Philippines Becomes Second Country after Malaysia to Adopt Ztrade, the Cross-Border Trade Application on Zetrix Layer 1 Blockchain
KUALA LUMPUR, Malaysia, July 27, 2023 /PRNewswire/ — MY E.G. Services Berhad (“MYEG” or “the Group”) has entered into a collaboration and secured regulatory approval to deploy its blockchain-based customs clearance and processing services for trade flows between the Philippines and China.
The Group, together with its Philippines-incorporated companies, signed agreements for a collaboration with Philippines Bureau of Customs (“BOC”) and with Cargo Data Exchange Center Inc. (“CDEC”), paving the way for the Philippines to adopt the digital solution known as Ztrade – a first of its kind Web3 + Artificial Intelligence (AI) link between China and its trading partners – which runs on MYEG’s innovative 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 while CDEC, which is a value-added service provider of trade and logistics solutions for the BOC will support the integration of Ztrade to its platform to ensure a seamless experience for users. The agreements remain in effect unless mutually terminated.
This groundbreaking initiative by MYEG follows the signing in March of a partnership between the Group and East Logistic-Link Co., Ltd, a wholly-owned agency of the General Administration of Customs of the People’s Republic of China (“GACC”), to jointly provide a full suite of cross-border trade facilitation services on the Zetrix blockchain platform.
This includes the lodgment of certificates of origin as well as potentially other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading, thus enabling all data to be available accurately in near real-time, hence, increasing the efficiency of tariff computation and customs clearance, especially for trade…