MYEG EXPANDS ZTRADE SERVICE TO ENABLE CROSS BORDER DIGITISED TRADE DOCUMENTATION

KUALA LUMPUR, July 12 (Bernama) -- MY E.G. Services Bhd (MYEG), the developer of Zetrix and related Web 3 applications including ZTrade, today announced ZTrade’s coverage expansion to include digital verification of Certificates of Origin (COOs) issued by the General Administration of Customs of China (GACC).  

ZTrade is a Web 3 platform that facilitates the cross-border trading of goods with China.

The company said in a statement to Bursa Malaysia today that the enhancement will make ZTrade the first platform to verify and exchange digitised trade documents on the Zetrix blockchain, a two-way cross-border facilitation service for trade with China.

“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 and Phytosanitary Certificate and other product certificates issued by the Ministry of Agriculture and Food Security,” it said. 

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 in the form of Verifiable Credentials on the Zetrix Layer1 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 executed to automate trade processes and transactions,” it added. 

-- BERNAMA