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Malaysia and Singapore work together to improve cross-border digital trade Malaysia and Singapore work together to improve cross-border digital trade

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Malaysia and Singapore work together to improve cross-border digital trade – Crypto News

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8 months ago

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MY E.G. Services Berhad (MYEG) and Singapore Trade Data Exchange Services (SGTraDex) have signed an agreement to work together on improving cross-border digital trade between Malaysia and Singapore. The deal was signed during the ASEAN-GCC-China CEO Roundtable, which was part of a business meeting hosted by the ASEAN Business Advisory Council.

The move shows how the two countries are attempting to use digital tools to speed up and secure bilateral trade. The goal is to reduce reliance on paper-based processes and help businesses send and receive trade data in a safer and easier way.

Both sides plan to connect their systems – MYEG’s Zetrix and SGTraDex – to allow smooth sharing of trade data. The goal is to make it easier for companies and governments on both sides to verify documents and carry out trade with fewer delays. The alliance becomes part of a wider effort in Southeast Asia to boost digital trade and build stronger supply chains.

Dato’ Fadzli Shah, co-founder of Zetrix, said the partnership is an important step for the region. He believes the joint effort between Malaysia and Singapore will help lay the groundwork for a more connected and trusted digital trading system in ASEAN.

Mr. Tan Chin Hwee, Chairman of SGTraDex, said the move reflects the company’s mission of building open and reliable digital trade systems. By working closely with Malaysia, SGTraDex seeks to improve how different systems communicate and make it easier for businesses to operate in borders.

The agreement fits into the larger ASEAN Digital Economy Framework, which encourages shared use of digital IDs, trade documents, and regulatory tools among member countries. MYEG and SGTraDex say that with technologies like blockchain, they can ensure the accuracy and safety of information passed between governments and companies.

Singapore’s Infocomm Media Development Authority established SGTraDex, which now includes members from the banking, shipping, and trade sectors, like DBS, OCBC, PSA, and Standard Chartered. The group’s goal is to bring together data from different parts of the trade and supply chain industries to reduce delays and improve efficiency.

As part of the partnership, MYEG and SGTraDex will look into several areas, including:

  • Linking their digital platforms
  • Creating joint tools to check trade documents
  • Using blockchain to build secure data links
  • Sharing knowledge on rules and running tests through regulatory sandboxes

The two sides also intend to explore how their arrangement could be expanded to other regions, including China and countries in the Gulf Cooperation Council. If successful, this might help ASEAN become a more unified digital trading group, making it easier for businesses to trade in the region.

See also: More UK small businesses turn to cryptocurrencies

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Tags: blockchain, cryptocurrency, digital assets, supply chain

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