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 Zetrix.com, 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