MY E.G. Services Berhad (MYEG) and Singapore Trade Data Exchange (SGTraDex) have signed an MoU to improve digital links between foreign trade in Malaysia and Singapore. It was introduced at the ASEAN-GCC-China CEO Roundtable which showcased how two major digital platforms—MYEG’s Zetrix and SGTraDex—are now closely aligned to build a secure and easy-to-use trade ecosystem. The plan demonstrates a common aim to develop trade infrastructure that works across borders in ASEAN, mainly by harnessing blockchain technology, digital IDs and verified electronics to eliminate paper-based difficulties and boost regional unity.
Strengthening ASEAN’s Digital Trade Ecosystem
MYEG and SGTraDex are combining their efforts by bringing in technologies from Zetrix Layer-1 and TradeTrust. Such a move is intended to protect the unalterable and trackable nature of important trade data between companies and official bodies. The initiative backs ASEAN’s wider effort to boost digitalization by the ASEAN DEFA which prepares each nation to accept digital IDs, electronic documents for trade and regulatory qualifications from other ASEAN member states.
As part of this alliance, both businesses will develop secure and compatible systems to support digital trade and offer new business-to-business and business-to-government services for various international use cases.
A Launchpad for Regional Integration
The MoU describes an effective process for moving forward where the platforms will integrate, products will be developed together, blockchain technology will be used and cooperation in regulatory sandboxes will happen. Joining their strengths in digital policies and technology, the two countries hope to help unite ASEAN with China and GCC regions.
With support from IMDA and several leading firms, SGTraDex helps digitise trade finance and logistics by uniting previously separated data. MYEG’s expertise in e-government and blockchain allows the partnership to play a bigger role across the region.
