Global terminal operator PSA International has increased its shares in CrimsonLogic, a firm specializing in enabling faster trade through digitalization, so it can collaborate on projects to improve its global supply chain.
By increasing its shares in CrimsonLogic from 15% to 45%, PSA said it would collaborate on “new innovations and trade solutions that can facilitate global trade flow and improve processes in the supply chain”.
Tan Chong Meng, Group CEO of PSA, said that the fusion of PSA’s expertise in port operations and CrimsonLogic’s digital trade facilitation technology would create the “next-generation” of business to business and government global platform solutions.
He added that CrimsonLogic’s “strong domain” in eGovernment and its subsidiary Global eTrade Services (GeTS) would complement PSA’s global portfolio of port and logistics assets and technology systems.
CrimsonLogic, which has specialised in trade facilitation and eTrade products and services, developed the world’s first Single Window ‘TradeNet’ for Singapore in 1989.
Since then, the company has implemented close to 20 other similar large-scale projects globally, including eGovernment portals.
GeTS launched in 2017, and offers a comprehensive suite of services to help traders meet regulatory and compliance requirements from Government agencies and trade associations around the world.
The subsidiary connects to over 20 customs nodes globally and has connected more than 174,200 parties, facilitated more than 13.5 million trade transactions annually and moved more than 9 billion tonnes of cargo.
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PSA increased its shareholding in CrimsonLogic by purchasing shares from Singapore Telecommunications Limited (Singtel) and Civil Aviation Authority of Singapore (CAAS).
The remaining 55% is held by International Enterprise (IE) Singapore.
PSA is one of the world’s largest port operators with over 40 terminals in 16 countries across Asia, Europe and the Americas.
Its flagship operations are in Singapore and Antwerp.
Since its inception in 1988, CrimsonLogic has been growing steadily with 19 registered offices across Asia, Africa, Middle East, North America and Latin America, and two software development centres in India and Malaysia
Eugene Wong, Chairman of CrimsonLogic, said: “With this change in our shareholders, we see more opportunities to work closer together and drive synergies and innovation in streamlining trade processes with PSA in Singapore, increase efficiency and enhance trade competitiveness in both emerging and mature markets around the world where trade is the natural starting point for growth and development.
“We are also able to continue to leverage on IE Singapore, where they continue to help us open new market opportunities and drive the Singapore brand overseas.
“As we move towards celebrating our 30th Anniversary this year and looking at our achievements, we are driving forward with our transformation to anticipate new challenges, and continuing to partner our customers on their journey of digital transformation.”