2007 Press Release
5 December 2007, Singapore – Singapore boosts the productivity and competitiveness of the trade and logistics industry with the rollout of TradeXchange®. Since its launch on 30 October 2007, the new trade platform has received kudos and strong endorsements from the trading community in Singapore.
“Through the RosettaNet Automated Enablement service, TradeXchange® connects us seamlessly to our customers and trading partners. The exchange of commercial documents such as purchase order is now facilitated with increased efficiency. This gives us the liberty to concentrate on our business and to provide our customers with world-class manufacturing products,” said Tay Peng Huat, Vice President - Finance of Beyonics Technology Limited.
Another company who has benefited from the new trade platform is Infineon Technologies, a leader in innovative semiconductor devices and solutions. Infineon Technologies is currently sending their RosettaNet PIP 3B18 messages to their TradeNet® front-end vendor for conversion into TradeNet® messages for customs declaration to Singapore Customs. By adopting an Open Standard, TradeXchange® has enabled Infineon Technologies to experience faster turnaround time and lower costs for the preparation and submission of declarations. This has resulted in faster cargo clearance and a hike in productivity for the company.
A M Farokh, General Manager of Sime Darby Edible Products Ltd said, “Sime Darby Edible Products Ltd is constantly seeking new ways to reinforce our leadership in the food industry. TradeXchange® has enabled us to connect electronically from our in-house system to DHL for their services with minimal effort. This has helped us gained greater efficiency in our supply chain with the elimination of duplicate data entry. Moving forward, we will look into integrating with our other supply chain partners through similar arrangement via TradeXchange®.”
Singapore’s total trade rose by 2.8 per cent to reach $405 billion in the first half of 2007 alone. As the country continues to strive to maintain its leadership in the trade sector, TradeXchange® will ease the exchange of information among commercial entities and government agencies to facilitate the movement of goods globally.
TradeXchange® is built upon CrimsonLogic’s extensive knowledge of the challenges faced in the trade and logistics industry having developed and operated TradeNet®: the world’s first nationwide trade documentation system that was launched in 1989. CrimsonLogic secured the 10-year contract in January 2006 to develop, operate as well as help drive the adoption of TradeXchange® under a Public Private Partnership model.
Leong Peng Kiong, CEO of Crimsonlogic said, “After TradeNet®, TradeXchange® marks the next step in the development of Singapore’s trade facilitation framework. We are already seeing the fruit of our labour as the new trade initiative continues to receive positive feedback from users.”
He continued, “CrimsonLogic’s extensive domain expertise and technological know-how accumulated over the past 19 years gave us good insight into the needs and constrains faced by the trading community. The advantages that users have experienced are definitely a testament to CrimsonLogic’s reputation as a leading provider of trade facilitation solutions.”
TradeXchange® is developed on the Java platform to provide a cost-effective, flexible, scalable and secure infrastructure framework, based on its service-oriented architecture. TradeXchange® has also aligned with global best practices and technical standards including W3C (World Wide Web Consortium), UN/CEFACT (United Nations Center for Trade Facilitation and Electronic Business), OASIS (Organisation for the Advancement of Structured Information Standards), ebXML and RosettaNet.