Service will publish certificates of origin (COO) and other relevant trade certs to facilitate tariff computation and more efficient customs clearance
BEIJING, March 30, 2023 /PRNewswire/ — MY E.G. 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 the People’s Republic of China (“GACC”), to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on the Zetrix blockchain platform.
Other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading can also be issued on the chain. This will enable all data in these certificates to be available accurately in near real-time, hence, increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic Partnership (“RCEP”).
MYEG, through its blockchain platform Zetrix, provides the digital service to connect to China’s blockchain platform. The scope of the agreement covers international exports going into China. Exporters worldwide may now register to use the service, known as Ztrade, at Zetrix.com and enjoy the benefits of faster and more convenient clearance processing.
“We are excited to partner with MYEG to introduce this world pioneering trade facilitation service to countries that trade with China. With the relevant trade data on the blockchain, we can expect significant increase in speed and efficiency of trade processing, benefitting all stakeholders,” said Ms Haiying Zhao, Vice General Manager of East Logistics-Link.
TS Wong, co-founder of MYEG, added: “We aim to build a vibrant Zetrix ecosystem where trade documents are coupled with complementary services like supply chain financing and trade settlement to enable smart contracts and hence, reducing counter party risk and minimising manual interventions.”
Leveraging on Web 3 technologies, the Ztrade service can 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.
Supply chain participants can now safely exchange data with relevant government agencies like GACC as Web 3 digital platform minimises risks by eliminating any single point of failure and safeguarding stakeholders’ data. Furthermore, by enabling automation and digitalisation of key customs processes and related functions, Ztrade aims to render cumbersome, risky paper-based procedures a thing of the past.
In making life even easier for global supply chain participants, Ztrade will also support complementary trade facilitation services like supply chain financing and digital financial instruments and payment settlement.
The launch of Ztrade seeks to contribute towards the acceleration of digitalisation across the RCEP community by fostering connectivity and collaboration among all stakeholders. RCEP is the world’s biggest free-trade agreement, bringing together 15 Asian nations, including China, one of the world’s top two trading nations.
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 E.G. Services Bhd, the cross-border and cross-chain integration with China Blockchain enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About MY E.G. Services Bhd (“MYEG”)
MYEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others.
Committed to staying firmly at the forefront of the region’s digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. MYEG has operations in key regional markets such as the Philippines and Indonesia.