PSA buys shares from Singtel, CAAS to increase stake in CrimsonLogic

PSA buys shares from Singtel, CAAS to increase stake in CrimsonLogic

PSA International and CrimsonLogic will collaborate on new innovations and trade solutions that can help facilitate global trade flow and improve processes in the supply chain.

singapore port containers economy
A port in Singapore. (File photo: AFP/Roslan Rahman)

SINGAPORE: Global port giant PSA International has increased its stake in digital service provider CrimsonLogic from 15 per cent to 45 per cent, after purchasing shares from telco Singtel and the Civil Aviation Authority of Singapore (CAAS). 

The remaining 55 per cent is held by International Enterprise (IE) Singapore, according to a joint press release issued on Thursday (Feb 22).

With this, both entities will collaborate on new innovations and trade solutions that can help facilitate global trade flow and improve processes in the supply chain. 

CrimsonLogic, which helped operate e-citizen service SingPass until it lost to Accenture in 2014, also operated TradeNet and TradeXchange until its contracts ended last year.

Its subsidiary, Global eTrade Services, offers services to help traders meet regulatory and compliance requirements from government agencies and trade associations around the world, and is currently connected to 23 custom nodes and more than 174,200 parties, the press release said. 

PSA, meanwhile, is one of the world's largest port operators with more than 40 terminals in 16 countries, with flagship operations in Singapore and Antwerp, it added.

Mr Tan Chong Meng, Group CEO of PSA, said: "Together with IE Singapore as a crucial government-business partner that has access to an integrated network of overseas markets, PSA and CrimsonLogic will partner to co-create the next-generation of B2B2G global platform solutions that can integrate processes, improve efficiencies and deliver added value to global shippers and other stakeholders within the supply chain."   

Source: CNA/kk

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