Digitalising trade facilitation and compliance
CrimsonLogic’s Global eTrade Services (GeTs) platform aims to be the first to power global trade connectivity. During its launch in Singapore, GeTS CEO Chong Kok Keong shared how digitally enabling processes for cross border trade would address gaps like cross-border terrorism and food safety. It is also a World Bank estimate that a reduction in supply chain barriers can increase global GDP by up to six times.
For example, the traditional method relies heavily on manually-written information to track goods and cargoes. This slows down the whole process of cross-border trade tremendously because it is prone to human error and especially because there is a huge volume of data spanning multiple information sources, involved in the whole endeavour.
A digital platform like GeTS can provide accessibility and easy manageability via a single pane of glass, provide predictability via real-time simulated visibility into what’s happening to goods shipments; this enables businesses to reach more promptly to issues.
Besides this, it allows convenient reuse of data via templates, drastically reducing errors in data-entry this way.
Singapore’s Senior Minister of State, Dr. Koh Poh Koon who graced the launch event, during his speech also brought to attention other trends in trade due to e-commerce. “The growth in e-commerce trade has been accompanied by an increase in a large number of smaller and lower-valued consignments that require just-in-time delivery.”
Documentation for these shipments not only is cumbersome and time-consuming, but they create additional pressure on resources.
“Therefore to support the growth of e-commerce trade, it is important for us to have the right infrastructure that can ensure reliable, efficient and speedy customs clearance, while ensuring compliance with various regulatory requirements,” Dr. Koh said.
Push and pull
Chong said, “Countries are starting to want data in advance. They demand of businesses more data, documents and advanced notice of a shipment. Governments want more data and control for security reasons while businesses want to be faster.
“GeTS wants to bridge the gap between these two along this continuum, especially in the area of trade compliance.”
Crimson Logic is known for having build TradeNet, the world’s first Single Window System for Singapore in 1989. Nearly 30 years later and with the experience they have garnered working with 23 governments during that time, GeTs was created as a subsidiary last year.
Today, GeTS has Single Window implementation in 16 countries. GeTS intends to increase this number to 50.
Chong shared that GeTS is experiencing huge growh in Southeast Asia, China and North America.
“We are focusing market development activities in Latin American Africa and Europe.”
Hear what their customers and partners have to say about working with GeTS, from the video below.