Deputy Prime Minister Heng Swee Keat has on July 13 announced the launch of the Singapore Trade Data Exchange (SGTraDex).
The exchange, described as a common data infrastructure for the supply chain eco-system, will enable stakeholders and firms to share data securely. It is expected to support an ecosystem-wide digital transformation.
"The launch of SGTraDex is most timely, as we see a reconfiguration of global trade flows and supply chains," Heng says, speaking at the Asia Tech x Singapore (ATxSG) summit event.
Three initial use cases were developed for the exchange, relating to financing integrity, operational efficiency and visibility of supply chain transactions. The use cases will potentially unlock more than $200 million of value annually when fully developed.
"With SGTraDex, previously unavailable or difficult to obtain data – such as real-time cargo location – can be easily attained. This will enable logistic players and shippers to optimise cargo handling and operations," Heng explains.
SGTraDex is part of a suite of digital infrastructure and utilities being developed to support Singapore’s digital economy, including the SGFinDex for the financial sector.
See also: Singapore-Thailand payment linkage sets Southeast Asia's digital economy alight
Following Heng's address at the ATxSG summit event, it was also unveiled that Singapore will invest close to $70 million under the Research, Innovation and Enterprise (RIE) plan to launch the first national Future Communications Research & Development Programme (FCP).
The FCP, which aims to support communications and connectivity research, will establish new communications testbeds in 5G and beyond-5G. It will also support technology development, translation and training while building up the talent pool in the areas of communications and connectivity technologies.
In addition, the FCP will focus on international collaborations on 6G. As a start, the FCP has established a memorandum of understanding (MOU) with the 6G Flagship Office of Finland.
Singapore Minister for Communications and Information Josephine Teo also signed a Memorandum of Cooperation (MOC) with Japan and an MOU with Thailand at the summit event.
The MOC with Japan seeks to strengthen ICT collaboration between Singapore and Japan, enabling closer policy alignment and regulation on businesses, while the MOU with Thailand includes new areas of cooperation such as digital connectivity, smart cities and AI governance.
Photo: Asia Tech x Singapore
