Singapore has officially launched a centralized data platform that it says will streamline information flows in a fragmented global supply chain. The data exchange has attracted at least 70 participants, including logistics operators, banks and energy companies.
Called the Singapore Trade Data Exchange (SGTraDex), Common data platform first introduced in November 2020 as a pilot to improve data efficiency in financial processes and container flows. The project is led by the Action Alliance (AFA) on Supply Chain Digitization, one of seven industry groups the government has set up to identify and prototype new ideas to boost the local economy. Other alliances focus on key growth areas such as robotics, ecommerceand sustainable environment.
SGTraDex is described as a “common data highway” to facilitate the exchange of information between proponents in the supply chain ecosystem, providing “trusted, secure and comprehensive” access. The platform uses proprietary technology to fill gaps in the supply chain, which has traditionally relied heavily on a paper-based, inefficient, transparent and sustainable system.
It verifies documents using TradeTrust Framework and distributed ledger technology, providing participants with proof of the authenticity and origin of documents exchanged on SGTraDex. Built on blockchain technology, TradeTrust is considered a common infrastructure to enable secure exchange of digital documents between trading partners, including government agencies and private organizations.
Digitizing data flows will boost supply chain resiliency and productivity, creating new opportunities as ecosystem partners share a common vision of the entire supply chain, SGTraDex.
The advertised data platform will “unlock” a value of at least $100 million, by 2026, to participants through cost savings from better efficiency, optimized use of assets and faster access to finance.
More than 70 participants were announced alongside its launch, including DBS Bank, Standard Chartered Bank, Trafigura, Jurong Port, Pacific International Lines, Ocean Network Express, ExxonMobil Asia-Pacific and Chevron.
SGTraDex list 11 organizations as foundersincluding the ICT Regulatory Authority of Singapore, Infocomm Media Development Authority, PSA, OCBC Bank and Oiltanking.
Among the use cases cited, SGTraDex says the platform will ease data exchange between shipping lines, carriers and port operators to improve planning and increase capacity. using possession. This market segment has traditionally faced challenges with slow and limited data access, resulting in congestion at ports and other junctions.
Several tests have been run on SGTraDex over the past year, including one that funded a live bunker delivery made with an electronic delivery slip in the bunker. Participants in this pilot include DBS, TFG Marine, Ocean Network Express and Ascenz.
SGTraDex Services CEO Antoine Cadoux said: “Digitalization has transformed many sectors, but in the global supply chain and commercial sector, its promise has yet to materialize. Physical exchange. paper is still the norm.
“We believe that the plug-and-play digital infrastructure we have created at SGTraDex will go a long way in making it easy for all participants to share data in a way that is easy to do,” Cadoux said. an agreed set of rules”. “Our goal at SGTraDex is to enable global commerce to happen faster, more reliably, and with greater integrity.”
SGTraDex Technologies CEO Liau Eng Soon added that participants will have “complete autonomy” in the types of data they share with partners in their ecosystem. “No one is forced to share confidential information,” says Liau.
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