Digital bunkering services can bring greater efficiency and transparency to the industry. Image File/Pixabay
marine fuel supplier Kenoil Marine Services entered into the first bunker contract using the Singapore Trade Data Exchange (SGTraDex).
local bank DBS worked with Kenoil to complete the transaction using digital data interchange, the lender said in a statement on its website on Wednesday. The exchange processed an electronic bunker delivery note, taking data from the supplier’s mass flow meter through data service provider Brightree.
The lender said the system could provide players in the bunker market with faster access to working capital and improve their cash flow management.
“Thanks to the digitization of the bunker delivery note, the financing and payment of the underlying trade can be carried out efficiently and almost immediately.” Sriram Muthukrishnanhead of the global transaction services product management group at DBS, said in the statement.
“Furthermore, the risk of fraudulent manipulation is mitigated as banks and other industry partners are now able to verify trade data at source.
“” This provides greater transparency and comfort in the authenticity of the trade.
“With the success of the first live transaction, we look forward to partnering with SGTraDex to help more businesses digitize their workflows to improve supply chain efficiency and transparency and strengthen Singapore’s position as a global trade hub.”