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News Dailies Issue 2 | Tuesday, 9 April 2019

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Singapore stands firm on open trade Minister for Trade and Industry Chan Chun Sing

Allen & Gledhill lawyer nabs top maritime award

Keep the faith in blockchain: Edith Yeung

2 Singapore Maritime Week 2019 Tuesday, 9 April 2019 3

atmosphere into the sea, said Mr Khalid Hashim, chief executive officer of Pre-cious Shipping.

“Perception is a big issue… You’re re-moving air pollution and putting it into the sea,” he said at the forum organised by maritime focused communications firm Capital Link, held in conjunction with Singapore Maritime Week.

His company has decided to switch to using compliant fuel and is readying its vessels for the change.

“We have to plan and prepare... All of our ships should have their tanks cleaned to take in low sulphur fuel oil by the third quarter of this year,” he added.

But Star Bulk Carriers’ chief strategy of-ficer Charis Plakantonaki defended the use of scrubbers. A number of studies, including one by the Japanese govern-ment, suggest wash water from open-

Aaron Low Editor

Peh Shing Huei Copy Editor

Sue-Ann Chia Copy Editor

Tee Hun Ching Copy Editor

Jacqueline Woo Reporter

Pearl Lee Reporter

Samantha Boh Reporter

Sean Lee Photographer

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©2019 The Nutgraf. All rights reserved. Any unauthorised reproduction is strictly prohibited. Published by The Nutgraf LLP. Address: 18 Howard Road. Novelty BizCentre #06-06. Singapore 369585. Office No.: +65 6909 2729. Printed by Ngai Heng Pte Ltd. ISSN 25917803.

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Prabhu Silvam Reporter

Justin Kor Reporter

SCRUBBERS IN SPOTLIGHT AS SULPHUR CAP LOOMSOpposing views of scrubbers get an airing at forum discussing upcoming sulphur regulation

Even in an era of rising protectionism and nativist politics, Singapore must defend the open, rules-based global trading order, said Minister for Trade

and Industry Chan Chun Sing.Speaking at the 13th Singapore Maritime

Lecture yesterday, Mr Chan noted that the multilateral trading system has underpinned global economic growth and development for the past few decades.

This provides predictability and stability through a set of rules agreed to by all 164 members of the World Trade Organisation (WTO).

“We know that the system is not perfect. But we must build on the foundation that has enabled countries to prosper and update it for our future needs,” he told over 400 in-dustry professionals at the Ritz-Carlton Hotel.

For example, the WTO rules should be re-freshed to stay relevant in the new economy with unparalleled data, digital and financial flows.

“We must continue to work with like-mind-ed partners to resist the fragmentation of the world order and uphold established rules of law. Our goal has to be to promote a predict-able pro-business and open environment for all countries,” he said.

The growing prevalence of protectionist economics, he observed, is threatening to fragment the current global trading system. In particular, trade tensions between the United States and China will continue to brew as both sides compete over technolo-gy, economics and geopolitical influence.

“How competition between them pans out has a bearing on the global economy. In ex-tremis, the world could be fragmented into

different trading blocs,” he said at the Lec-ture, a pre-eminent event of the Singapore Maritime Week.

“Even if the landing turns out to be some-where in between fragmentation and global integration, the presence of protectionism will inhibit global trade, which is the raison d’etre of the maritime industry.”

Citing the inaugural Singapore Maritime Lecture delivered by founding prime minis-ter Lee Kuan Yew in 2007, Mr Chan noted that some of the driving forces Mr Lee had out-lined a decade ago – from global warming to the shifting economic and maritime centre of gravity to Asia – remain relevant, and per-haps even more so today.

Beyond geopolitics, Mr Chan said other mega-trends will drive developments in the global maritime industry as well. This in-cludes the change in demographics, head-lined by the growth of Asean, China and In-dia, which will have an impact on supply and production chains.

Technology and disruption will also trans-form the maritime landscape, while climate change means new rules for cleaner ship-ping, he added.

To succeed in such an environment, he stressed that Singapore must rethink its mar-itime strategy to navigate both the challeng-es and opportunities.

The Republic, for one thing, has to see phys-ical trade not in isolation, but “as a part of a multifaceted connectivity that includes data, talent, technology and finance flows”, he said.

“Our selling point has to go beyond our geographical location and our reputation as a ‘catch-up port’,” he noted, adding that Singapore must continue to establish links

Pearl Leepearl@nutgraf.com.sg

S’PORE MUST DEFEND AN OPEN GLOBAL TRADE ORDER: CHAN CHUN SING

Jacqueline Woojacqueline@nutgraf.com.sg

with key markets rather than wait for trade to come to or through the country.

