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.

We are seeing more automation: in ports, with remote yard cranes, autonomous guided vehicles, and just-in-time arrival; in ship agents and managers, with robotic process automation to improve productivity; and 5/7  BIS central bankers' speeches  in shipping, with significant R&D efforts in maritime autonomous surface ships that can enhance navigational efficiency and safety. Data analytics is being used to optimise fleet deployment, bunker procurement, fuel consumption, and freight rates, as well as de-risk supply chains. Cybersecurity has become essential for ensuring resilient operations, with the growing use of sensors and connected systems on ships. The main impact of this automation is to shift the workforce to higher skills not reduce overall employment. This is what a study2 commissioned by the International Transport Workers Federation has found: that automation in global transport through to 2040 is likely to change the profile of the workforce to higher skilled jobs, rather than reduce the overall size of the workforce. Simulations for maritime transport indicate that although automation will require less seafarers per volume of cargo transported, the absolute number of seafarers required in 2040 will be higher than the current level. A Resilient Planet Finally, a resilient planet. The need to promote a sustainable economy is becoming more apparent and is likely to emerge as a major theme when the world recovers from the COVID-19 crisis. The maritime industry’s commitment to lower carbon emissions will be a key element in the industry’s strategies in the coming years.