World's First Trade Platform To Power Global Trade Connectivity Launched By 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[1].

          "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 Mr 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 Mr Stanley Lim, Chairman of the Singapore Logistics Association (SLA).

          GeTS' comprehensive suite of services helps global, as well as ASEAN freight forwarders to meet regulatory and compliance requirements from Government agencies and trade associations through:

          In GeTS' product roadmap, the company is looking to widen its portfolio beyond trade compliance and documentation services. As a global trade platform with extensive connectivity, GeTS is constantly evolving to meet future business needs. Trade finance offerings and global logistics solutions are just some of the areas the company is currently exploring to further enhance its position as the global trade platform of the future.

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          [1] Office of the United States Trade Representative Press Release, December 2013. https://ustr.gov/about-us/policy-offices/press-office/fact-sheets/2013/December/WTO-Trade-Facilitation-Agreement

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          Global eTrade Services (GeTS) is a CrimsonLogic subsidiary and a key growth engine for the Group.  GeTS has a comprehensive suite of services that helps traders meet regulatory and compliance requirements from Government agencies and trade associations around the world.  Based on a SaaS model, GeTS is centred on a Single Window (SW) that facilitates global trade with Compliance Connectivity, eAdvisory and Data Analytics suite of services.

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