-MYEG signs an agreement with Chinese customs for the connectivity of cross-border trade on the Zetrix Blockchain platform
The service will publish certificates of origin (COO) and other relevant commercial certificates to facilitate the calculation of tariffs and more efficient customs clearance
BEIJING, March 31, 2023 /PRNewswire/ -- MY E.G. Services Berhad ("MYEG") has entered into 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 set of full range of cross-border trade facilitation services including certificates of origin on the Zetrix blockchain platform.
Other certificates relevant to cross-border trade, such as those for food safety, quarantine, and bill of lading, may also be issued in the chain. This will allow all data from these certificates to be accurately available in near real time, thereby increasing the efficiency of duty calculation and customs clearance, especially for trade within the Regional Comprehensive Economic Association ("RCEP").
MYEG, through its Zetrix blockchain platform, provides the digital service to connect to China's blockchain platform. The scope of the agreement covers international exports to China. Exporters around the world can now register to use the service, known as Ztrade, at Zetrix.com and enjoy the benefits of a faster and more convenient customs clearance process.
"We are excited to partner with MYEG to introduce this world-first trade facilitation service to countries that trade with China. With relevant trade data on the blockchain, we can expect a significant increase in speed and efficiency." of trade processing, which will benefit all stakeholders," said Haiying Zhao, vice general manager of East Logistics-Link.
TS Wong, Co-Founder of MYEG, added: "Our goal is 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 and thus therefore reduce counterparty risk and minimize manual interventions."
Leveraging Web 3 technologies, the Ztrade service can overcome the limitations of conventional technological architecture by offering a reliable method to safely and efficiently digitize the customs clearance process, making it overall simpler, faster, smoother and more hassle-free.
Supply chain participants can now securely exchange data with relevant government bodies such as GACC as the Web 3 digital platform minimizes risk by eliminating any single point of failure and safeguarding stakeholder data. Furthermore, by enabling the automation and digitization of key customs processes and related functions, Ztrade intends to make cumbersome and risky paper-based procedures a thing of the past.
To make life even easier for global supply chain participants, Ztrade will also provide complementary trade facilitation services such as supply chain finance, digital financial instruments, and payment settlement.
The launch of Ztrade aims to help accelerate digitization throughout the RCEP community by fostering connectivity and collaboration among all stakeholders. RCEP is the world's largest free trade agreement and brings together 15 Asian countries, including China, one of the world's top two trading nations.
About Zetrix
Zetrix is a public Layer 1 blockchain that facilitates smart contracts and offers privacy, security, and scalability. Zetrix's cryptographic infrastructure can be introduced across multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, cross-border and cross-chain integration with China Blockchain enables Zetrix to serve as a blockchain gateway facilitating global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BIDs) and verifiable credentials (VC).
About MY E.G. Services Bhd ("MYEG")
MYEG is Malaysia's leading digital services company. MYEG, which began operations in 2000 as a flagship provider of eGovernment services, continues to play a leading role in driving technological change in the region, bringing a diverse and comprehensive range of innovations ranging from the online delivery of major government services to a variety of business offerings in the fields 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 an active pioneer in its adoption in its major markets. MYEG operates in key regional markets such as the Philippines and Indonesia.
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