It must also broaden and deepen its mar-itime offerings by strengthening comple-mentary sectors such as finance, insurance, commodity trading and logistics. Training initiatives and new education programmes will be critical in nurturing a pipeline of Sin-gapore maritime experts to support evolving industry needs, while efforts to boost port capacity and efficiencies with the future Tuas Terminal are under way.

“In 1969, when no container ship sailed through the region, Singapore boldly raced to build Southeast Asia’s first container termi-nal,” he said. “Amidst global uncertainties, the true measure of our strength will once again be how we rise to meet the challenges and opportunities of tomorrow.”

In concluding a panel discussion after his speech, Mr Chan said survival for a city-state like Singapore, with no hinterland, hinges on trade.

“Trade is our lifeline. So we need to be connected to the world as our hinterland,” he said, noting that Singapore should be well-connected in physical dimensions (air, land, and sea) as well as well in five non-phys-ical dimensions of connectivity, namely tal-ent, tech, data, finance, and rules.

“If Singapore can leverage on these (di-mensions) to reinforce our survival and suc-cess, then it will go down in history as the first country to transcend its geographical size and location,” he said.

“If we can do that well for the next 50 years, there’s nothing stopping us from do-ing even much better than what we are able to achieve today.” ■

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“Geography is not destiny. It can neither prescribe our future, nor promise our success. Our answer to the driving forces of demographics and climate change must be to go to where trade flows will be.”

Mr Chan Chun Sing

Minister for Trade and Industry

Ship managers and owners must quickly work out a way forward as the global sulphur limit deadline for marine fuels inches nearer, said

industry leaders.Some will switch to burning costlier

low sulphur fuel oil to comply with the In-ternational Maritime Organisation’s (IMO) regulations – capped at 0.5 per cent in-stead of the current 3.5 per cent – which will kick in next January.

But others have opted to install exhaust gas cleaning systems, also known as scrubbers, to do the work, said panellists at the Capital Link Singapore Maritime Forum yesterday.

The merits of scrubbers are debatable. They remove sulphur oxides from the ship’s engine and boiler exhaust gases, allowing vessels to continue using high sulphur fuel oil.

In open-loop scrubbers, seawater is used as a scrubbing liquid to clean the engine exhaust, and the waste stream is treated before it is discharged back into the sea.

To a layman, this merely transfers pol-lution that would otherwise enter the

loop scrubbers does not significantly threaten the marine environment, she said.

This despite a growing number of ports, including Singapore, China and Fu-jairah in the United Arab Emirates having banned open-loop scrubbers.

But Japan has said there is no scientific justification for such a ban, citing its own environmental assessment that showed that discharge water from open-loop scrubbers does not harm the ocean and organisms living in it.

“Decisions have to be based on science and fact,” said Mrs Plakantonaki.

As low sulphur fuel oil is more costly, and may run into supply issues, scrubbers help her company keep operating costs low, and be shielded from potential mar-ket downturn in the future, she said.

She added that scrubbers allow vessels to comply with IMO’s rule even when ports do not have compliant fuel.

Meanwhile, Mr Jerome Lep-rince-Ringuet, managing director of bunker fuel supplier Total Marine Fuels Global Solutions, said his company has been working on the blending of low sulphur fuel oil to anticipate the rise in demand for compliant fuel.

“We are preparing for the transition… The change from high sulphur fuel oil to low sulphur fuel oil will not be overnight,” he said, adding that some vessels will still require high sulphur fuel oil, even as oth-ers move away from it.

“Our responsibility as a supplier is to provide these solutions to the industry, and not whether an option is the best choice,” he said. ■

“We are preparing for the transition… The change from high sulphur fuel oil to low sulphur fuel oil will not be overnight.”

Mr Jerome Leprince-Ringuet

Managing DirectorTotal Marine Fuels Global Solutions

Industry heavyweights share their insights on global trade and technological developments during a panel discussion at the Singapore Maritime Lecture. From left to right: Mr Andreas Sohmen-Pao, Chairman of BW Group and Singapore Maritime Foundation (moderator); Ms Edith Yeung, Partner of 500 Startups; Mr Chan Chun Sing, Singapore’s Minister for Trade and Industry; Mr S.S. Teo, Executive Chairman and Managing Director of Pacific International Lines; Mr Samuel Tsien, Group CEO of OCBC Group.

