GeTS launches new trade platform
The Single Window service offering by GeTS, a subsidiary of CrimsonLogic, aims to power trade connectivity and the efficient fulfilment of trade compliance requirements.
May 15, 2017
By Denice Cabel
Global eTrade Services (GeTS) has launched the world’s first trade platform to accelerate cross border trade across the globe. The Single Window service offering by GeTS, a subsidiary of CrimsonLogic (a provider of eGovernment products and services, based in Singapore), aims to power trade connectivity and the efficient fulfilment of trade compliance requirements.
“CrimsonLogic built TradeNet, the world’s first Single Window system for Singapore in 1989. Since then, we have continued to innovate and develop other similar trade systems. With close to 30 years of experience working with governments in more than 23 countries, CrimsonLogic has been pivotal in enabling trade competitiveness. With GeTS, we will now be able to bring world-class quality, innovation and efficiency that can help local businesses grow globally,” said Mr Eugene Wong, Chairman of CrimsonLogic and GeTS.
GeTS will enable businesses and governments to simplify processes and accelerate cross border connectivity, saving them as much as 15% of the value of traded goods. The savings would bring the much needed value to businesses as organisations like Organisation for Economic Co-operation and Development (OECD) estimates that for every 1% reduction in global trade costs, global income could go up by US$40 billion. Other studies estimate that significant trade facilitation could increase global gross domestic product (GDP) by almost US$1 trillion.
“Capitalising on our deep domain knowledge and expertise, the GeTS offering will accelerate cross-border trade across the region. We are looking to change the way trade compliance is done around the world; making cross-border trade more accessible, predictable and easier. Using natural language programming and machine learning for our services, we have already improved time savings by 60 per cent and increased productivity by 1.5 times for our customers, with more than 11 million transactions annually,” said Chong Kok Keong, CEO at Global eTrade Services (GeTS), assistant CEO at CrimsonLogic.
As global trade continues to grow across ASEAN and other regions, trade communities and businesses are acknowledging that there is a need for a platform that can accelerate the movement of goods across different borders. The partnership with Singapore Logistics Association (SLA) builds on this promise of better growth opportunities through trade across the region. The community of ASEAN freight forwarders will be able to access a comprehensive suite of services that will enable them to consolidate import and export, regulatory and compliance fulfilment activities for various countries on a single platform.
“We are looking forward to collaborating with GeTS in this endeavour. Logistics has evolved from just one mode of transport to integrated transport services, including supply chain management services. This trade facilitation platform will strengthen logistics and freight forwarding businesses’ value proposition to our customers, as it enables us to assist our customers with a broader range of trade compliance matters. It also enhances our ability to offer services across the region and around the world more seamlessly, and benefit from productivity gains at the same time,” said Stanley Lim, chairman of the Singapore Logistics Association (SLA).