Commodities firms embrace innovation
For close on 400 global trading firms in Singapore, collectively responsible for 20 per cent of the world’s energy, metals and agri-commodities trade, the technology-rich environment offers unprecedented opportunities. This transformation of businesses is evident across multiple sectors.
For example, in food innovation, Cargill, a global agribusiness leader, unveiled its expanded Singapore Innovation Centre earlier this year to develop food products targeted at Asian consumers. This rides on a trend among Asian citizens to prioritise health and wellness in their diets and to spend on experiences and new offerings. Announcing the development, Florian Schattenmann, Cargill’s Chief Technology Officer, said: “Singapore has an undisputed reputation as a leading food innovation hub, thanks to the abundance of talent, advanced technologies and supportive regulatory policies.”
In the energy sector, the rising demand for energy to support Asia’s urbanisation and industrialisation continues to present opportunities for innovation. In particular, low-carbon energy that is cost-effective and scalable will be critical in order to meet the region’s growing energy demands and climate goals. On this front, CBMM, a global leader in niobium products and technology, is pioneering new technologies for lithium-ion batteries in Singapore. Through a partnership with the National University of Singapore’s Centre for Advanced 2D Materials, CBMM set up an Advanced Battery Laboratory to develop next-generation niobium-graphene batteries. These have the potential to reduce ownership costs for batteries in demanding applications such as regenerative braking systems, cordless power tools and in electric vehicles.
Another example is in the sustainability space. Through an Enterprise Singapore-led open innovation challenge, international companies such as Abu Dhabi National Oil Company and Goodyear are looking to partner start-ups to solve issues in areas such as water recycling and biomass waste conversion.
Global traders can tap its strength as a technology and innovation hub to capture new growth opportunities”
Lee Pak Sing Assistant Managing Director at Enterprise Singapore
“Singapore is a hotbed for innovation: global traders can tap its strength as a technology and innovation hub to capture new growth opportunities both globally and in Asia,” says Lee Pak Sing, Assistant Managing Director at Enterprise Singapore, which drives the development of trade. “These innovations are not limited to unlocking value in trading operations. They extend to core business areas, encompassing innovation in products and services, such as food and agritech, as well as low-carbon solutions.”