Singapore’s status as a global hub port and international maritime centre will depend on how it navigates uncertainties in the changing global landscape

“Perception is a big issue… You’re removing air pollution and putting it into the sea.”

Mr Khalid Hashim

Chief Executive OfficerPrecious Shipping

From left: Total Marine Fuels Global

Solution’s managing director Jerome

Leprince-Ringuet, Star Bulk Carriers’

chief strategy officer Charis Plakantonaki

and Precious Shipping’s chief

executive Khalid Hashim discuss the upcoming sulphur

regulation at a panel. Mr Hashim said scrubbers are

seen by some as merely transferring

pollution from air to sea. Ph

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4 Singapore Maritime Week 2019 Tuesday, 9 April 2019 5

STEERING TOWARDS SAFER WATERSSamantha Boh

samantha@nutgraf.com.sg

To boost the safety of ships out at sea, a deal was inked yesterday to pro-mote and coordinate the electronic collection, integration and exchange

of marine information – both aboard and ashore.

The memorandum of understanding (MOU) was signed by the International Chamber of Shipping (ICS), the Asian Ship-owners’ Association (ASA) and the European Community Shipowners’ Association (ECSA). They represent shipowners’ associations from some 50 countries and over 90 per cent of the world’s merchant tonnage.

One aspect of the MOU, sealed at the in-augural workshop on Initial Operating Ca-pability Phase for e-navigation services, is to advance international partnerships on developing e-navigation solutions.

A concept driven by the International Mar-itime Organisation (IMO), it involves syncing and digitalising various marine navigation systems, essentially organising all the ship’s data in one place, and connecting them with supporting shore services.

Experts say it holds the promise of safer navigation and more reliable marine com-munications. They also hail it as a way to facilitate information exchanges across the maritime logistics chain, in turn raising effi-ciency.

Dr Lam Pin Min, Senior Minister of State for Transport and Health, emphasised the importance of e-navigation for Singapore, which receives over 140,000 vessels annu-ally.

“Hence, we actively promote navigation-al safety within our port waters and in the Singapore Straits, by forging partnerships and taking part in projects related to e-nav-igation,” he said at the opening ceremony of the three-day workshop organised by the International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) and the Maritime and Port Authority of Singapore (MPA).

For instance, the MPA is supporting the development of a satellite Very High Fre-quency (VHF)-based Data Exchange System (VDES) with a global coverage – a project led

by the Agency for Science, Technology and Research’s Institute of Infocomm Research, the National University of Singapore and ST Engineering. It is also engaging countries like Norway and Japan to work on setting up the first globally-interoperable VDES testbed.

Singapore also partnered Norway in the Secure, Efficient and Safer Maritime Traffic Management in the Straits of Malacca and Singapore (SESAME Straits) e-navigation testbed research project in 2015. It has since launched a follow-up to the programme, SESAME Solution II, which will focus on au-tomated electronic ship-to-shore reporting services.

Dr Lam noted that the implementation of e-navigation globally will gain traction in the coming years.

“Success will depend on whether we have the collective support of maritime stake-holders like yourselves. Your presence here today signals a strong resolve to stay the course and to make this happen,” he said. ■

“We actively promote navigational safety within our port waters and in the Singapore Straits, by forging partnerships and taking part in projects related to e-navigation.”

Dr Lam Pin Min

Senior Minister of State for Transport and Health

WITH RISING RISKS, SHIPPING COULD FACE SLOWER DEMAND

The International Monetary Fund (IMF) has revised down its predic-tions for global growth to 3.5 per cent in 2019 and 3.6 per cent in

2020. The slowdown will affect both ad-vanced and emerging economies.

Growth in advanced economies in 2019 was revised down to 2 per cent from 2.1 per cent, but the 2020 projection of 1.7 per cent remains the same. The revision was prompted by lower expected growth for both the euro area and the United States. Growth in emerging economies in 2019 is now predicted to be 4.5 per cent, down from 4.7 per cent. The trade tensions will hit China and its neighbours.

The shipping industry feels the impact of this trade war, especially in the dry bulk market. While there were high contain-er volumes on the front-haul eastbound transpacific trade lane in Q4 2018, this is unlikely to continue into 2019. The US has now imposed tariffs on more than US$250 billion worth of Chinese imports and Chi-na has retaliated with tariffs on US$113 bil-lion worth of imports from the US.

