ZTrade Expands Service to Enable Two-Way Cross-Border Digitised Trade Documentation
- Onboarding of Pioneer Users Now Actively Underway
Petaling Jaya, 12 July 2024 – ZTrade, a Web 3 platform that facilitates the cross-border trading of goods with China, is expanding its scope of coverage to encompass the digital verification of Certificates of Origin (“COOs”) issued by the General Administration of Customs of the People’s Republic of China (“GACC”).
The enhancement will make ZTrade, the first-of-its-kind platform that provides verification and exchange of digitised trade documents on the Zetrix blockchain platform, a truly two-way cross-border facilitation service for trades with China.
This significant milestone comes just two weeks after MY E.G. Services Bhd (“MYEG”), the developer of Zetrix and related Web 3 applications including ZTrade, announced that the connectivity deployment of the service had been completed and live connectivity to GACC’s Single Window Platform has since been enabled.
With the recent activation of ZTrade, key trade documents related to outbound exports from Malaysia submitted digitally through the platform would be officially recognised by the GACC, paving the way for users to enjoy green-lane access for faster trade processing and clearance. These documents include 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.
As a testament of ZTrade’s important role in easing and expediting cross-border trading, MYEG has now received notification from GACC via its wholly-owned agency East Logistic-Link Co., Ltd to expand ZTrade’s scope to include verification of COOs issued by GACC. These COOs are issued in the form of Verifiable Credentials on the Zetrix Layer-1 blockchain.
This service can be utilised by authorities from countries importing from China to expedite customs clearance as there will no longer be any need for manual document verification. In addition, companies providing trade facilitation services, like shipping companies and trade financing institutions, can also leverage on the system and enable smart contracts that execute to automate trade processes and transactions.
Since the launch of ZTrade, the onboarding of users, namely freight forwarders and exporters, onto the platform have been actively ongoing. More information on ZTrade is available at https://ztrade.ztradefi.com/.
About Zetrix
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 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 Berhad (“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 and financial services, among others. Committed to staying firmly at the forefront of the global digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across the region through its Layer 1 platform Zetrix. Besides its home market, MYEG’s presence spans other key regional markets such as China, Philippines and Hong Kong.
