MPA Singapore has announced the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which is expected to boost Singapore’s standing as a global maritime hub. This was announced by Dr. Lam Pin Min, Senior Minister of State for Transport and Health, on the sidelines of the Singapore Shipping Association’s (SSA) Annual Lunar New Year Cocktail Reception, along with another initiative, the Singapore War Risks Insurance Conditions (SWRIC) aimed at enhancing Singapore’s maritime insurance offerings.
Bolstering digitalisation of electronic Bills of Lading
Seeking to strengthen position as a global maritime hub, the Maritime and Port Authority of Singapore (MPA) is developing inter-operability enablers, as part of its efforts to bring about digitalization benefits to the wider supply chain.
This is a step-up to the three-party MoUs that MPA, SSA and Singapore Customs signed at the Sea Transport Industry Transformation Map launched in January 2018, to jointly look into the digitalisation of trade and maritime documentation, such as Bills of Lading (BL), in the industry.
To facilitate inter-operability of the solutions developed by the various consortiums, such as those by APL and the other by PIL and IBM, the members included a new MoU partner, Info-communications Media Development Authority (IMDA), to develop a new inter-operability framework.
Working together with IMDA, the industry can expect to see different digital ecosystems inter-operate seamlessly with efficient exchange of electronic trade documents. The work will entail the development of a set of governance and legal frameworks, technical standards and inter-operable digital enablers.
The close partnership between the Government, the industry and SSA is a unique competitive advantage for Singapore. We must continue to strengthen this partnership. This will enable Maritime Singapore to stay relevant and competitive,
…said Dr. Lam.
Singapore War Risks Insurance Conditions (SWRIC)
The SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national war risks insurance facility which was launched in 2015, as part of efforts to develop Singapore as a comprehensive marine insurance hub. In a short span of four years since its launch, the SWRM cover has insured almost 800 ships.
Available to members of SSA irrespective of the flag of the ship, and non-members whose ships are registered in Singapore, the cover under SWRM rules includes Protection and Indemnity (P&I) war risks, hull war risks, detention and diversion expenses, sue and labour and discretionary insurance.
The SWRIC are the first insurance conditions to be written from a shipowner’s perspective, addressing important risks felt by the global shipping community. Local expertise will be developed to ensure that the conditions are updated and remain relevant to the industry.