PSA International launches $20m incubator program

PSA unboXed is expected to invest in and nurture start-ups that are keen to create innovative logistics, engineering solutions as well as transaction solutions for the maritime trade and finance ecosystems.

“Being one of the world’s largest port operators gives PSA the unique platform to instigate and support game-changers in our industry,” said Tan Chong Meng, group chief executive of PSA International.

“Through PSA unboXed, we want to encourage creative ideas that can improve and revamp LogTech, increase port productivity, and enhance the integration, security and performance across the constituents of global supply chain logistics.”

Selected start-ups will initially receive up to $50,000 in seed funding, and be provided with incubator facilities at PSA’s Pasir Panjang Terminal Building 3 in Singapore. They will also have access to the live port environment to develop and test-bed ideas for the real market at PSA Singapore Terminals, and receive the mentorship of seasoned PSA port professionals and other business leaders.

Kelvin Wong, assistant managing director for Singapore’s Economic Development Board, said: “I look forward to partnering PSA unboXed to access and incorporate emerging technologies and solutions that could enhance PSA’s operations or even extend and expand PSA’s service offerings. We believe that this partnership will help strengthen Singapore’s supply chain innovation eco-system.”