Singapore gets first fully digitalised bunker trade
The trial included the incorporation of physical transfer data from a range of devices and sensors on a bunker barge linked to the transaction and working within Singapore’s flagship TradeTrust framework. BunkerChain’s system helps to solve several pain points in the bunkering industry, says its chief executive officer Leon Ling
The system is anchored on Singapore’s TradeTrust standards and frameworks to increase transparency and visibility of a bunker transaction. Elements such as digital life cycle management, digital twin asset management capabilities, risk management and fraud prevention have become more important to bunker industry players in the wake of recent events such as the Hin Leong scandal
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