Singapore is working towards becoming a leading maritime technology hub by focusing on integrating cutting-edge technologies such as blockchain, big data, IoT, and AI into the shipping industry. The Maritime and Port Authority of Singapore (MPA) plays a key role in promoting the adoption of these technologies and has launched several initiatives to support their development and implementation in the maritime industry. Additionally, Singapore is also emphasising the use of clean energy in the maritime industry and is taking steps to reduce the environmental impact of shipping. To achieve this goal, Singapore is investing millions of dollars in startups and scale-ups, aiming to set up 150 new companies by 2025 through the Maritime Innovation and Technology (MINT) fund. The MPA has also established a digital technology marketplace and start-up playbook to support these initiatives and has set specific requirements for start-up companies to apply for funding from the MINT-Start Up program, including completing PIER71 or a similar maritime acceleration program. As of May 2022, a number of start-up companies have been awarded funding through the program. However, the maritime industry in Singapore is facing challenges such as a shortage of skilled workers, increased risk of cyber attacks, need for new infrastructure, compliance with international regulations, and cost and uncertainty of the benefits of new technologies.
Technological Trends in Singapore
Over the past year, Singapore has boosted its efforts to become the world’s leading maritime technology hub. To ensure that the country has been focusing on several trends within the maritime sector to ensure that all market revenue has been accounted for.
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