MY E.G. Services Berhad (MYEG) and East Logistic-Link Co., Ltd., a fully-owned agency of the General Administration of Customs of the People’s Republic of China (GACC), have entered into a partnership agreement to offer a comprehensive range of cross-border trade facilitation services.
Under the agreement, MYEG’s blockchain platform, Zetrix, will provide a digital service that connects to China’s blockchain platform and certify international exports sent to China. The service, called Ztrade, will allow exporters from any country to register and enjoy faster and more convenient clearance processing for their goods.
According to Ms. Haiying Zhao, Vice General Manager of East Logistics-Link, the logistics company is excited to collaborate with MYEG to launch the groundbreaking trade facilitation service to nations engaged in trade with China.
Zhao emphasized that by utilizing blockchain technology to store relevant trade information, they anticipate a substantial improvement in the speed and efficiency of trade processing, resulting in benefits for all parties involved.
TS Wong, the co-founder of MYEG, stated that they aim to establish a thriving Zetrix ecosystem. This ecosystem would integrate trade documents with supplementary services such as supply chain financing and trade settlement. Wong noted that integrating these services would enable the use of smart contracts, reduce counterparty risk, and decrease the need for manual interventions.
Both parties believe that using Web 3 technologies, like Ztrade’s service, can overcome the current limitations of conventional technology architecture. They noted that the digital platform would reduce risks and eliminate single points of failure, allowing supply chain participants to exchange data safely with relevant government agencies such as GACC.
The Zetrix Blockchain platform also serves as the international supernode for Xinghuo BIF, China’s national blockchain infrastructure. On October 6, 2022, Zetrix agreed to a memorandum of understanding (MOU) with MIMOS Technology Solutions Sdn Bhd (MTSSB) for the development and management of the Malaysia Blockchain Infrastructure (MBI).
According to MTSSB CEO Faisal Ahmad, the agreement would accelerate the creation, introduction, and adoption of blockchain-related products and services in both the public and private sectors.
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