the core banking system you already run.
- 04
What does the AI do?
Look for an AI that reads, drafts, summarises and flags, with every action logged and permissioned, and approval left to your credit officers.
- 05
How do we leave?
A full export at the end of the contract, and written confirmation that the vendor deleted your data.
- 06
Who tests it?
An independent penetration test of your deployment before real customer data goes in.
FAQ
Questions banks and lenders ask
Yes. The SME lending workflow covers application, document collection, spreading, credit memo, approval matrix, facility letter, collateral and guarantees, covenants and monitoring, tailored to the operation of the bank or group unit that uses it.
Your choice. Covenant Desk includes its own core banking engine for lending, so you can adopt it as the lending core, or run it beside your existing core and integrate through APIs or file exchange.
AI prepares the decision and your credit officers approve it, under four-eyes control and your approval matrix, with a full audit trail. Covenant Desk is software and does not lend.
Sources
Official sources, checked 29 October 2026
- Ministry of Law, Registry of Moneylenders: guide to borrowing from licensed moneylenders (interest, late interest, fee and total-cost caps)
- Monetary Authority of Singapore: Notice 612, Credit Files, Grading and Provisioning
- Personal Data Protection Commission Singapore
Rules change; check the current text with the regulator and your adviser. This page is not legal advice. Covenant Desk is software: it does not provide loans or make lending decisions.
Related
More for banks and lenders in Singapore
See it on one of your own loans.
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