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PSA raises stake in CrimsonLogic to 45%, deepens cooperation

PSA International (PSA) has raised its shareholding in CrimsonLogic from 15 per cent to 45 per cent, by acquiring shares in the digital service provider from Singapore Telecommunications (Singtel) and Civil Aviation Authority of Singapore (CAAS).

The remaining 55 per cent is held by International Enterprise (IE) Singapore.

PSA and CrimsonLogic will collaborate on new innovations and trade solutions that can facilitate global trade flow and improve processes in the supply chain, PSA said on Thursday.

Since CrimsonLogic developed the world's first Single Window "TradeNet" for Singapore in 1989, it has implemented 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.

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 group CEO Tan Chong Meng noted that CrimsonLogic's 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."

CrimsonLogic chairman Eugene Wong said: "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."

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.