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Singapore: MPA partners DBS Bank to digitalise financial services in maritime industry

03 Sep 2020

The Maritime and Port Authority of Singapore (MPA) on Wednesday (2 September) signed an MOU with DBS Bank to drive the digitalisation and innovation of financial services and payment transactions across Singapore’s maritime industry.

In the MOU, MPA and DBS identified areas of collaboration that include streamlining and enabling payment transactions amongst users of maritime services to expedite end-to-end payment life cycles. 

In addition to digitalising supporting documents for financing, MPA said the partnership will also facilitate innovation and co-development of financial solutions for the sector with the maritime start-up ecosystem.

“This partnership between MPA and DBS is timely as the maritime industry accelerates digitalisation for a post-COVID-19 economy,” said Tan Beng Tee, Assistant Chief Executive (Development) of MPA

“Our collaborative efforts to trial digital solutions for financial services and payment transactions will enhance efficiency in business transactions and improve cash flow particularly for our maritime SMEs. 

“A digitally enabled Maritime Singapore will strengthen the competitiveness of our hub port and International Maritime Centre, allowing Singapore to remain an important sea transport hub that is ready to serve the needs of global trade.”

“Singapore has established itself as one of the world’s leading hub ports underpinned by several factors, including our strategic location, stable and secure business environment and a highly-trained workforce,” added Tan Su Shan, Head of Institutional Banking of DBS Bank.

“The MOU is significant as it shows our collective commitment to optimise efforts and resources to co-create and implement innovative digital solutions to unlock efficiencies, strengthen the resilience of our maritime sector which forms the backbone of our trade ecosystem, as well as reinforce Singapore’s position as a leading International Maritime Centre. 

“This is more important now than ever as COVID-19 has given us the opportunity to see the gaps in our supply chains, and it is imperative to harness the digital infrastructure we have in Singapore to build back better and stronger.”

Photo credit: Maritime and Port Authority of Singapore
Published: 3 September, 2020

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