The Singapore Trade Data Exchange (SGTraDex) is a digital utility that seeks to connect members of the supply chain through a common data infrastructure to tackle supply chain inefficiencies
So far more than 70 participants have registered.
"Digitalisation has transformed many sectors, but in the global supply chain and trade sector, its promise has yet to materialise. The physical exchange of paper remains the norm," said Antoine Cadoux, CEO of SGTraDex Services.
It is expected to bring in more than US$100 million worth of existing participants from three initial use cases by 2026.
This number will result in cost savings from improved performance and productivity, better asset utilisation, faster access to finance and other value-added benefits.
"We believe that the plug-and-play digital infrastructure we have created at SGTraDex will go a long way to make it easy for all participants to share data under an agreed set of rules. Our goal at SGTraDex is to enable global trade to happen more quickly, more reliably, and with higher integrity," Cadoux continued.
"Participants will also have complete autonomy in what data they wish to share with their ecosystem partners, and no one will be forced to share confidential information," said SGTraDex Technologies chief executive officer Liau Eng Soon.
At the same time, SGTraDex is working with partners to pilot three new use cases in the coming months, on green and sustainable trade finance, reducing compensation costs and increasing transparency in supplies and spare parts in the shipping industry.
Container News — 06 Jun 2022