SINGAPORE: When a new trade data exchange is launched in 2022, logistics and shipping companies will be able to securely communicate more data on the transportation of goods, allowing them to optimize operations. According to Deputy Prime Minister Heng Swee Keat, the Singapore Trade Data Exchange (SGTraDex) is estimated to release more than S$200 million in value yearly for the supply chain ecosystem based on pilots done thus far (Jul 13).
OVERCOMING INADEQUACIES
Mr Heng stated that “severe” inefficiencies in the transfer of goods exist, such as depot and warehouse congestion, various shipping forms requiring similar information, and faulty order tracking on the purchasers’ end.
He called it a “breakthrough” since it will allow stakeholders to “plug and play” and securely exchange information with other businesses. Data that was previously unavailable or difficult to obtain, such as real-time cargo location, will become more readily available. According to the Infocomm Media Development Authority (IMDA), the trials revealed that SGTraDex will help to reinforce the financing integrity of trade flows, optimize logistics activities among supply chain partners, and improve transaction visibility.
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The Alliance for Action on Supply Chain Digitalisation, convened by the Emerging Stronger Taskforce to map Singapore’s post-pandemic economic recovery, conceptualized the common data infrastructure for supply chain stakeholders.
The trade data exchange is part of a digital infrastructure suite that includes the Singapore Financial Data Exchange (SGFinDex), which was established in December.
According to IMDA, SGTraDex also has the ability to serve as the data infrastructure for other industries such as construction and aviation.
INVESTMENT OF S$70 MILLION IN FUTURE COMMUNICATIONS
Mr Heng also revealed that through the Future Communications Research and Development Programme, Singapore will invest close to S$70 million to fund cutting-edge research (FCP).
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Even though 5G networks are expected to cover one-third of the world’s population by 2025, Mr Heng said in his speech at the Asia Tech x Singapore summit that Singapore will need to “look ahead to the next bound.”
According to IMDA, the FCP will provide research and development testbeds for future generations of communications technologies, stimulate industrial adoption of these technologies, and fund research and master’s-level scholarships in these fields.
The Singapore University of Technology and Design is expected to host the event.
According to IMDA, the FCP would pursue international partnership, beginning with a memorandum of understanding with Finland’s 6G Flagship Office.
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While the digital revolution was well underway before to COVID-19, Mr Heng believes the pandemic has “turbocharged” the rate of change.
“Digital technology has the potential to catalyze the next wave of global growth and take us out of the worst recession in a century,” he said.
Even while the world strives to realize its full potential, technology must be used as a “power for good.”
“We must use it to better people’s lives and the environment, and we must work hard to guarantee that a rising digital arena does not lead to a widening digital divide.”/n
