MYEG signs agreement with China Customs for cross-border trade connection on Zetrix Blockchain platform
The service will publish certificates of origin (COO) and other relevant trade certificates to facilitate tariff calculation and more efficient customs clearance
BEIJING, 30 March 2023 /PRNewswire/ — MY EG Services Berhad (“MYEG”) has signed a partnership agreement with East Logistic-Link Co., Ltd, a wholly owned agency of the General Administration of Customs of People’s Republic of China (“GACC”), to jointly offer a full suite of cross-border trade facilitation services that include Certificates of Origin on the Zetrix blockchain platform.
The Zetrix blockchain can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Other certificates that are relevant for cross-border trade, such as food safety, quarantine and bills of lading can also be issued on the chain. This will enable all the data contained in these certificates to be accurately available in near real time, thereby increasing the efficiency of tariff calculation and customs clearance, particularly for trade within the Regional Comprehensive Economic Partnership (“RCEP”).
MYEG, through its blockchain platform Zetrix, provides the digital service to connect China’s blockchain platform. The scope of the agreement covers incoming international exports China. Exporters worldwide can now register to use the service, known as Ztrade, on Zetrix.com and enjoy the benefits of faster and more convenient clearance processing.
“We are delighted to partner with MYEG to introduce this world-leading trade facilitation service to countries trading with China. With the relevant trade data on the blockchain, we can expect significant increases in the speed and efficiency of trade processing, to the benefit of all stakeholders,” said Ms. Haiying Zhaodeputy director of East Logistics-Link.
TS Wong, co-founder of MYEG, added: “We aim to build a vibrant Zetrix ecosystem where trade documents are combined with complementary services such as supply chain finance and trade settlement to enable smart contracts thereby reducing counterparty risk and minimizing manual interventions.”
By leveraging Web 3 technologies, the Ztrade service can overcome the prevailing limitations of conventional technology architecture by providing a reliable method for the secure and efficient digitization of the trade clearance process, thereby making it hassle-free, seamless, faster and easier overall.
Supply chain participants can now securely exchange data with relevant government agencies such as GACC, as the Web 3 digital platform minimizes risk by eliminating a single point of failure and safeguarding stakeholder data. Furthermore, by enabling the automation and digitization of key customs processes and related functions, Ztrade aims to make cumbersome, risky paper-based procedures a thing of the past.
To make life even easier for global supply chain participants, Ztrade will also support complementary trade facilitation services such as supply chain finance and digital financial instruments and payment settlement.
The launch of Ztrade seeks to contribute to the acceleration of digitization across the RCEP community by promoting connectivity and collaboration between all stakeholders. RCEP is the world’s largest free trade agreement, bringing together 15 Asian nations, incl Chinaone of the world’s top two trading nations.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY EG Services Bhd, its cross-border and cross-chain integration with China Blockchain enables Zetrix to act as a blockchain gateway that facilitates global commerce by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID ) and Verifiable Legitimation (VC).
About MY EG Services Bhd (“MYEG”)
A LOT is Malaysia’s leading digital service company. Having started operations in 2000 as the flagship provider of e-government services, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and full range of innovations spanning online delivery of large public services to a range of commercial offers in areas such as immigration, the car industry, healthcare and financial services.
Committed to staying at the forefront of the region’s digital revolution, MYEG has embraced the potential of blockchain technology to improve all aspects of life and is actively pioneering its adoption across key markets. MYEG has operations in central regional markets such as e.g The Philippines and Indonesia.
SOURCE Zetrix
