Over 70 firms sign up for SG’s trade data exchange platform
The participants include DBS Bank, OCBC Bank, and UOB.
About 70 companies from the supply chain sector have signed up for the use of Singapore Trade Data Exchange (SGTraDex), a trade data exchange platform.
These firms include big names such as DBS Bank, OCBC Bank, Standard Chartered Bank, UOB, commodity trader Trafigura, PSA, Jurong Port, Pacific International Lines (PIL), Ocean Network Express (ONE), Advario (a carve-out of Oiltanking), Jurong Port Universal Terminal, and energy companies ExxonMobil Asia Pacific and Chevron.
Launched on 1 June, SGTraDex seeks to tackle supply chain inefficiency by connecting ecosystem partners in the local and global supply chains via a common data infrastructure.
According to SGTraDex Technologies CEO, Liau Eng Soon, participants will have complete autonomy in what data they wish to share with their ecosystem partners, and no one will be forced to share confidential information.
“By helping participants shift from a manual and paper system to sharing data through a neutral common data infrastructure, SGTraDex will raise their productivity and efficiency,” Eng Soon said.
“For example, in the container logistics use-case, one of the pain points was the limited access to timely data, which leads to congestion at ports and various transport nodes,” the SGTraDex official explained.
By 2026, the platform is expected to unlock more than $100m of value for existing participants from three initial use cases.