Malaysia, Singapore Forge Blockchain Bridge for Seamless Trade

In a significant step towards digitizing cross-border commerce in Southeast Asia, MYEG, Malaysia’s leading e-government and digital services provider, and SGTraDex, Singapore’s national digital infrastructure for trade data exchange, have signed a Memorandum of Understanding (MoU), aiming to enable seamless, blockchain-powered trade between the two nations and set a new benchmark for digital connectivity within the ASEAN region.

A core component of this initiative involves the technical integration of MYEG’s Zetrix, a Layer-1 blockchain, with SGTraDex’s TradeTrust platforms. This integration is designed to facilitate immutable and traceable data exchange directly between governments and participating enterprises.

"This partnership signals a new era for trade digitalisation in ASEAN. By aligning Malaysia’s and Singapore’s trusted digital infrastructure, we’re creating the building blocks for a digitally unified ASEAN, one that reduces friction, enhances trust, and accelerates growth," Fadzli Shah, co-founder of Zetrix, said in a statement.

According to the statement, the partnership will support the use of verifiable electronic records and aligns with broader regional frameworks such as the ASEAN Digital Economy Framework Agreement (DEFA), which promotes the mutual recognition of Digital IDs and electronic documents across borders. This interoperability is crucial for fostering greater transparency and security in cross-border transactions.

"Our collaboration with MYEG reflects SGTraDex’s commitment to fostering open and trusted digital trade. 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," Tan Chin Hwee, Chairman of SGTraDex, said.

This strategic alliance is expected to serve as a launchpad for wider regional integration, including with China and the Gulf Cooperation Council (GCC) countries. By leveraging blockchain technologies, Malaysia and Singapore are reinforcing ASEAN's vision as a digitally interconnected economic bloc, aiming to strengthen the region's digital infrastructure and facilitate secure, inclusive, and efficient trade within a digital economy projected to reach $2 trillion by 2030.