Ravi Menon: Down but not out: resilience in a post-COVID world Keynote speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore Maritime Lecture, Singapore, 2 September 2020. * * * Good afternoon to everyone tuning in from Asia, and good morning to the rest watching from across the globe. Let me thank the Maritime and Port Authority (MPA) for the opportunity to deliver this Singapore Maritime Lecture virtually. The global economy is facing its worst crisis since the Second World War. The IMF has forecast that the global economy will shrink by 4.9% this year. According to the W TO, global merchandise trade volumes contracted by an estimated 14% in the first half of 2020. And the recovery will not be spectacular – even in its more optimistic scenario, the W TO forecasts merchandise trade this year to be 13% below 2019 levels. With over 80% of international merchandise trade seaborne, the maritime industry has not been spared. Down But Not Out One of the great lessons of the COVID-19 crisis is the importance of resilience. In one of the most popular movie quotes of all time, the boxer Rocky Balboa says “It ain’t about how hard you hit, it is about how hard you can get hit, and keep moving forward.” Resilience is not just about being strong, it is not even about staying on your feet all the time.

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.