The Maritime and Port Authority of Singapore (MPA) signed an MoU with DBS Bank to drive the digitalisation and innovation of financial services and payment transactions across Singapore’s maritime industry.
Under 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 and DBS will also seek to 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… 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,
…Ms Tan Beng Tee, Assistant Chief Executive (Development) of MPA, said.
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,
…added Ms Tan Su Shan, Head of Institutional Banking of DBS Bank.
In the same context, during a keynote address titled “Down But Not Out: Resilience in a Post-COVID World”, which took place on the occasion of ‘Maritime Perspectives’ webinar this week, Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, stressed the importance of developing ‘resilient supply chains’ that are diverse, flexible and integrated.
In addition, Mr Saxon encouraged maritime companies to strike partnerships with start-ups and internet players while developing digital business units to attract talents and enhance digital skills in maritime workforce. He shared that collaboration is the key to remove inefficiencies in the global supply chain.
