MY E.G. Services Bhd (MYEG), a digital services company in Malaysia, announced an exclusive collaboration with East Logistics Link Co., Ltd., a wholly-owned agency of the General Administration of Customs of the People’s Republic of China (GACC).
The partners will work together to develop and operate a National Single Window (NSW) platform for ASEAN countries, including Malaysia.
MYEG announced in a statement that East Logistics and MYEG signed a Supplementary Heads of Agreement on September 4, 2024. This agreement opens the door for the two parties to collaborate in the establishment and execution of a national single window to facilitate cross-border commerce in the region.
The partnership will capitalize on the unique strengths of each party, including MYEG’s reputation as a pioneer in Web 3 and e-government services, and East Logistic’s expertise in the research and development of China’s international trade “single window” standard application. Both parties will contribute to the construction, operation, and maintenance of cross-border trade e-commerce and other information systems.
MYEG has announced that the most recent joint initiative between East Logistics and MYEG represents a further strengthening of their relationship. The two organizations have been collaborating closely to develop ZTrade, a Web 3 service that is a first-of-its-kind. This service facilitates the verification and exchange of digitized trade documents on the Zetrix blockchain platform, providing a truly two-way cross-border experience for trades with China.
By utilizing ZTrade’s live connectivity to GACC’s single window platform, users can submit critical trade-related documents digitally through the platform, thereby facilitating expedited trade processing and clearance.
Certificates of Origin (COO) issued by the Ministry of Investment, Trade and Industry of Malaysia, Phytosanitary Certificates, and other product certificates issued by the Ministry of Agriculture and Food Security of Malaysia are among the documents referenced. Certificates of Origin issued by GACC on the Chinese side are also included.
These COOs are issued as Verified Credentials on the Zetrix Layer-1 blockchain.
In addition to the collaborative efforts of MYEG and East Logistics to advance the adoption of Web 3 technology in Malaysia and the ASEAN region, the NSW project is also intended to be developed on the Zetrix blockchain.
