CrimsonLogic, a Singaporean leading provider of logistics services to governments has announced its continued foray into Africa by signing an agreement with Kenya Trade Network Agency (KenTrade) for development of a blockchain logistics platform.
Kenya Trade Network Agency (KenTrade) is a State Corporation under the National Treasury established in 2011 to establish, implement and manage the National Electronic Single Window System (KenyaTradeNet System) and to facilitate trade. Kenya TradeNet System is an online platform that serves as a single entry point for parties involved in international trade and transport logistics to lodge documents electronically, for processing, approvals and to make payments electronically for fees, levies, duties and taxes due to the Government, on goods imported or exported in the country.
At the Africa Singapore Business Forum organised by Enterprise Singapore (ES) held on 28th to 29th August, CrimsonLogic’s subsidiary, Global eTrade Services (GeTS) signed a Collaboration Agreement with KenTrade as a partner for the recently-launched Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security and transparency for global trade.
KenTrade is OTB’s first African partner, and this partnership provides OTB users with reliability and access to trade in Africa, while simultaneously giving KenTrade’s members trading access to OTB’s user communities in Asia.
According to Chong Kok Keong, the CEO of GeTS this agreed this deal opens opportunities for trading in Africa. “We are happy to have KenTrade onboard as a partner on Open Trade Blockchain.”
“Our partnership signing today with KenTrade will see Kenya becoming part of OTB’s growing network of trusted nodes. OTB users can now have secure, transparent, and trusted trading access between ASEAN, China, and Africa.”
Amos Wangora, the CEO of KenTrade said Kenya is one of the fastest growing economies in Africa, and technology has played a big part of the country’s digital transformation. Kenya is now able to move goods that much faster through its borders which has seen trade transaction volumes growing exponentially in the last three years, he said.
“This collaboration with GeTS will help boost trade growth to the next level and enhance Kenya’s position in the global trade ecosystem.”
Economic cooperation between Singapore and Africa has been on an uptick through the years. In a business mission to Africa in June this year led by Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Tharman Shanmugaratnam, six MoUs and a bilateral investment treaty was signed between Singapore and African partners to foster stronger economic ties and collaboration between Singapore’s and Africa’s business communities.
CrimsonLogic remains deeply invested in the African region. The company recently launched its regional office for continental Africa in Rwanda in June, in conjunction with the business mission with Senior Minister of State, Dr. Koh Poh Koon in attendance. The regional office was opened to grow CrimsonLogic’s presence in the region, and acts as its base and hub for its African operations – spanning across Rwanda, Botswana, Djibouti, Ghana, Kenya, Ivory Coast, Mauritius, Madagascar, Mozambique, Namibia and Tanzania.
Saw Ken Wye, the CEO of CrimsonLogic said about the deal, “Today’s Collaboration Agreement signing is a natural evolution of our continued commitment to the region. We recognise the potential Africa brings to the world market and want to play a key role in promoting seamless and trusted global trade.” He said his company has learnt a lot about doing business in Africa since their first project in Mauritius in 1994.
“The region continues to be a key growth area for our business. With nearly 25 years of experience in Africa, we are well positioned to help our African customers on their digital transformation journeys. Moving forward, we can expect greater synergies being forged between Singapore and the various African economies in years to come.”