Singapore lab to work on big changes for commodity marts

Singapore

ENERGY and commodities price agency S&P Global Platts is setting up an innovation lab in Singapore to catalyse the digitalisation of commodity markets.

Platts plans to host market participants in innovation workshops or hackathons to explore the use of blockchain, alternative data sets and new computational methods to trade and risk-manage commodity portfolios, it said in an announcement released at the annual Asia Pacific Petroleum Conference (APPEC conference) in Singapore.

Platts will work with government agency Enterprise Singapore to develop and deploy innovative solutions with the goal of providing market participants with robust and timely information. The pricing agency has already launched a project at the Port of Fujairah using a permissioned blockchain to collect and publish weekly aggregated data on oil terminal stock levels. It also plans to seek inputs from market participants in Singapore and develop use cases for digitally capturing and verifying the reporting oil inv…