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

PSA International has increased its stake in trade facilitation and eTrade products and services company CrimsonLogic to become essentially a joint venture which will see the two companies collaborating on and co-creating next-generation global trade and logistics solutions.

The complementary partnership, which will see PSA International taking over the shares of Singapore Telecommunications and Civil Aviation Authority of Singapore to boost its stake to 45% from 15% previously, will expand and develop innovative solutions with the fusion of domain presence in port operations, trade facilitation and logistics execution, the two companies said in a joint press release.

The enhanced relationship and fusion of domain know-how of PSA in port operations and CrimsonLogic in trade facilitation will enable them to collaborate on new innovations and trade solutions that can facilitate global trade flow and improve processes in the supply chain. The remaining 55% held by Singapore government international trade arm will help with access at the governmental level.

CrimsonLogic developed Singapore’s ground-breaking TradeNet system in 1989, then the world's first single window trading portal and has since gone on to implement close to 20 other similar large-scale projects globally, including eGovernment portals. Its subsidiary Global eTrade Services (GeTS), launched in 2017, offers a comprehensive suite of services to help traders meet regulatory and compliance requirements from government agencies and trade associations around the world, and is currently connected to 23 Customs nodes globally.

PSA meanwhile is one of the world's largest port operators with over 40 terminals in 16 countries across Asia, Europe and the Americas and flagship operations in Singapore and Antwerp.

"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," said PSA group ceo Tan Chong Meng.

"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 CrimsonLogic chairman Eugene Wong.

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