SINGAPORE (THE BUSINESS TIMES) - Singapore Technologies Engineering (ST Engineering) has signed a memorandum of understanding (MOU) with MSI Global - a wholly owned subsidiary of the Land Transport Authority - to collaborate in rail projects around the world.
Both companies will jointly provide rail electronics solutions and services for rail projects overseas under the collaboration, they said in a joint press statement on Tuesday (Oct 12).
The MOU also includes developing joint go-to-market activities to grow Singapore's rail global footprint.
ST Engineering will contribute its technical and domain expertise in advanced smart metro solutions, while MSI Global will provide its expertise in ticketing and payment systems software solutions, systems integration for rolling stock, signalling, power supply systems, depot planning and project management.
Mr Chew Men Leong, president of urban solutions at ST Engineering, noted that the MOU serves as a platform for the group to extend its smart mobility expertise - which is also its key focus area in its smart city growth strategy - to new international markets.
"The complementary capabilities and synergies that both organisations intend to forge will further strengthen our combined rail offerings and position us as a strong contender amongst global competition," he said.
The MOU will relate only to collaboration outside Singapore, said MSI Global chief executive Sim Wee Meng.
Shares of ST Engineering were trading at $3.90 as at 10.33am on Tuesday, down one cent or 0.3 per cent.