Singapore box initiative could save industry millions
Singapore will lead a group of 12 countries in implementing a new international electronic seal, or e-seal standard, which will automatically read serial numbers on freight containers.The initiative is expected to save the industry up to S$64 million (US$40.65 million) in manual inspection costs, Channel News Asia reports.Singapore's Standards, Productivity and Innovation Board (SPRING) chairman, Lock Kai Sang, said the city-state alone would save S$1.8 million annually, once the initiative took effect, an article appearing in the People's Daily said.The e-seal will use radio frequency identification technology (RFID) in a bid to help speed up customs clearance times as well as create smoother processing at ports.The initiative is also expected to give small and medium sized enterprises a boost by elevating their supply chain and security planning needs up to international standards.Mr Lock said the other benefits include the removal of bottlenecks at ports as well as providing greater port security to combat international terrorism and piracy.