Cyberjaya, 7 March 2024 - Dagang NeXchange Berhad (“DNeX”), through wholly-owned subsidiary Dagang Net Technologies Sdn Bhd (“Dagang Net”), has signed a Memorandum of Understanding (“MoU”) with Korea Trade Network (“KTNET”) to develop services aimed to transform the trade facilitation industry for the local and regional markets.

Under the agreement, both parties will deploy home-grown technologies from Dagang Net and global capabilities from KTNET in such key areas as Port Community System, Electronic Customs and IT Consultancy services.

The partnership will involve the integration of technologies and capabilities of both parties in the areas of Integrated Risk Management System, Customs Cargo Management and Clearance System, Port Community System, Customs Processing and Analytics/Big Data, Artificial Intelligence and Machine Learning, Robotic Process Automation, Blockchain and Consultancy services.

Moreover, the partnership can bring together expertise of both parties to benefit their customers specifically in digital and technology transformation of trade facilitation.

The MoU was formalised in Cyberjaya earlier today where Dagang Net’s Chief Executive Officer Encik Wan Ahmad Syatibi Wan Abd Manan signed on behalf of the company and KTNET was represented by its Chief Executive Officer Mr Young-Hwan Cha. Also present at the event were Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX; Encik Azhar Othman, Group Chief Operating Officer of DNeX; Ms Jasbendarjit Kaur, Chief Technology Officer of Dagang Net; and Mr Sung-Heun Ha, Director of KTNET.

According to Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, the partnership aims to jointly develop trade facilitation services with enhanced features, leveraging on both parties’ technologies and capabilities to improve the overall efficiency and productivity of the trade ecosystem.

“This partnership allows us to work with KTNET to expedite transformation of the trade ecosystem, capitalising on our capabilities, breadth and depth of offerings and technologies, and backed by our proven track records,” he said.

“We need to continue embedding innovation in our services and products offerings, and our partnership KTNET is one such way towards this end,” he added.

Since its establishment in 1989, Dagang Net has pioneered initiatives to create and integrate paper-less, electronic Customs-related services to ease the facilitation and streamlining of international trading processes for import and export. Dagang Net has also been the operator of the National Single Window (“NSW”) for Trade Facilitation for Malaysia since 2009 where the system facilitates electronic Customs-related transactions and duty payments, and electronic document transfer between members of its trading community.

KTNET is Korea’s national paperless trade infrastructure operator that implements and operates the uTradeHub Platform for all businesses in international trade in collaboration with the Korean government. Leveraging the experience, KTNET has successfully implemented e-customs systems in other countries.

Photo Caption (Left to Right)

1. Encik Wan Ahmad Syatibi Wan Abd Manan, Chief Executive Officer of Dagang Net Technologies Sdn Bhd.
2. Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX.
3. Mr Young-Hwan Cha, Chief Executive Officer of Korea Trade Network (“KTNET”).
4. Mr Sung-Heun Ha, Director of KTNET.