The Maritime and Port Authority of Singapore (MPA) has signed a new MoU with DBS Bank to expand the use of digital financial services and payment transactions across Singapore’s maritime industry.
MPA and DBS have identified areas of collaboration that include streamlining of payment transactions amongst users of maritime services to expedite end-to-end payment life cycles.
In addition to digitalising supporting documents for financing, the partners will also aim to facilitate innovation projects and work together on the development of financial products for the sector in conjunction 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. 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,” said Tan Beng Tee, Assistant Chief Executive (Development) at MPA.
“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.”
Tan Su Shan, Head of Institutional Banking at DBS Bank, also commented that her company was happy to be contributing to the progress of the MPA’s digital maritime roadmap, which aims to support the adoption of new technologies to promote improved efficiency in shipping and related services.
“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,” she said.
“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.”
