KUALA LUMPUR: MY E.G. Services Bhd (MyEG) has signed a partnership agreement with East Logistic-Link Co Ltd to jointly provide a full suite of cross-border trade facilitation services.
East Logistic-Link is a wholly-owned agency of the General Administration of Customs of China (China Customs).
MyEG said the service would 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," it said.
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.
MyEG co-founder TS Wong said the company aimed to build a vibrant Zetrix ecosystem where trade documents are coupled with complementary services like supply chain financing and trade settlement.
"This will help to enable smart contracts and hence, reduce counterparty risk and minimising manual interventions," said Wong.
Leveraging on Web 3 technologies, MyEG said 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.
It said supply chain participants can now safely exchange data with relevant government agencies 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," it added.