Malaysia-listed e-services provider MY E.G. Services Bhd (MYEG) announced on Tuesday a collaboration with the Federation of Malaysian Freight Forwarders (FMFF) to promote the adoption of ZTrade among FMFF members and to establish the cross-border trade facilitation platform as the National Single Window (NSW).
This collaboration between MYEG and FMFF comes days after MYEG had entered into an exclusive partnership with East Logistics Link Co., Ltd., a wholly-owned agency of the General Administration of Customs of the People’s Republic of China, to co-operate in securing, developing and implementing a national single window to facilitate cross-border trade across the ASEAN region, including Malaysia.
Both MYEG and FMFF agreed to work together on several initiatives related to the positioning of ZTrade as the NSW for domestic trade as well as cross-border trade to and from Malaysia, according to a statement.
These include promoting the platform to businesses and government ministries and agencies, providing training and support to users of the platform, and introducing and jointly marketing services presently on ZTrade to FMFF members.
The Memorandum of Understanding was signed between TS Wong, Group Managing Director of MYEG, and Tony Chia, President of the FMFF and Chairman of Customs Affairs, and witnessed by Tengku Zafrul Aziz, Minister of Investment, Trade and Industry.
ZTrade is a Web3 platform that provides verification and exchange of digitised trade documents for the trading of goods between China and its global trading partners.
Using ZTrade’s digital solutions, customs clearance can be expedited as there will no longer be any need for manual document verification.
It is envisioned that the adoption of ZTrade as the NSW will see these same benefits of the platform extended to trades between Malaysia and all its other trading partners.
Having gone live commercially in June, ZTrade facilitates faster and more efficient two-way trade by enabling the digital verification of critical trade documents, which currently include Certificates of Origin (COOs) issued by the General Administration of Customs of the People’s Republic of China (GACC) as well as COOs issued by the Ministry of Investment, Trade and Industry of Malaysia and Phytosanitary Certificate and other product certificates issued by the Ministry of Agriculture and Food Security of Malaysia.
“ZTrade is the first such digital platform of its kind in the world to leverage the power of blockchain technology to enable green-lane access for trades with China and we are pleased that the exporting community in Malaysia will be the first to gain access to this technology,” said Wong, Group Managing Director of MYEG, which developed the Zetrix blockchain and its Web 3 applications, including ZTrade.
“We look forward to seeing ZTrade grow overtime to become a leading ecosystem that will revolutionise international trade by digitising and streamlining processes across the board for all stakeholders,” he added.