Singapore terminal operator PSA International has become the majority shareholder in compatriot digital trade enabler CrimsonLogic.
“Alongside the PSA global network, CrimsonLogic with its extensive experience in facilitating trade and cross-border regulatory transactions will provide the digital layer supporting a fully integrated physical-regulatory-financing logistics execution in the global supply chain. CrimsonLogic will also be able to tap the commercial acumen and resources of the PSA group to invest and further strengthen its business positions in emerging and key strategic markets globally,” PSA stated in a release.
In April this year, PSA and CrimsonLogic launched CALISTA – which stands for CArgo Logistics, Inventory Streamlining & Trade Aggregation. This digital platform is aimed at enablinge the effective cross-integration of physical, regulatory and financial processes, to help shippers and logistics service providers better coordinate cargo logistics.
Tan Chong Meng, group CEO of PSA, commented, “We look forward to supporting CrimsonLogic’s new phase of growth as a world-class company at the forefront of revolutionising next-generation B2B and B2G integrated trade facilitation platforms. In alignment with our partner Enterprise Singapore, we aim to work with associated government agencies, cargo owners, logistics service providers and trade finance players to integrate and build a conducive and vibrant community which can work together to revolutionise supply chain fulfilment and orchestration. We believe that through collaboration, the solutions created and enabled by CrimsonLogic’s trade facilitation capabilities will deliver higher efficiencies demanded by future supply chain users, as well as complement Singapore’s trade and connectivity aspirations.”
PSA as a global port operator has been gearing up efforts lately to collaborate with multimodal logistics stakeholders to create what it described in a release as “value differentiators” in the global supply chain. The group has reached out to transportation network partners with multimodal capabilities, such as its investment in China United International Railway Containers (CUIRC) to operate and co-develop China’s largest inland railway network for closer integration with port operations. More recently, PSA acquired 60% of Ashcroft Terminal, an inland port facility east of the Port of Vancouver.