Authorities from Malaysia and Singapore have signed a memorandum of understanding to build a blockchain-powered cross border digital trade network.
The agreement sees Malaysia's e-government and digital services provider MyEG and Singapore Trade Data Exchange Services (SGTraDex) explore the technical integration of their platforms to enable a secure and interoperable channel for the exchange of trade-related data.
The collaboration aims to catalyse the transition from paper-based to digital trade flows, including the use of verifiable electronic records, aligned with the region's push for trade facilitation and supply chain resilience.
The partners will collaborate on creating platform-to-platform connectivity; trade document verification; blockchain-based integration and interoperable data standards; and sharing regulatory knowledge.
"By aligning efforts with close partners like Malaysia, we are taking steps toward greater interoperability and connectivity, which will contribute to more inclusive digital growth across the region," says Tan Chin Hwee, chairman, SGTraDex.