Global eTrade Services (GeTS) has announced the launch of CALISTA inventory financing (CIF), one of the first platforms to be integrated with the recently-launched Singapore Trade Data Exchange (SGTraDex).

SGTraDex was conceptualised by Singapore’s Alliance for Action (AfA) for Supply Chain Digitalisation, an industry-led public-private coalition under the auspices of the Singapore government’s Emerging Stronger Taskforce (EST). SGTraDex’s first use cases aim to strengthen the financing integrity of trade flows, enhance end-to-end visibility of container logistics flows, and digitalise the bunkering industry. GeTS developed CIF through the AfA for Supply Chain Digitalisation.

Created to simplify and optimise business processes for oil storage financing, CIF is an end-to-end platform that collaborates with various commodity trading companies, banks, and terminals. CIF enables the secure and transparent transfer of real-time trade finance data and provides an auditable log of records for users to easily track changes made in a trade. The integration with SGTraDex facilitates the sharing of case data from CIF amongst multiple stakeholders in a more efficient and streamlined manner. Users can also easily provide or use data on SGTraDex via the SGTraDex API integration or SGTraDex Pitstop web portal, where the data exchange is consent-driven.

The ability to get direct access to trade data enables banks to have increased visibility on goods movement, easily verify trade legitimacy, and mitigate trade-related frauds. Simplified trade procedures and data harmonisation allow traders to plan their operations efficiently to better save costs.

GeTS CEO Chong Kok Keong said: “We are proud to be working alongside industry stakeholders to develop CIF and delighted to integrate our CIF platform with SGTraDex for a more seamless, secure and transparent document exchange process for our users. This integration is also in line with SGTraDex’s roadmap to address and alleviate fraud risks in Singapore’s commodity trading sector.”

For more information, please click HERE for the press release.