KUALA LUMPUR (July 27): MyEG Services Bhd has secured regulatory approval to deploy its blockchain-based customs clearance and processing services application known as Ztrade for trade flows between the Philippines and China.
In a filing to Bursa Malaysia on Thursday (July 27), MyEG said together with its Philippine-incorporated companies, it had signed the agreements with the Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc (CDEC) to adopt the digital solution.
Ztrade is a cross-border trade facilitation service that incorporates Web3 + Artificial Intelligence (AI) to link China and its trading partners that runs on MyEG’s Zetrix layer-1 blockchain platform.
Under the collaboration, MyEG will provide the Ztrade solution in the Philippines, including ground installation, training and assistance with customisation requirements.
CDEC, on the other hand, will provide trade and logistics solutions for BOC which will support the integration of Ztrade to its platform.
CDEC is also a service provider for various government agencies and government-owned and controlled corporations involved in trade and logistics support, and regulatory compliance in the Philippines.
The agreements remain in effect unless mutually terminated.
The Zetrix platform is a blockchain-based application developed and operated by MyEG that integrates Chinese Customs to enable the verification of Certificates of Origin for exports to China.
It uses express clearance and tariff exemptions under the Regional Comprehensive Economic Partnership (RCEP) and Asean China Free Trade Area.
“This roll-out of Zetrix Platform will enable MyEG group to extend and expand its geographical presence globally and open new frontiers as a key enabler of government digitalisation with utilisation of Zetrix platform,” the company said.
MyEG shares traded unchanged at 76 sen, valuing the group at RM5.68 billion.