Europe

Growth is predicted to slow in the Eu-ropean Union (EU), with several major economies bringing it down. In Germa-ny, the fall in growth from 1.5 per cent in 2018 to 1.3 per cent in 2019 is because of low domestic demand, lower industrial production on the back of new standards on car emissions, and the impact of the trade war on foreign demand. Italian growth in 2019 has been revised down to 0.6 per cent from 1 per cent because of high borrowing costs and weak do-mestic demand. Industrial action and the yellow-vest protests have also cut growth projections in France, and the IMF now sees French growth as being unchanged from 2018, at 1.5 per cent.

Huge uncertainty remains over the terms of the United Kingdom’s departure from the EU. A delayed departure date, or a no-deal Brexit, is becoming more likely. The actual effect of a no-deal Brexit re-mains unclear.

The manufacturing purchasing man-agers’ index (PMI) in the euro area fell throughout 2018, from 60.6 in Decem-

ber 2017 to 51.4 in December 2018. The decline continued in 2019, with the PMI for January coming in at 50.5. We use the PMI as an indicator for where shipping demand is heading because it reflects the condition of the related key manufactur-ing sector.

After the US withdrew from the Joint Comprehensive Plan of Action and re-im-posed sanctions on Iran, Germany, France and the UK have announced the creation of a special-purpose vehicle named IN-STEX. This will allow European businesses to avoid US sanctions and continue trad-ing with Iran.

US

Growth in the US remains stronger than in other advanced economies, but is expected to fall to 2.5 per cent in 2019 and 1.8 per cent in 2020, according to the IMF. The longest government shutdown on record was suspended in late January, after 35 days.

While federal workers were sent home, they were unable to fulfil their usual roles in trade facilitation, making it harder for US importers and exporters to conduct business.

On the positive side, the US, Mexico and

Canada have agreed on a new trade deal, which replaces the North American Free Trade Agreement. The deal awaits ratifica-tion and its impact remains uncertain.

Reducing its trade deficit with China is one of the US’ main aims in the ongoing trade talks.

Asia

Growth in China remains high, and well above the global average, but the direction is clearly ‘south-bound’. A tightening of fi-nancial markets and monetary policy, com-bined with the trade war, have led to slow-ing growth. The IMF reported 6.6 per cent growth in 2018, declining to 6.2 per cent in 2019 and 2020. In response, the Chinese authorities have started implementing fis-cal policies to stimulate the economy and ease the pace of the slowdown.

Dry bulk and tanker shipping sectors, already hit by falling overall imports in December, will be particularly harmed by a Chinese slowdown. China’s official PMI was at 49.5 in January, up from 49.4 in De-cember, but still below the threshold of 50. A PMI of 50 indicates no change from the previous month, and anything below 50, a contraction. While Chinese exports re-mained high in Q4 2018, this was largely

down to frontloading by US buyers ahead of anticipated tariff hikes. The new orders index fell to 49.6 in January, the second month of contraction.

Outlook

Risks are piling up around the globe. The next few months will prove interest-ing for the shipping industry. The Venezu-elan crisis and the new Brazilian president will probably influence South American trade, while the world will be watching China and the US closely for any outcome of their trade talks.

Both agreed to put tariff hikes on hold during a three-month window. Any esca-lation of the trade war will further harm the shipping industry, at a time when it is already struggling.

The global manufacturing PMI fell to 50.7 in January, its lowest level since Au-gust 2016, with IHS Markit forecasting a relatively lacklustre outlook. New ex-port orders for goods also fell in January, coming in at 49.4. The shipping industry should brace for slowing demand growth in 2019.

This article was reproduced with permission from the author.

Global shipping has been hit by the US-China trade spat.

Peter SandChief Shipping Analyst

BIMCO

Seaborne trade of goods involved in the trade warIn million tonnes, 2017

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VehiclesDry bulk Container Chemicals Gases Oil products

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STARTUPS@7

As head of Threatspan, Mr Leon Yen is looking to shore up cyber defences for the maritime industry, as more firms are increasingly going digital with their operations.

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TACKLING MARITIME CYBER SECURITYTHREATS

Your main product is in cyber security for the global shipping and maritime supply chain. What is it and how does it work? What motivated you to set it up?

Our solution suite consists of Brizo, a cyber monitoring sensor for maritime environments, and Tridens, a cyber risk management SaaS platform designed for shipping and maritime enterprises.

The Brizo sensor installed on the ship networks moni-tors for intrusions and suspicious traffic. It then surfaces alerts to the Tridens platform, where onshore users can track the cyber security posture of their vessels in real-time, on a continuous basis.

