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Digitalisation push in Trade Facilitation

Digitalisation push in Trade Facilitation

Cyberjaya, 13 November 2019 – Digitalisation remains a key component in trade facilitation to generate improvements in trade processes. Players in trade facilitation thus must continue to embrace digitalisation to offer better services towards enhanced efficiency in cross border trade.

While technology should not be the end objective, digitalisation should be viewed as an important enabler to enhance effectiveness of trade procedures. Digitalisation and adoption of latest technology such as blockchain, and fintech took centre stage in discussions at the Pan-Asian e-Commerce Alliance (”PAA”) Meeting held in Cyberjaya from 12 to 13 November 2019.

Dagang Net Technologies Sdn Bhd, a wholly-owned subsidiary of Dagang NeXchange Berhad (“DNeX”), is hosting the two-day event attended by key representatives from the alliance’s participating members. The PAA Steering Committee Meeting is officiated by The Honourable Mr Lim Guan Eng, Minister of Finance, Malaysia today.

“We must adapt to the changing environment by leveraging on technology and innovation to improve our services and stay relevant. Dagang Net understands trade facilitation along with other sectors in the country must be ready for a digital transformation underpinned by the Fourth Industrial Revolution (“IR 4.0”) that is set to change the way we live and work, and business landscape,” said Datuk Samsul Husin, Executive Deputy Chairman of DNeX and also Executive Chairman of Dagang Net.

“For Dagang Net, we aim to capture opportunities derived from this industrial revolution and we want to take other organisations along this journey through the company’s Dagang Net Digital Platform, offering end-to-end, innovative services by embracing such technologies as artificial intelligence, blockchain and big data,” he said.

“To streamline and digitalise cross border trade procedures, PAA members need to work closely with the respective governments and the user communities. Throughout the years, standards and protocols enabling the digital exchange of business-to-business (“B2B”) as well as business-to-government (“B2G”) documents have been established. Projects for cross border electronic regulatory documents exchange were also endorsed by local governments,” said Mr Kam Keung Tse, Chairperson of PAA, and also Chief Executive Officer of Tradelink Electronic Comm Ltd from Hong Kong.

“PAA continues to enhance our services in conjunction with technological innovations. Big data analytics and blockchain solutions have been incorporated into PAA projects. In addition, PAA is also developing the Pan Asian eMarketplace, a gateway to reach Asian buyers and suppliers with trusted trade information,” he added.

The next PAA meeting will be held on May 2020 in Hong Kong and hosted by Tradelink Electronic Commerce Limited.