The maritime industry needs to be part of a diverse and flexible global supply chain if it is to recover from the COVID-19 pandemic, according to comments made during the latest in the Maritime Port Authority of Singapore’s (MPA) webinar series.
Ravi Menon, Managing Director of the Monetary Authority of Singapore, stressed the importance of developing “resilient supply chains” in his keynote address titled ‘Down But Not Out: Resilience in a Post-COVID World’.
This new supply chain requires a “resilient industry” that is based on digitalisation, as well as a workforce that is prepared for technological changes, according Menon.
Another important area is sustainability and the new supply chain should take environmental concerns into account as is a key element of a “resilient planet”.
During the webinar, which also included Menon emphasised the importance of end-to-end digitalisation in improving the value chain.
He emphasised the need for system integration and interoperability throughout a supply chain when going “digital to the core”.
Looking at other areas, Wan Chee Foong, Regional CEO of Middle East South Asia & Head of Group Business Development, PSA International, commented during the webinar that the pandemic had boosted workplace openness to reforms and created a “mindset shift” on disruption and the need for collaboration amongst different stakeholders in the logistics and port ecosystem.
Saxon encouraged maritime companies to strike partnerships with start-ups and internet players while developing digital business units to attract talents and enhance digital skills in the maritime workforce.
Wan insisted that collaboration is the key to remove inefficiencies in the global supply chain.
As part of its technological upgrade MPA followed the webinar by signing a memorandum of understanding (MoU) with DBS Bank to drive digitalisation an innovation of payment transactions across Singapore’s maritime industry.
In addition to digitalising supporting documents for financing, MPA and DBS will also facilitate innovation and co-development of financial solutions for the sector with the maritime start-up ecosystem.
Tan Beng Tee, Assistant Chief Executive (Development) of MPA, said of the MoU: “This partnership between MPA and DBS is timely as the maritime industry accelerates digitalisation for a post-COVID-19 economy.
“Our collaborative efforts to trial digital solutions for financial services and payment transactions will enhance efficiency in business transactions and improve cash flow particularly for our maritime SMEs.
“A digitally enabled Maritime Singapore will strengthen the competitiveness of our hub port and International Maritime Centre, allowing Singapore to remain an important sea transport hub that is ready to serve the needs of global trade.”