CEO Morning Brief

MyEG Partners China Customs' Agency to Provide Cross-border Trade Facilitation Services

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Publish date: Fri, 31 Mar 2023, 08:48 AM
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TheEdge CEO Morning Brief
MyEG partners China Customs' agency to provide cross-border trade facilitation services

KUALA LUMPUR (March 30): MyEG Services Bhd (MyEG) has signed a partnership agreement with the General Administration of Customs of China (GACC) to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on MyEG's blockchain platform, Zetrix.

"Other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading can also be issued on the chain. This will enable all data in these certificates to be available accurately in real-time, hence increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic PArtnership member nations," MyEG said in a statement.

The scope of the agreement covers international exports going into China, and MyEG will, via Zetrix, provide the digital service to connect to China's blockchain platform. "Exporters worldwide may now register to use the service, known as Ztrade, at Zetrix.com and enjoy the benefits of faster and more convenient clearance processing," it said.

MyEG has signed the partnership agreement for the collaboration with GACC's wholly owned agency, East Logistics-Link Co Ltd.

"We are excited to partner with MyEG to introduce this world pioneering trade facilitation service to countries that trade with China. With the relevant trade data on the blockchain, we can expect a significant increase in speed and efficiency of trade processing, benefitting all stakeholders," said East Logistics-Link vice general manager Haiying Zhao.

MyEG co-founder TS Wong said the company aims to build a vibrant Zetrix ecosystem where trade documents are coupled with complementary services like supply chain financing and trade settlement to enable smart contracts, and "hence, reducing counter party risk and minimising manual interventions".

According to MyEG, the Ztrade service, which leverages on Web3 technologies, can overcome the prevailing limitations of conventional technology architecture in providing a reliable method of securely and effectively digitalising trade clearance processing, thus making it hasslefree, seamless, faster and simpler overall.

“Supply chain participants can safely exchange data with relevant government agencies like GACC as Web3 digital platform minimises risks by eliminating any single point of failure and safeguarding stakeholders’ data," the company said, adding Ztrade aims to render cumbersome, risky paper-based procedures a thing of the past by enabling automation and digitalisation of key customs processes and related functions.

“In making life even easier for global supply chain participants, Ztrade will also support complementary trade facilitation services like supply chain financing and digital financial instruments and payment settlement,” MyEG added.

Shares of MyEG closed 1.39% or 1 sen higher to 73 sen per share, giving the company a market capitalisation of RM5.42 billion.

Source: TheEdge - 31 Mar 2023

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