MyEG inks deal with China Customs on cross-border trade connectivity

KUALA LUMPUR: My E.G. Services Bhd (MYEG) has inked a partnership agreement with China Customs’ wholly-owned agency, East Logistic-Link Co Ltd to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on the Zetrix blockchain platform.

In a statement today, MYEG said other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading could also be issued on the chain.

"This will enable all data in these certificates to be available accurately in near real-time, and hence, increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic Partnership (RCEP),” it said.

MYEG, through its blockchain platform Zetrix, provides the digital service to connect to China’s blockchain platform.

The digital services provider said the partnership would cover international exports going into China.

It said exporters worldwide will now be able to register to use the service, known as Ztrade at, and enjoy the benefits of faster and more convenient clearance processing.

East Logistics-Link vice general manager Haiying Zhao said with the relevant trade data on the blockchain, the agency could expect a significant increase in speed and efficiency of trade processing that benefits all stakeholders.

MYEG said that by leveraging Web 3 technologies, the Ztrade service could overcome the prevailing limitations of conventional technology architecture in providing a reliable method of securely and effectively digitalising trade clearance processing, thus making it hassle-free, seamless, faster and simpler overall.

Ztrade would also support complementary trade facilitation services like supply chain financing and digital financial instruments and payment settlement, it added. - Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

MYEG , China Customs , Zetrix , Ztrade , RCEP , Blockchain


Next In Business News

Dollar edges up as markets weigh chances of Fed rate hike
OCBC Malaysia lead arranged edotco's US$700mil loan syndication
UBS expects to seal Credit Suisse takeover as soon as June 12
IATA calls on Asia Pacific airlines to strengthen readiness for transition to sustainable aviation fuel
S&P Global Asean PMI retreats to 51.5 in May
Asian shares extend global rally, oil rises after Saudi cuts
China's services activity picks up in May on improved demand- Caixin PMI
Philippines AirAsia looking to revive IPO plans
Oil jumps 2% on Saudi plan to deepen output cuts from July
Singapore's Sembcorp begins process for potential waste management arm sale

Others Also Read