CrimsonLogic set for growth as PSA takes majority stake

PSA International has become the majority shareholder of Singapore-based trade facilitation services provider CrimsonLogic through an additional subscription of shares and share purchase from fellow Singapore government linked company Enterprise Singapore Holdings.

PSA had in February boosted its stake from 15% to 45% by taking over the stakes of Singapore Telecommunications and Civil Aviation Authority of Singapore. With the completion of transaction, PSA now holds 70% of CrimsonLogic, with Enterprise Singapore unit Enterprise Singapore Holdings retaining a 30% share, PSA said in a press release. Enterprise Singapore is the Singapore government’s agency championing enterprise development.

CrimsonLogic is a good fit for PSA’s global network of port operations, with its extensive experience in facilitating trade and cross-border regulatory transactions, which will provide the digital layer supporting a fully integrated physical-regulatory-financing logistics execution in the global supply chain. CrimsonLogic will also be able to tap the commercial acumen and resources of the PSA group to invest and further strengthen its business positions in emerging and key strategic markets globally.

PSA group ceo Tan Chong Meng said: “We look forward to supporting CrimsonLogic’s new phase of growth as a world-class company at the forefront of revolutionising next-generation B2B and B2G integrated trade facilitation platforms. In alignment with our partner Enterprise Singapore, we aim to work with associated government agencies, cargo owners, logistics service providers and trade finance players to integrate and build a conducive and vibrant community which can work together to revolutionise supply chain fulfilment and orchestration. We believe that through collaboration, the solutions created and enabled by CrimsonLogic’s trade facilitation capabilities will deliver higher efficiencies demanded by future supply chain users, as well as complement Singapore’s trade and connectivity aspirations.”

Enterprise Singapore ceo Png Cheong Boon said: “Enterprise Singapore welcomes the investment from PSA to support CrimsonLogic’s next phase of growth. We are confident that with PSA’s leadership and global network, CrimsonLogic will be able to build on its extensive experience and expertise in facilitating trade and cross-border regulatory transactions, to provide a more integrated digital solution in support of the global supply chain.”

Read More: PSA boosts stake in CrimsonLogic to work on trade, logistics solutions

CrimsonLogic chairman Eugene Wong said: “After 30 successful years, CrimsonLogic is ready to enter the next phase of our transformation since launching the World’s first Single Electronic Window in 1988. Just last month, our subsidiary Global eTrade Services (GeTS) continues to break new grounds in technology through the roll-out of the world’s first cross-border permissioned blockchain (Open Trade Blockchain or OTB) to augment its global trade facilitation platform. We are very excited and encouraged by PSA’s increased commitment to CrimsonLogic. Looking forward, we will be able to leverage the network, experience and domain knowledge of both organisations to better drive trade, logistics and digital government initiatives globally.”

PSA as a global port operator has been gearing up to collaborate with multi-modal logistics stakeholders to create value differentiators in the global supply chain, starting with its existing network of marine terminals. In April, PSA in collaboration with CrimsonLogic  unit Global eTrade Services (GeTS) Asia launched the CALISTA digital platform which will enable the effective cross-integration of physical, regulatory and financial processes, to help shippers and logistics service providers better coordinate cargo logistics.

To-date, CALISTA™ has linked up to more than 4,000 parties through PSA’s and GeTS’ ecosystems (GeTS is currently connected to 25 Customs nodes globally). The digital platform has successfully processed more than 1,000 transactions, with tremendous growth potential particularly in Asia.

PSA, CrimsonLogic and Enterprise Singapore will continue to seek collaborations with other partners to deliver new innovations and trade solutions that enable cross border trade and market connectivity in a secured and seamless manner.

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Posted 08 August 2018

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Vincent Wee

Asia Editor, Seatrade Maritime News

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