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OVER 70 participants have signed up to share data on the Singapore Trade Data Exchange (SGTraDex), a digital utility which aims to tackle supply-chain inefficiencies by connecting partners in the local and global supply chains via a common data infrastructure.
Participants include the 3 local banks DBS, OCBC and UOB, as well as PSA, Jurong Port, commodity trader Trafigura, and energy companies ExxonMobil Asia Pacific and Chevron.
The public-private initiative was launched Wednesday (Jun 1) on the sidelines of Asia Tech x Singapore (ATxSG) 2022 by Josephine Teo, Minister for Communications and Information and Minister in-charge of Smart Nation and Cybersecurity.
From 3 initial use cases, SGTraDex is expected to unlock more than S$100 million in value for existing participants by 2026. This is expected to materialise through cost savings from improved efficiency and productivity, optimal use of assets, and faster access to financing.
SGTraDex is also working with partners to pilot 3 new use cases in the coming months. These are on green and sustainable trade financing, reducing demurrage costs, and increasing transparency in supplies and spare parts in the maritime industry.
Source: The Business Times