It is a platform for businesses in the supply chain industry to share data on trade flows, and is expected to be fully rolled out by early next year.

At present, the movement of goods is often marked by significant inefficiencies, with logistics players having only a limited knowledge of where the cargo is at any one time.

Information shared under the Singapore Trade Data Exchange (SGTraDex) will allow them to plan better and optimise the flow of goods from manufacturing sites, warehouses and ports.

It will also help firms to match trade data with actual physical trade flows. Being able to verify the authenticity of key information will help financiers fund trades with confidence.

SGTraDex will also help the bunkering industry - which involves the supply of fuel to ships - to digitalise documentation and processes.

The common data infrastructure is the brainchild of the Infocomm Media Development Authority (IMDA) and the Alliance for Action on Supply Chain Digitalisation.

The latter is chaired by PSA International group chief executive Tan Chong Meng and Trafigura Group Asia-Pacific chief executive Tan Chin Hwee.

Mr Tan Chong Meng said his organisation had been working to promote supply chain digitalisation with local and global partners before Covid-19 struck, and had met with "varying success".

He added that SGTraDex, which fosters a "stronger convergence of public-private interests and innovative fervour", will underpin the development and adoption of such efforts, which will enhance Singapore's position in global trade and supply chains.

Mr Tan Chin Hwee said: "We believe that SGTraDex is now well-positioned to play an important role in the future in strengthening Singapore's natural position as a hub for international trade and as a centre of excellence for cross-border supply chain finance."

Eleven organisations, including the IMDA, PSA International, Trafigura, banks and shipping firms, signed an agreement yesterday to anchor the partnership.

Linette Lai