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
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.