A new digital infrastructure for the shipping industry aims to smooth out the kinks in cargo handling processes, anchoring ways for logistics players to optimise operations, says an article published on straits times website.
What is the Singapore Trade Data Exchange?
It is a platform for businesses in the supply chain industry to share data on trade flows, and is expected to be fully rolled out by early next year.
At present, the movement of goods is often marked by significant inefficiencies, with logistics players having only a limited knowledge of where the cargo is at any one time.
Information shared under the Singapore Trade Data Exchange (SGTraDex) will allow them to plan better and optimise the flow of goods from manufacturing sites, warehouses and ports.
It will also help firms to match trade data with actual physical trade flows. Being able to verify the authenticity of key information will help financiers fund trades with confidence.
SGTraDex will also help the bunkering industry – which involves the supply of fuel to ships – to digitalise documentation and processes.
Views of singapore deputy prime minister
This could unlock more than US$150 million (S$202 million) of value for the supply chain ecosystem in Singapore each year, said Deputy Prime Minister Heng Swee Keat.
He hailed the service, called Singapore Trade Data Exchange, as a breakthrough for the industry, which is at present marked by “significant inefficiencies”.
“Logistics players face frequent congestion at depots and warehouses,” Mr Heng observed. “They are not able to fully plan due to limited visibility of where the cargo is in the supply chain.”
Singapore summit
The new service, announced by Mr Heng at the Asia Tech x Singapore Summit, is the brainchild of the Infocomm Media Development Authority (IMDA) and the Alliance for Action on Supply Chain Digitalisation.
The alliance, which was set up last year, is led by PSA International group chief executive Tan Chong Meng and Trafigura Group Asia-Pacific chief executive Tan Chin Hwee.
At the summit, which is organised by the IMDA, Mr Heng also said that Singapore will roll out a $68.7 million programme for research and development efforts tied to future communications.
Summary
- A new digital infrastructure for the shipping industry aims to smooth out the kinks in cargo handling processes, anchoring ways for logistics players to optimise operations.
- Singapore trade data exchange is a platform for businesses in the supply chain industry to share data on trade flows, and is expected to be fully rolled out by early next year.
- The new service, announced by Mr Heng at the Asia Tech x Singapore Summit, is the brainchild of the Infocomm Media Development Authority (IMDA) and the Alliance for Action on Supply Chain Digitalisation.
- At the summit, which is organised by the IMDA, Mr Heng also said that Singapore will roll out a $68.7 million programme for research and development efforts tied to future communications.
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Source: straitstimes.com
