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PSA increases shareholding in CrimsonLogic from 15 to 45 per cent

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.

Featured image:
Noel Reynolds/ CC BY 2.0