2006 Press Release
SINGAPORE, 17 January 2006 – Leading IT solutions provider, CrimsonLogic has secured a 10-year contract from the Singapore government to develop and operate a new national IT platform for trade and logistics. Known as TradeXchange™, the system is expected to go live in October 2007, and will support an estimated 90,000 registered traders in Singapore .
As at November 2005, Singapore 's total trade was S$599 billion for the first eleven months of the year. This marks a 13 per cent increase from the same period in 2004 when total trade registered S$529 billion. As the country continues to increase its competitiveness as a trade and logistics hub and strives to maintain its position as a top 10 trading nation worldwide, TradeXchange™ will enable the exchange of information among commercial entities and government agencies to facilitate more efficient movement of goods within, and in and out of Singapore .
CrimsonLogic is no stranger to the challenges faced by the trade and logistics industry, having developed and operated TradeNet®, the world's first nationwide trade documentation system that was launched in January 1989.
Leong Peng Kiong, Acting CEO of Crimsonlogic said, " TradeXchange™ marks the next milestone in the development of Singapore 's trade facilitation infrastructure. CrimsonLogic's extensive domain expertise and technological know-how accumulated over the past 18 years put us in a good position to deliver a world-class solution. Our experienced team was able to deliver a proposal which met the requirements and high standards of the Singapore government. This win will certainly reinforce CrimsonLogic's reputation as a leading provider of trade facilitation solutions."
Commented Teo Eng Cheong, Director-General of Singapore Customs, owner of TradeXchange™ , "We are confident that CrimsonLogic will be able to deliver a system that meets the ever-growing demands of Singapore 's trading community. We look forward to working with them in the development and implementation of this strategic infrastructure".
Existing platforms today require members of Singapore's trading community to access a number of disparate systems and re-enter the same data in order to perform transactions such as submitting import/export permits, sea or air cargo manifests. TradeXchange™ will be designed to provide a single interface through which users can access these systems, enter the required data only once, and conveniently route it to the relevant parties. When launched, TradeXchange™ will lead to time savings, eliminate errors through data re-entry and smoothen information flows, resulting in overall efficiency and productivity gains.
Besides local connectivity, TradeXchange™ users will be able to leverage on the extensive international network of CrimsonLogic for cross-border trade. CrimsonLogic has vast experience in managing and deploying trade declaration and commercial trade systems for countries such as Australia , Canada , Ghana , Mauritius , Panama , Saudi Arabia and the US .
CrimsonLogic will jointly operate TradeXchange™ with its main consortium partner, ST Electronics (Info-Software Systems). The latter is also involved in driving the adoption and marketing of TradeXchange™ with CrimsonLogic.
TradeXchange™ will be developed on the open Internet platform to provide a cost-effective, flexible, scalable and secure infrastructure framework, based on its service-oriented architecture. TradeXchange™ will also be 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 (Organization for the Advancement of Structured Information Standards), ebXML and RosettaNet.