Similarly, the factories of Giorgio Armani, Gucci, and Prada were repurposed to produce medical overalls to support the overwhelmed Italian healthcare system. 2/7  BIS central bankers' speeches  Improved visibility and transparency on shipments can help make supply chains more flexible and resilient. Of course, it is not as easy to retrofit ships to carry different types of cargo as it is for airlines to convert passenger planes to cargo planes But the shipping and logistics industries can use digital technologies to improve coordination of supply chains, have more timely notifications of shipment delays, and enhance fleet management and route optimisation. Integrated supply chains are more resilient – with more seamless solutions and end-to-end connectivity across online and offline logistics activities. The rise of e-commerce platforms has launched a move towards end-to-end supply chain integration. Alibaba and Amazon are challenging traditional logistics players by developing their own warehouses and fulfilment centres. Of course, digital connectivity cannot fully replace physical connectivity because goods still have to be moved. Businesses are therefore adopting omni-channel marketing and distribution approaches, connecting with suppliers and customers both online and offline. Integrated supply chains also mean strong inter-linkages across adjacent sectors – maritime, aviation, rail and road transport, with trading, logistics, and finance. Let me highlight a Singaporean initiative in this space. The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) have jointly launched a digital platform called Business sans Borders (or BSB).

Earlier this year, DBS Bank joinedContour, which focuses on shortening end-to-end Letter of Credit (LC) settlement by digitalising the creation, exchange, and issuance of LCs on a blockchain. Likewise, the maritime industry can explore linking up with customers and other stakeholders through digitally connected platforms. There are efforts already underway. Singapore is working with our ASEAN partners, China, the Port of Rotterdam Authority and others on areas like digital customs connectivity, recognising electronic certificates and connecting maritime single windows to facilitate port clearance and streamline documentation. The MPA-DBS MoU being signed today is another example. The MoU will support efforts to digitalise financial services and payments across Singapore’s maritime industry. This includes streamlining and expediting payments among users of maritime services, and digitalising supporting documents for financing. Automation and digital technologies present opportunities to improve efficiency and provide better service across logistics, port operations, and shipping. In port operations and warehousing, intelligent connected systems can facilitate predictive maintenance of autonomous vehicles and robotic cranes. In logistics and freight services, robotic process automation and digital platforms can improve coordination with service providers and customers. In shipping, smart sensors can allow remote monitoring and diagnostics of ships. Singapore has adopted a multi-stakeholder approach to promote digitalisation. The Maritime Digitalisation Playbook, co-created by MPA, IMDA, and the Singapore Shipping Association, provides a useful guide to help maritime companies achieve purposeful digital transformation. Resilient Workforce Third, building a resilient workforce in the face of technological change. To do this, we need to understand how technology will affect jobs.