Port Wings News Network:
PSA International Pte Ltd (PSA) is partnering Global eTrade Services (GeTS) Asia Pte Ltd, a fully-owned subsidiary of CrimsonLogic Pte Ltd (CrimsonLogic), in the development of a global common trade and supply chain platform called CALISTA™ – an initialism for CArgo Logistics, Inventory Streamlining & Trade Aggregation – to facilitate trade and help shippers to better manage the physical movement of goods, trade financing and compliance.
In today’s global supply chain, inefficiencies are manifold and the physical flow of goods may be constrained due to, for example, asymmetrical or erroneous information flow between different parties; compliance and regulatory issues; lack of data standardisation; as well as financial risks associated with credit terms, payment and insurance.
CALISTA™ is a global supply chain platform that brings together the key physical and non-physical – such as regulatory and financial – activities of logistics on a digital eco-system that serves the community of logistics players and stakeholders.
BENEFITS OF CALISTA™
Taking advantage of advanced digital technologies, CALISTA™ aims to reduce inefficiencies for the global supply chain by interacting with systems and applications (existing and new) of various stakeholders. CALISTA™ will streamline processes, documents and data in the flow of goods within and across countries and regions. Stakeholders will benefit from the reduction of data duplication, automated handshakes across nodes, improved authenticity of data flow and access to accurate and up-to-date status visibility.
Envisioned as a global common platform, CALISTA™ will enable manufacturers to have direct and increased visibility of their goods while on the move, and for Logistics Service Providers (“LSPs”) to collaborate to develop value-adding global supply chain solutions for their customers. For example, with the greater visibility provided by CALISTA™, manufacturers and their LSPs could partner port operators like PSA to access new port-related asset-based and service-based solutions for greater productivity, and to explore new intermodal transport corridors to achieve shorter transit times, better cost efficiencies and more optimised inventory management.
HOW CALISTA™ WILL BE DEVELOPED
CALISTA™ will build on GeTS’s existing suite of global trade connectivity services. CALISTA™ will work closely with various national trade, regulatory and other supply chain platforms to facilitate cross-border trade and help global shippers meet regulatory and compliance requirements from government agencies and trade associations around the world. CALISTA™ will also seek strategic partners along the global supply chain to co-create and drive truly global and fully integrated supply chain solutions. Based on this approach, CALISTA™ will be built progressively, with the first product being opened now for trial usage with selected users. The first major phase of development for CALISTA™ is estimated to cost SGD 20 million.
COMMUNITY OF ASSOCIATE DEVELOPERS FOR CALISTA™
CALISTA™ will leverage Singapore’s extensive physical, financial and digital capabilities and connectivity in forming its global supply chain community. CALISTA™ has forged partnerships with Singapore agencies such as the Ministry of Trade and Industry, the Economic Development Board (“EDB”), and the National Trade Platform (“NTP”), and will continue to reach out to Singapore-based shippers and LSPs. DBS Bank will provide financial and banking technology services in this partnership. This means that DBS will work with PSA and GeTS to create seamless trade financing solutions and the necessary risk management frameworks for the community of users.
PARTNERS OF CALISTA™
Mr. Tan Chong Meng, Group CEO of PSA, said, “I am excited by the possibilities that CALISTA™ can open up across the global supply chain – greater cargo flow visibility and improved coordination benefits everyone, from manufacturer to consumer. PSA believes that a global platform like CALISTA™ will be the catalyst for breakthroughs in realising the full benefits of global supply chain digitalisation. Developed as an open platform, it will be instrumental in fostering closer collaboration amongst manufacturers, LSPs and other stakeholders. CALISTA™ will benefit from the strong synergies between PSA’s domain knowledge and physical assets which handle a large volume of cross border trade, and GeTS’s capabilities in digital trade connectivity services.”
Mr. Eugene Wong, Chairman of CrimsonLogic and GeTS, said, “We are proud to be the developer of CALISTA™ and to work with PSA as the principal partner for this new digital eco-system. We also welcome the participation of other co-developers and partners for CALISTA™ to make the platform even more robust in this era of digital economy. With our established 30-year track record in developing trade facilitation systems, we are confident that we will deliver a pace-setting platform that powers global trade, making trade more accessible, predictable and easier.”
Mr. Piyush Gupta, CEO of DBS Bank, said, “Just as DBS has financed the industrialisation of Singapore, we are now honoured to play our part in supporting the digitalisation of the shipping and logistics industries. With cross-border trade growing and Asian enterprises doing more business internationally, Singapore is well-placed to lead the charge in digitalising trade financing solutions. This means customers will be able to trade, transact and track their goods faster than before.”
Mr. Kelvin Wong, Assistant Managing Director of EDB, said, “Digitalisation of global supply chains brings about many opportunities for more efficiency and even new business models and solutions. CALISTA™ will further strengthen Singapore’s capabilities in the orchestration of global supply chains and support Singapore-based companies to tap onto new business opportunities presented by the rise of digital supply chains. This development supports the ambitions under the National Trade Platform, as Singapore seeks to promote greater digitalisation of trade processes, from data management to trade financing.”
Mr Ho Chee Pong, Director-General of Singapore Customs, said, “We welcome CALISTA™ to be on board the National Trade Platform (NTP). As an open innovation platform, the NTP is constantly seeking opportunities to collaborate with value-added services providers to offer game-changing business solutions on our platform, which will bring greater productivity and connectivity to companies in our trade, trade-finance and logistics sectors here.”