As digital technology advances rapidly and exerts a larger influence on the global economy, various industries have identified new opportunities not only to make money but more importantly, to stay ahead of the competition and remain relevant to the lives of billions across the world. Land-scarce Singapore, already well positioned among its neighbors as a leader in technology, is capitalizing on the continuing rise of digitalization.
Established 30 years ago, CrimsonLogic has been a trusted partner of several governments in four continents. The homegrown company has helped many countries streamline their trade flows and increase their productivity through the development and implementation of electronic processes.
“We needed to improve trade flow and develop the idea of a single electronic submission where all agencies are on one platform to get goods approved. This single window concept made sense and gave light to other opportunities,” CEO Ken Wye Saw said.
Its success in Singapore led to more opportunities globally. Today, CrimsonLogic has offices in 18 countries in Asia, North America, South America and Africa. While e-government solutions are its core services, its B2B business has been growing consistently. Its B2B business facilitates global trade and focuses on business licensing, customs management and shipping. The objective is to capture key trade nodes around the world to form a truly global single window.
Meanwhile, Tagit focuses on enterprises that need secure, relevant and innovative mobile applications for their backend services. While banks remain its major clients, Tagit is reaching out to government-affiliated institutions and insurance companies. Its expansion plans have targeted North Asia, particularly Japan, where it has had a long-term partnership with IT giant SRA Group.
“We are a stable, profitable fintech company that was looking for investment from a growth perspective. And with the bulk of its revenue in Japan, SRA was looking to invest in a non-Japanese asset that they could grow with and make a significant impact outside Japan, which led to the partnership and investment in Tagit by SRA,” CEO Sandeep Bagaria said.
Another local trailblazer, newcomer Avanseus, offers artificial intelligence solutions to public utility, telecommunication, Internet and broadband, and transportation companies through predictive maintenance and monitoring, all aimed at reducing costs and increasing efficiency.
Only two-years-old, Avanseus has already established a presence overseas and engaged with more than 50 large enterprises around the world. It has capitalized on fast delivery and simple pricing to streamline negotiations and form partnerships easily.
“We bring AI-based technology that address predictive maintenance where the complexity, repair time and reliability of any product and service are key issues,” said CEO Bhargab Mitra.