Monetary Authority of Singapore (MAS) concurred technology changed trade patterns and supply chains
At the recent Singapore Maritime Week’s webinar, Ravi Menon, managing director of MAS remarked in his keynote speech the pandemic transformed trade patterns and supply chains – giving rise to Asia’s middle class and e-Commerce.
Resilience is essential
Menon underscored the importance of developing diverse, resilient supply chains which are both flexible and integrated. It is only possible by embracing digitalisation; adapting to the technology-centred business era to remain sustainable.
During the panel discussion, Wan Chee Foong (Regional CEO of Middle East South Asia & Head of Group Business Development, PSA International) and Steve Saxon (Expert Partner, McKinsey) joined Menon to share their thoughts on exploiting new opportunities and transforming the industry to build resilience for the future. Acknowledging the conspicuous inefficiencies, Menon noted the significance of end-to-end digitalisation, enhancing productivity, more so of system integration and interoperability within a supply chain operating within a digital domain.
Wan from PSA International urged employers to operate collaboratively in both the logistics and port ecosystem. He noted the pandemic boosted workplace openness, created reforms and the need for a mindset shift to manoeuvre the disruption. Reskilling is one of the key areas employers can leverage to enhance companies’ competitive advantage; having team members capable of taking on high-value jobs and close the digital divide between businesses and customers.
Seconding the importance of removing inefficiencies in the global supply chain, Saxon from McKinsey advocated maritime companies to partner with start-ups and internet players to develop digital business units for talent attraction and digital skills enhancement.
Digitally-enabled Maritime Singapore
Both the Maritime Port Authority of Singapore (MPA) and Development Bank of Singapore (DBS) demonstrated their commitment to digitalisation by signing an agreement to facilitate financial services and payment transactions in maritime. It included streamlining and enabling payment for maritime services. In addition to digitalising supporting documents for financing, MPA and DBS will also facilitate innovation and co-development of financial solutions for the sector with the maritime start-up ecosystem.
Tan Beng Tee, Assistant Chief Executive (Development) of MPA, said: “This partnership between MPA and DBS is timely as the maritime industry accelerates digitalisation for a post pandemic economy. Our collaborative efforts to trial digital solutions for financial services and payment transactions will enhance efficiency in business transactions and improve cash flow particularly for our maritime SMEs. A digitally enabled Maritime Singapore will strengthen the competitiveness of our hub port and International Maritime Centre, allowing Singapore to remain an important sea transport hub that is ready to serve the needs of global trade.”