Video Address by Acting Minister For Transport Mr Chee Hong Tat at the Pier71™ Great Circle 2023

21 Nov 2023Speeches

1.     Good afternoon. I am happy to join you virtually to celebrate the 5th anniversary of PIER71™ at the inaugural Great Circle event. Congratulations to PIER71 on this important milestone!

Celebrating PIER71™’s Achievements 

2.     Since its establishment in 2018, PIER71™ has created a thriving MarineTech ecosystem in Singapore. It has nurtured around 110 MarineTech start-ups, with support from 62 corporate partners. To date, the start-ups have successfully rolled out 24 solutions to the maritime industry.

a.     One such company is mVizn (pronounced “m-vision”), which has commercially deployed its AI-based technology at PSA’s container terminals to accurately identify obstacles and hazards, which improves the safety of crane operations at our port.

3.     Five foreign MarineTech startups have also expanded to Singapore and created good jobs and opportunities for locals here. This includes Delvify Labs, a Hong Kong start-up that builds and runs predictive AI models for shipping in the apparel industry, as well as WeavAir, a Canadian startup that offers digital solutions to reduce cost and time for claims management.

Conducive Ecosystem for Investment Opportunities and Continued Growth

4.     In these five years, PIER71™ has also created an ecosystem that is conducive for investment opportunities into our start-ups, which enables their continued growth and scaling up. 

5.     PIER71™ start-ups have raised over S$65 million in investments from Venture Capital (VC) partners such Motion Ventures, Innoport, Wavemaker Partners and Seeds Capital, to support their expansion. Our alumni have also received international recognition as seen in their recent acquisitions by overseas companies.

a.     BunkerEx is an online broker platform which was acquired in 2021 by Danish United Shipping & Trading Company to streamline digitalisation efforts across its group within the shipping and logistics industries.

b.     GotSurge is a digital logistics service provider which was acquired by Malaysia-based Yinson Green Technologies to serve more maritime companies in ship supplies and maritime logistics. 

6.     I look forward to many more exciting growth opportunities ahead. 

Congratulations to Smart Port Challenge Finalists

7.     I would like to congratulate the Smart Port Challenge 2023 Finalists for reaching an important milestone today. This year, there are 150 proposals from over 32 countries, and 18 finalists have been selected. They have developed a range of innovative solutions in areas such as alternative fuels, electrification and the carbon-value chain. 

8.     I would like to thank our industry partners – the Singapore Shipping Association, the Singapore Logistics Association, and the Singapore Association of Shipsuppliers and Services for your strong support in providing test-bedding opportunities for our start-ups and growing the maritime innovation ecosystem. 

9.     My hope is that like the Great Circle Navigation, PIER71™ will continue to be the shortest route for the maritime industry to accelerate innovation and access new technologies to stay ahead. 

a.     For Singapore-based startups, PIER71™ will be a launch pad to expand your business to the maritime industry and global markets. 

b.     For overseas startups, it will be an important landing pad to expand your business to our shores, trial key innovations and reach regional markets.

10.    With close collaboration among all our stakeholders, I believe that our MarineTech ecosystem will continue to thrive and reach new frontiers.

11.    Congratulations once again!  Thank you.


You may also like