Singapore, June 2: Singapore's Minister of Communications and Information and Minister-in-charge of Smart Nation and Cybersecurity Josephine Teo launched the Singapore Trade Data Exchange (SGTraDex), a public-private initiative, Wednesday on the sidelines of Asia Tech x Singapore (ATxSG) 2022.
SGTraDex is a digital utility that facilitates the sharing of data between supply chain ecosystem partners, streamlining information flows through a common data highway where data can be shared in a trusted, secure and inclusive manner, according to a statement of SGTraDex.
It seeks to connect ecosystem partners in the local and global supply chains via a common data infrastructure and aims to minimize a host of problems that have long plagued local and global supply chains, so as to tackle supply chain inefficiencies that hamper international trade flows.
SGTraDex was first announced at last year's ATxSG event. In its pilot stage, three initial use cases have been developed. They are the use case for strengthening the financing integrity of trade flows, the use case for enhancing end-to-end visibility of container logistics flows, and the use case for digitalizing the bunkering industry.
These three use cases are expected to capture about 100 million Singapore dollars' worth of value by 2026, which will grow as more participants come on board, said Teo, adding that more than 70 participants representing stakeholders across the supply chain ecosystem have been on board and are actually using the system.
These participants are from multinational corporations, large local enterprises, and small and medium-sized enterprises.
The minister also said three new use cases are being developed, which are the use case for green and sustainable trade financing, the use case for demurrage management and optimization, and the use case for ship supplies and lighterage optimization.
Source: Xinhua
