Press Release: World trade and its supporting supply chains have increasingly become the focus of regulators around the world. From mainstream banks to smaller trading companies, it is now essential to ensure that businesses are protected by complying with sanctions and regulatory programs.
We are therefore delighted to announce that Pole Star’s PurpleTRAC sanctions compliance and risk management service will soon be available to corporates on the Networked Trade Platform (NTP) in Singapore.
The NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain- in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub.
Designed as an open digital platform, it enables service providers, like Pole Star, to develop new applications and foster innovation within the trade ecosystem.
By bringing participants across the trade value chain onto a single platform, the NTP enables end-to-end digital trade. Traders can tap on a range of trade related value-added-services, such as cargo freight booking, trade financing, cargo insurance, document preparation for customs declarations and payment reconciliations. These services, which now include PurpleTRAC, will allow users to arrange shipments easily, improve cash flow, and better manage trade compliance, all in one platform.
PurpleTRAC is already used extensively by governments and flag administrations, banks, trading companies and insurers around the world to ensure that the vessels they are using to transport their goods comply with sanctions and regulations. Our technologies help automate complex regulatory processes, rendering them simple and fast all while generating an audit trail for demonstration of best efforts in compliance.
Pole Star’s PurpleTRAC regulatory technology is referenced by the United Nations Security Council as an example of a best practice sanctions compliance solution for the maritime transportation sector and a MAS (Monetary Authority of Singapore) Fintech award winner for innovation in regulatory technology.
We hope that our presence on the NTP will make PurpleTRAC even more accessible, and further help make maritime trade safe and compliant.
Find out more about the PurpleTRAC on the NTP.