For example, one of our customers, a ship management firm, is using our solution suite to ensure that crew are in compliance with network usage policy. They were also able to use our solution to isolate unexpected net-work activity and, after making modifications to their firewall rules and network setup, reduce their satellite Internet bandwidth usage by 50 per cent.

We were motivated to develop our solution suite because of the lack of cyber security solutions on the market that address the unique requirements and environments of shipping and maritime. Most are just off-the-shelf solutions or variations of standard enter-prise offerings.

How and why did you start the company?

I started the feasibility study for Threatspan in early 2017 after noticing an uptick in cyber security incidents in this industry. Later that year, a highly publicised ransomware attack severely impacted the operations of one of the world’s leading shipping enterprises. This solidified the value and industry need for what we were doing. We then spent significant time at several shipping and maritime-specific accelerators, refining our offering and business model.

What does Threatspan see as the biggest issue in the maritime industry, and how does it aim to solve that?

For us, the biggest issue is the lack of safe innovation. Companies are adopting technologies to streamline their business and improve operational efficiencies; however, much of this activity is being carried out without proper foundational cyber security controls in place.

Our solution suite addresses these concerns by providing visibility into how technology is being used, as well as a mechanism to manage the risks involved in their usage.

Technology and shipping are not seen as synony-mous. How is technology changing the industry? And are shipping players ready for it?

Shipping and maritime firms are relying on new tech-nologies to operate leaner and more efficiently. This is a critical enabler due to the narrow margins in the shipping business.

Additionally, technology has allowed for vast improve-ments in crew/seafarer well-being and safety. Despite being considered a traditional space, leading players in this industry have already made investments in tech-nology (e.g. satellite internet). Those shipping players not ready for it will increasingly find themselves at a competitive disadvantage.

What was the biggest challenge on this journey and how did you overcome it?

For cyber security firms, proving ROI to prospective customers takes some effort. Suffice to say, the ship-ping industry is even more challenging in this regard. However, recent cyber incidents have pushed cyber awareness into the maritime zeitgeist, and with various oversight bodies moving in on cyber compliance, there is definitely growing interest in what we do.

What is the ultimate goal you hope to achieve?

To bring safe innovation to shipping and maritime and enable firms to become cyber resilient in the face of digital threats.

Founded in 2018, Threatspan is a cyber secu-rity firm focused on help-ing shipping and maritime enterprises become more cyber resilient. Founder and CEO Leon Yen speaks to JUSTIN KOR about his work.

MARITIME S’PORE’S DIVERSITY ON SHOW AT BIENNIAL AWARDS CEREMONY

On a night that saw industry partners recognised for their outstanding contributions to Maritime Singapore’s twin

engines of growth – its hub port and in-ternational maritime centre – CMA CGM Group came up tops by clinching the prestigious International Maritime Centre Award in the Corporate category.

The award underscores the French con-tainer transportation and shipping com-pany’s expanding presence in the island city-state.

Besides having doubled its operating capacity in Singapore from two million

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APR

IL 9

Sea Asia: Parliamentary Debate“This house believes that too much

is expected of the shipping industry on environmental matter.” What’s your

stand on it? Speakers on both sides will engage in a full and frank conversation

on the issue, with opportunities for the audience to vote on the motion.

Marina Bay Sands10:00am - 11:30am

Singapore Lloyd’s List ForumThe Lloyd’s List Forum gathers industry

experts to discuss the latest trends and application of smart technology in

ports. Chaired by Lloyd’s Editor Richard Meade, speakers will share how ports are

already competing to lead the digital revolution.

Marina Bay Sands, Orchard Room3:00pm - 5:00pm

SMTC Technology Seminar & R&D Seminar

There will be two seminars, including a technology seminar that discusses digitalisation trends in the maritime

industry and a research and development seminar on the challenges

and opportunities in maritime R&D.Marina Bay Sands8:30am - 4:30pm

TOMORROW’S HIGHLIGHTS APRIL 10

to four million twenty-foot equivalent units (TEUs) in 2017, it also works closely with the Maritime and Port Authority of Singapore (MPA) and institutions of high-er learning to develop a skilled maritime workforce.

In 2018, CMA CGM partnered MPA to train students under the Global Intern-ship Award programme and develop its employees under the Maritime Cluster Fund through in-house training and over-seas attachments.

Held last night at the Shangri-La Hotel Singapore, the biennial Singapore Mar-itime Awards 2019 honoured 12 indus-

try partners picked from more than 200 nominations.

