2008 Press Release
22 September 2008, Singapore – CrimsonLogic Pte Ltd, a leading provider of eGovernment solutions and services, together with its Strategic Alliance Partner in Panama, Smart Solutions Marketing (dChain), has been awarded a US$10 million contract to build, operate and maintain an integrated customs management system (ICMS) in Panama. The win marks CrimsonLogic’s third major success in Panama, and is well timed with the Latin Asia Business Forum 2008 being held in Singapore on September 22 and 23, to promote stronger cooperation between businesses in Singapore and Latin America.
Commenting on this contract win, Leong Peng Kiong, CEO of CrimsonLogic said, “CrimsonLogic has made significant inroads into Panama over the last few years, and this win highlights the solid reputation we have built as a trusted solution provider in trade and logistics in Panama. It is our intention to use Panama as a base to further expand our business to other parts of Central and Latin America.”
CrimsonLogic was previously selected to build and maintain the Automated Pre-Arrival Declaration and Mobile Inspection System for the Panama Canal Authority in 2003. In November 2007, the Company, as part of a consortium with dChain, secured a contract worth US$2.9 million to build an electronic documentation system for the Colon Free Zone Administration in Panama. The Panama Custom’s ICMS project is the second deal won in partnership with dChain, which specializes in the areas of Supply Chain Management, Trade and Logistics, and eBusiness Applications.
Mr. Leong added, “Our proven track record has instilled considerable confidence in our capabilities and helped the Panamanian Government in their decision to award us this contract. We are also grateful for the continuing support of International Enterprise Singapore in our overseas expansion.”
The ICMS, comprising major customs documentation modules, will be delivered over the next 12 months. The system will expedite customs documentation processing for importers and exporters, a process that is critical to Panama’s economy.
With global trade amounting to US$8 billion in 2007, Panama’s economy rests heavily on a well developed service sector, which includes operating the Panama Canal, the Colon Free Zone, and other banking, insurance, container ports, flagship registry, and tourism services. “Our partnership with CrimsonLogic has created a synergy that capitalizes on the capabilities of both companies to effectively address the tough challenges in a highly competitive marketplace. We understand each other and work in tandem to present the best solution to our customers,” said Roberto Melo, President of dChain.
For future opportunities, CrimsonLogic’s partnership with dChain will focus on delivering a range of eGovernment solutions, not only in Panama, but also to other countries in Central America.
“IE Singapore is delighted that CrimsonLogic has secured yet another significant project in Panama, a fast growing hub for multi-modal logistics and distribution. The project reflects the growing importance of trade facilitation and logistics solutions for Latin America, a region with burgeoning trade links with the Asia Pacific region. IE Singapore will continue to support Singapore companies in developing business capabilities, identifying business opportunities, finding overseas partners and taking their best practices into new markets,” said Ted Tan, Deputy CEO of IE Singapore.
International Enterprise (IE) Singapore is the lead agency under the Ministry of Trade and Industry responsible for spearheading the development of Singapore's external economy. In Latin America, it has two full-fledged offices in Mexico City and São Paulo; and Honorary Business Representatives based in Santiago, Mexico City, Panama and Miami. The Latin Asia Business Forum is IE Singapore’s annual forum to foster multilateral trade ties and promote trade and investments between Latin America and Asia.
For more information:
Choo Kwee Siam
CrimsonLogic Pte Ltd
Tel: +65 6887 7173
Mobile: +65 94503110
Email: kweesiam@crimsonlogic.com
Melinda Ilagan
EASTWEST PR for CrimsonLogic
Tel: +65 6429 0305
Email: crimsonlogic@eastwestpr.com