MYEG to Enable Cross-Border Trade Facilitation Services for China Customs on Zetrix Blockchain Platform
MY E.G. Services Berhad (“MYEG”) has announced a new 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”). The partnership aims to provide a comprehensive range of cross-border trade facilitation services, including certificates of origin on the Zetrix blockchain platform.
In breaking news, it has been reported that additional certificates pertaining to cross-border trade, such as those for food safety, quarantine, and bill of lading, can now be issued on the blockchain. In a bid to enhance tariff computation and customs clearance, the Regional Comprehensive Economic Partnership has implemented a system that enables accurate real-time availability of data in certificates. This development is expected to significantly boost the efficiency of trade within the partnership. (“RCEP”).
MYEG has announced that it is offering a digital service through its blockchain platform Zetrix, which enables users to connect to China’s blockchain platform. In breaking news, it has been reported that the agreement’s coverage extends to international exports that are destined for China. Zetrix.com has recently launched a new service called Ztrade, which is now available for exporters globally. This service promises to provide faster and more convenient clearance processing to its registered users. Interested exporters can now register themselves on the website to avail of the benefits of this service.
East Logistics-Link has announced its partnership with MYEG to launch a revolutionary trade facilitation service for countries that trade with China. The service will leverage blockchain technology to provide relevant trade data, resulting in faster and more efficient trade processing for all stakeholders involved. According to Ms. Haiying Zhao, Vice General Manager of East Logistics-Link, this partnership marks a significant milestone in the industry.
According to TS Wong, co-founder of MYEG, the company is striving to establish a dynamic Zetrix ecosystem that incorporates trade documents and supplementary services such as supply chain financing and trade settlement. The goal is to enable smart contracts, which would reduce counter party risk and minimize the need for manual interventions.
Ztrade, a new service, aims to revolutionize trade clearance processing by utilizing Web 3 technologies. By doing so, it can overcome the limitations of conventional technology architecture and provide a reliable, secure, and efficient method of digitalizing trade clearance processing. This will result in a hassle-free, seamless, faster, and simpler overall experience for users.
In a recent development, supply chain participants can now securely share data with pertinent government agencies, such as GACC, through the use of a Web 3 digital platform. This platform effectively mitigates risks by eliminating any potential single point of failure and ensuring the protection of stakeholders’ data. Ztrade aims to eliminate the use of paper-based procedures by implementing automation and digitalization of crucial customs processes and related functions.
Ztrade has announced that it will provide additional support to global supply chain participants by offering complementary trade facilitation services such as supply chain financing, digital financial instruments, and payment settlement. This move is aimed at making life easier for those involved in the supply chain industry.
Ztrade has been launched with the aim of promoting digitalization throughout the RCEP community. The launch is expected to facilitate connectivity and collaboration among all stakeholders, thereby accelerating the digitalization process. In breaking news, the Regional Comprehensive Economic Partnership (RCEP) has been announced as the largest free-trade agreement in the world. The agreement unites 15 Asian nations, including China, which is recognized as one of the top two trading nations globally.