Singapore has introduced the Singapore Trade Data Exchange (SGTraDex), an interoperable common data infrastructure to connect supply chain ecosystems. SGTraDex was conceptualised by Singapore’s Alliance for Action (AfA) on Supply Chain Digitalisation, which PSA International Group CEO Tan Chong Meng co-chairs. Designed to be neutral and open, SGTraDex is a “digital infrastructure” that aims to streamline information flows across a fragmented global supply chain ecosystem through a common data highway.

As a founding member of SGTraDex, PSA International has signed a Heads of Agreement (HoA) with Singapore’s Infocomm Media Development Authority (IMDA), fellow AfA co-chair Trafigura, and key industry participants DBS Bank, Jurong Port, OCBC Bank, Ocean Network Express, Oiltanking, Pacific International Lines, Standard Chartered Bank, and United Overseas Bank. The Agreement formalises the public-private partnership that SGTraDex is built upon.

SGTraDex was developed with three initial use cases that represent various core-use archetypes, to push the boundaries of innovation for a trusted data exchange. The SGTraDex use cases demonstrated the ability to strengthen financing integrity of trade flows; enhance end-to-end visibility of container logistics flows; and digitalise the bunkering industry for real-time visibility. When fully developed, the three initial use cases are estimated to have the potential to unlock more than S$200 million of value annually.

Group CEO Tan Chong Meng said, “At the heart of it, end-to-end supply chain visibility is only possible if we have robust structures in place that enable a myriad of stakeholders to collaborate with trust, and at scale. Previously trust had to be established on a one-to-one relational basis. Digitalisation now offers us the opportunity to change this and build trust into a network through a neutral digital utility such as SGTraDex. Built upon a strong public-private partnership model that is a signature of the Singapore brand, SGTraDex offers us the platform to reform the conventional paradigms of the trade ecosystem towards a culture of data sharing nation-wide as well as internationally, underpinned by good data governance.

“PSA has been working with supply chain partners locally and globally during recent years to promote supply chain digitalization but with varying success pre-COVID. We are confident that the approach taken in SGTraDex, fostering stronger convergence of public-private interests and innovative fervour, will underpin the development and adoption of the digital supply chain platforms that will transform and enhance Singapore’s position in global trade and supply chains.”

Under the HoA, partners will build on this initial momentum to expand the scope of existing use cases, develop new ones, bring onboard their respective ecosystems, and drive SGTraDex’s adoption in Singapore and globally. SGTraDex has the added flexibility to be the data infrastructure for other sectors, ranging from construction to aviation, unlocking even more potential value. SGTraDex is expected to be fully rolled out in early 2022, allowing more industry players to participate as development partners to drive new use cases and capture value from it.

For more information on how to participate in SGTraDex, please visit sgtradex.com.