KUALA LUMPUR (May 26): MyEG Services Bhd (KL:MYEG) and Singapore’s STrade Data Exchange Service Pte Ltd (SGTraDex) have agreed to work together on making cross-border trade between Malaysia and Singapore fully digital.
The memorandum of understanding was signed at the ASEAN-GCC-China CEO Roundtable hosted by the Asean Business Advisory Council and aims to connect MYEG’s Zetrix blockchain platform with SGTraDex’s system. This will allow secure sharing of trade-related data, helping both countries move away from paper-based processes to verified digital records.
Under the agreement, MyEG’s Zetrix blockchain platform and SGTraDex will work on developing platform-to-platform connectivity to create a secure and compatible method to share trade-related data to support the shift from paper-based to digital trade via verified electronic records.
“By aligning Malaysia’s and Singapore’s trusted digital infrastructure, we’re creating the building blocks for a digitally unified Asean, one that reduces friction, enhances trust, and accelerates growth,” said Zetrix co-founder Datuk Fadzli Shah.
The joint venture supports the Asean Digital Economy Framework Agreement and aligns with wider efforts to promote cross-border recognition of digital IDs, electronic trade documents and regulatory certifications, according to MyEG and SGTraDex.
SGTraDex is a public-private digital platform set up by Singapore’s Infocomm Media Development Authority alongside a banking, trade and logistics industry consortium including Advario, PSA, Trafigura, and UOB. It is primarily involved in trade finance risk mitigation, digitisation of trade processes and enhancing supply chain management.
At Monday’s close, MyEG shares fell 2.72% or 2.5 sen to 89 sen, with a market value of RM6.89 billion.