Singapore-based financial services group DBS on Wednesday (1 June) said it has completed its first live transaction on the Singapore Trade Data Exchange (SGTraDex) – a digital data exchange that facilitates trusted and secure sharing of data between supply chain ecosystem partners.
The transaction was done by way of an electronic bunker delivery note (BDN).
The maiden transaction was completed with leading bunker player Kenoil Marine Services (Kenoil), in collaboration with mass flow meter data logger service provider Brightree.
By digitalising the bunker delivery note, DBS, Kenoil and its counterparties are able to ascertain the trade data at source to validate the transaction details in a timely manner. This fosters greater trust and transparency across the trade ecosystem, according to DBS.
The objective is to provide bunker players faster access to working capital and enhance their cash flow management, while providing a trusted and secure environment for banks and participants operating in the ecosystem.
Sriram Muthukrishnan, Group Head of Product Management of Global Transaction Services, DBS, said, “Access to secure, trusted and real-time data will support the long-term growth of trade and trade finance. With the digitalisation of the bunker delivery note, financing and payment for the underlying trade can be completed efficiently and on a near immediate basis.”
“Furthermore, the risk of fraudulent manipulation is mitigated as banks and fellow industry partners are now able to ascertain the trade data at source. This helps provide greater transparency and comfort regarding the genuineness of trade.
“With the successful completion of the first live transaction, we look forward to partnering SGTraDex to support more businesses to digitalise their workflows to enhance supply chain efficiency and transparency, and reinforce Singapore’s position as a global trade hub.”
Desmond Chong, Managing Director, Kenoil Marine Services, said, “We managed to conduct our first live transactions with the financing bank ever since SGTraDex went live on 29 April with their Alpha release. Our vessels are equipped with the hardware connectivity pack and cloud infrastructure to support the seamless data flow from the mass flow meter to the tablet and eventually on SGTraDex platform.
“Being onboard as a participant of Use Case C: Bunker Optimisation, Kenoil not only experienced the time and cost savings by using the platform (i.e. eliminating of double entry and manual work), increased efficiency and productivity in terms of process flow, but most importantly having the access to a faster working capital.”
“It is a pivotal step towards digital transformation in the bunkering industry. With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain.”
Antoine Cadoux, Chief Executive Officer, SGTraDex, said, “We congratulate DBS and Kenoil on their first live transaction on SGTraDex. Both parties have been instrumental in helping us develop a use case for the bunkering sector and we hope the benefits they have achieved and continue to enjoy will encourage other ecosystem partners to come onboard. SGTraDex offers a range of value to all our participants and small and medium sized enterprises, in particular, will be able to digitalise their operations at a lower cost by leveraging our open, interoperable and secure infrastructure.”
In addition to this first transaction, DBS has also completed a subsequent live transaction with TFG Marine.
In July 2021, DBS successfully completed Singapore’s first live bunker delivery financing pilot transaction by way of an electronic bunker delivery note. This was done in partnership with TFG Marine, Ocean Network Express and Ascenz, with the support of the Maritime and Port Authority of Singapore.
Photo credit: Kenoil Marine Services
Published: 2 June, 2022
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