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PIL, PSA & IBM collaborate to envision & trial blockchain-based supply chain business network innovations

Pacific International Lines Pte Ltd (PIL), PSA International Pte Ltd (PSA) and IBM Singapore Pte Ltd (IBM) have signed a Memorandum of Understanding (MOU) to explore and trial proof of concept (POC) blockchain-based supply chain business network innovations.

The MOU was signed by Ms Lisa Teo, Executive Director (Corporate Development) of PIL; Mr Oh Bee Lock, Head of Group Technology, PSA; and Ms Janet Ang, VP Industry Solutions & Smarter Cities of IBM Asia Pacific. Mr Lawrence Wong, Singapore’s Minister for National Development and Second Minister for Finance; Mr Teo Siong Seng, Managing Director of PIL; Mr Tan Chong Meng, Group CEO of PSA; and Mr Randy Walker, Chairman and CEO of IBM Asia Pacific were present to witness the signing ceremony, which took place during the Singapore Regional Business Forum (SRBF) held in Singapore.

The three parties will work together to explore POCs using technologies like blockchain to achieve better security, efficiency and transparency in regional supply chain business networks, as well as connect to trade finance solutions that can facilitate faster approval and fraud prevention.

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