In accordance to Singapore context it most probably does not. But it probably does in James context otherwise he would not be pitching for financiers to send him both the SBLC and cash. And he expects a draw-down from Banks even when he can’t explain the relationship between the receiver and the issuer.
That shows the amount of knowledge he have as a so call “financier” he doesn’t even know that there requires to be a approval and the limit to be set in place. Before even sending the 799 and 760. With all the necessary things done that it can be draw down. Of course it must also be backed by a viable project, a real project that requires financing.
Good Luck to you James… We also know that even in the next 10years you will not be able to see any money drop. Especially using your methods. It simply does not worked.