Time Engineering to tap regional e-commerce markets

KUALA LUMPUR: Time Engineering Bhd (TEB), soon to be known as Dagang Nexchange Bhd pending shareholders' approval, will pursue opportunities in trade facilitation in regional e-commerce markets this year.

TEB will leverage on its subsidiary Dagang Net Technologies Sdn Bhd's Pan Asian Alliance network, which includes countries such as Singapore, Thailand and the Philippines.

Currently, the company contributes 85 per cent to the group's revenue, said Dagang Net's executive deputy chairman, Datuk Samsul Husin.

"The decision to make further inroads in providing e-commerce services for trade facilitation in the local and regional markets is in line with the government's aspirations in venturing into e-commerce-based business," he told reporters at TEB's AGM on Monday.

He said TEB will expand on current offerings of customs-related e-commerce services to provide end-to-end e-commerce services for trade facilitation.

Through Dagang Net, TEB currently operates the National Single Window (NSW) which facilitates electronic customs-related transactions and duty payments and electronic document transfer between members of its trading community made up of manufacturers, importers and exporters, forwarders, shipping agents, terminal and port operators, banks, permit issuing agencies as well as port and customs authorities.

Samsul said Dagang Net recently received a two-year contract extension, from Sept 25, 2014 to Sept 24, 2016, from the government for the NSW Trade Facilitation System.

"We see abundant opportunities in e-commerce services provision for the trade facilitation sector. Whilst the NSW services address the customs-related services segment, we can offer a lot more services," he said.

Moving forward, the company is poised to expand on its business guided by a renewed focus of providing end-to-end, comprehensive e-commerce services for trade facilitation, as well as undertaking measures to ensure technology leadership and strong business efficiency, he added. - Bernama