PSA increases shareholding in CrimsonLogic from 15 to 45 per cent
PSA International Pte Ltd (PSA) has increased its shareholding in CrimsonLogic Pte Ltd (CrimsonLogic) from 15 percent to 45 percent, with the purchase of shares from Singapore Telecommunications Limited (Singtel) and Civil Aviation Authority of Singapore (CAAS). The remaining 55 percent of shares in CrimsonLogic is held by International Enterprise Singapore (IE Singapore).
The closer relationship between the two organisations will bring together the domain know-how of PSA in port operations and CrimsonLogic in trade facilitation. This will enable PSA and CrimsonLogic to collaborate on new innovations and trade solutions that can facilitate global trade flow and improve processes in the supply chain.
CrimsonLogic, which provides products and services in Trade Facilitation, eJudiciary and digital government, developed the world’s first Single Window “TradeNet” for Singapore in 1989. Since then, the company has implemented around 20 other similar large-scale projects globally, including eGovernment portals.
In 2017, Crimsonlogic’s subsidiary Global eTrade Services (GeTS) was launched, offering a comprehensive suite of services to help traders meet regulatory and compliance requirements from Government agencies and trade associations around the world.
GeTS acts as a single window that connects to various foreign businesses and government agencies. It can facilitate the electronic exchanges of trade documents with counterparties across borders.
GeTS is currently connected to 23 Customs nodes globally and has connected more than 174,200 parties, facilitated more than 13.5 million trade transactions annually and moved more than 9 billion tonnes of cargo.
PSA is one of the world’s largest port operators with over 40 terminals in 16 countries across Asia, Europe and the Americas. Its flagship operations are in Singapore and Antwerp.
Mr Tan Chong Meng, Group CEO of PSA, said, “We are pleased to establish a closer relationship with CrimsonLogic. Their strong domain in eGovernment and GeTS complements PSA’s global portfolio of port and logistics assets and technology systems. Together with IE Singapore as a crucial government-business partner that has access to an integrated network of overseas markets, PSA and CrimsonLogic will partner to co-create the next-generation of B2B2G global platform solutions that can integrate processes, improve efficiencies and deliver added value to global shippers and other stakeholders within the supply chain. We look forward to working closely alongside CrimsonLogic to nurture its growth as a world class company.”
“With this change in our shareholders, we see more opportunities to work closer together and drive synergies and innovation in streamlining trade processes with PSA in Singapore, increase efficiency and enhance trade competitiveness in both emerging and mature markets around the world where trade is the natural starting point for growth and development. We are also able to continue to leverage on IE Singapore, where they continue to help us open new market opportunities and drive the Singapore brand overseas. As we move towards celebrating our 30th Anniversary this year and looking at our achievements, we are driving forward with our transformation to anticipate new challenges, and continuing to partner our customers on their journey of digital transformation,” said Mr Eugene Wong, Chairman of CrimsonLogic.