SINGAPORE - Media OutReach - 27 July 2021 - Global
eTrade Services (GeTS), a global trade platform company, announced today the
launch of CALISTA inventory financing (CIF) – one of the first platforms to be
integrated with the Singapore Trade Data Exchange (SGTraDex) to simplify
information flows through the global supply chain ecosystem via a shared data
stream.
SGTraDex is a
new exchange recently launched by the Singapore Government that was
conceptualised by the Alliance for Action (AfA) to address Supply Chain
Digitalisation. AfA for Supply Chain Digitalisation is one of the seven
Singapore Together Alliances for Action (AfA) set up in June 2020 under
the Singapore Government's Emerging Stronger Taskforce (EST). The initial use cases of the exchange (SGTraDex)
are to strengthen 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 secure and transparent transfer of real-time
trade finance data and provides an auditable log of records for users to easily
track changes made to 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.
Andy Loh, Head of Commercial at Oiltanking Asia Pacific said: "The implementation of the CIF platform
adds significant value to the storage and terminalling industry. The platform provides more transparency and
efficiency in the digitalised workflow, by tracking trade financing approvals
of all parties in the supply chain. As an international storage logistics
provider with a strong footprint in Singapore and founding partner of SGTraDex,
we are proud to partner with GeTS in
taking this collaboration to the next level."
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 harmonization
allow traders to plan their operations efficiently to better save costs.
John Chen, Head of Commodity Sales, ASEAN at
Standard Chartered said: "As one of the advisers in the development of CALISTA inventory
financing, we are excited about the value-add this new digital platform will
bring to the commodity-trade financing ecosystem. The increased access to data about inventories
will enhance transparency throughout the supply chain, and enable banks to
extend financing more securely and more efficiently, facilitating greater
access of funds for a bigger pool of traders."
So Lay Hua, Managing Director and Head of
Group Transaction Banking of UOB said: "Our clients will benefit greatly from
the launch of CIF with SGTraDex. With digitalisation and infrastructure
interoperability, our clients will also have greater confidence in their supply
chains through increased transparency and access to real-time information of
goods held in storage. As UOB continues to open doors to Asia for businesses,
we believe that this digitalised approach to supply chain finance will be a
game changer in how we connect with our clients and support their cross-border
needs."
Chong Kok Keong, CEO of GeTS 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."
The issuer is solely responsible for the content of this announcement.