ZTrade Expands Scope to Verify Certificates of Origin with China on Zetrix Blockchain Platform
Petaling Jaya, July 13, 2024 / AlexaBlockchain/ – ZTrade, a groundbreaking Web 3 platform that facilitates cross-border trading with China, has announced a major expansion in its services. The platform will now offer digital verification of Certificates of Origin (COOs) issued by the General Administration of Customs of the People’s Republic of China (GACC).
This development marks a significant milestone for ZTrade, making it the first platform of its kind to provide verification and exchange of digitized trade documents on the Zetrix blockchain platform. This enhancement transforms ZTrade into a comprehensive two-way cross-border facilitation service for trades with China.
The announcement comes just two weeks after MY E.G. Services Bhd (MYEG), the developer of Zetrix and related Web 3 applications, completed the deployment of connectivity for the service. Live connectivity to GACC’s Single Window Platform has been enabled, allowing for seamless integration with the Chinese customs authority.
With the activation of ZTrade, key trade documents related to outbound exports from Malaysia can now be submitted digitally through the platform and officially recognized by the GACC. This recognition paves the way for users to benefit from expedited trade processing and clearance, including green-lane access. Documents such as COOs issued by the Ministry of Investment, Trade and Industry of Malaysia, as well as Phytosanitary Certificates and other product certificates issued by the Ministry of Agriculture and Food Security of Malaysia, are included in this recognition.
The expansion of ZTrade’s scope to include verification of COOs issued by GACC will streamline customs clearance processes for importing countries, eliminating the need for manual document verification. Additionally, companies involved in trade facilitation services, such as shipping companies and trade financing institutions, can leverage the platform to automate trade processes and transactions through smart contracts.
Since its launch, ZTrade has been actively onboarding users, including freight forwarders and exporters, onto the platform. More information on ZTrade is available at https://ztrade.ztradefi.com/.
Zetrix, the layer-1 public blockchain that powers ZTrade, offers privacy, security, and scalability for smart contracts. Developed by MY E.G. Services Bhd, Zetrix enables cross-border and cross-chain integration with China, serving as a blockchain gateway for global trade. The platform deploys critical building blocks for Web3 services, such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
MY E.G. Services Berhad (MYEG) is a leading digital services company in Malaysia, driving technological innovation in e-government services and commercial offerings. The company is actively pioneering the adoption of blockchain technology through its Layer 1 platform, Zetrix, in markets such as China, the Philippines, and Hong Kong.
Source: Zetrix
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