Ranging from shipowners to maritime service providers, offshore and marine engineering companies to R&D and tech-nology firms, this year’s recipients reflect-ed the diverse scope of Maritime Singa-pore.

Another big winner of the night was Mrs Gina Lee-Wan, who clinched the In-ternational Maritime Centre Award for the Individual category.

This is the latest in a series of accolades for the partner and co-head of Maritime and Aviation Practice at Allen & Gledhill,

Prabhu Silvamprabhu@nutgraf.com.sg

who was named one of the top 10 mari-time lawyers globally by global shipping journal Lloyd’s List in 2018.

She was also among the inaugural batch of practitioners to be recognised as a Senior Accredited Specialist in Mar-itime and Shipping Law by the Singapore Academy of Law in 2019.

“Receiving the award is huge. It’s great to be a part of an amazing and fantastic industry. Looking at where the industry is headed, I’m very certain that we’re going to go very, very far,” said Mrs Lee-Wan.

“Events like the SMW 2019 are very im-portant because the MPA brings together global industry players so the world of shipping converges in Singapore over one week. This provides a very good plat-form for people to grow their networks,” she added.

The award ceremony was graced by Dr Lam Pin Min, Senior Minister of State for Transport and Health, who took the op-portunity to share about the Work-Learn Technical Diploma in Port Automation Technology launched this month.

A joint initiative by the PSA and the Institute of Technical Education (ITE), the diploma programme aims to equip ITE graduates with the right skills for the complex and automated operations at the next-generation container port in Tuas.

Institutions like Nanyang Technological University and Singapore Management University have also been reviewing their respective maritime curricula regularly to ensure their relevance. These include an increased focus on digital and soft skills.

Dr Lam also announced a second ini-tiative, the Professional Conversion Pro-gramme (PCP) for Sea Transport Profes-sionals.

A collaboration between Singapore Polytechnic, SkillsFuture Singapore and Workforce Singapore, it will retrain mid-career professionals to take up jobs in the maritime sector.

“With the ongoing transformation in the maritime sector, our workforce will need new skills and knowledge to take on evolving job roles,” said Dr Lam.

“We will therefore continue to foster partnerships across the Singapore Gov-ernment, industry, unions and academ-ia to equip our workforce with the right skills and capabilities.” ■

8 Singapore Maritime Week 2019

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KEEPING THE BLOCKCHAIN FAITH

Even as the value of virtual currencies plummeted last year, 500 Startups partner Ms Edith Yeung believes blockchain will bounce back.

When the value of virtual currencies plummeted last year in mere months, it left global trust in blockchain

in tatters. After all, it is the technology underpinning cryptocurrency.

People wondered if the crash spelt blockchain’s end and, with it, the death of lofty dreams that it would eradicate pov-erty, end corruption and save the forests.

But not 500 Startups partner Ms Edith Yeung. She saw it as an opportunity to sieve out pseudo-believers, like those wanting to make a quick buck.

“I am glad in many ways the hype is over. Whoever is still working on block-chain projects are the ones that really care about the technology,” she said.

She believes firmly that the technolo-gy will make a comeback, regardless of whether the cryptocurrency market is bullish or bearish.

Her conviction is not unfounded. Blockchain has permeated industries beyond cryptocurrency trading, such as in finance to facilitate cross-border payment, and led to the introduction of new products. These include digital asset insurance.

There are even opportunities for ship-ping companies, which tend to be seen as laggards when it comes to adopting

Samantha Bohsamantha@nutgraf.com.sg

technology. She pointed out that there are already several initiatives that tap on the technology.

For instance, EY and Guardtime, to-gether with industry partners, launched the world’s first marine insurance block-chain platform last year. It will support more than half a million automated ledger transactions and help manage risk for more than 1,000 commercial vessels in the first year.

Meanwhile, Maersk and IBM have de-veloped TradeLens, a platform that allows companies to track shipments in real time directly and securely from the source without the back-and-forth between indi-viduals, and facilitates permission-based sharing between different parties.

In fact, Ms Yeung, who has invested in a range of start-ups in the areas of artificial intelligence (AI), mobile and the Internet of Things, is particularly excited about the blockchain and AI.

She is bullish about the technology as a whole, and has invested in more than 40 mobile, AI and blockchain startups, including Silk Labs (acquired by Apple), Fleksy (acquired by Pinterest) and Human (acquired by Mapbox).

“These technologies changed the way I think about data and financial ownership, trust, custody, privacy and identity.” ■

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