by HARIZAH KAMEL
EXPORT-IMPORT Bank of Malaysia Bhd (Exim Bank) has signed a collaboration with Dagang NeXchange Bhd (DNeX), through its subsidiary company SealNet Sdn Bhd to offer its trade finance and insurance products and services online.
Under the agreement, Exim Bank’s financial and insurance products and services will be integrated into the SealNet portal and is expected to go live by mid-2020.
Exim Bank CEO Datuk Nazri Abdul Rahim said the game-changing alliance will benefit the trade facilitation and logistics community.
“The collaboration with DNeX is in line with efforts to meet our mandate in stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services.
“The arrangement of finances and insurance will be streamlined through one single platform to better enable and empower cross-border businesses in a speedy manner,” he said in a statement.
The agreement was formalised yesterday in Kuala Lumpur and witnessed by Deputy International Trade and Industry Minister Dr Ong Kian Ming.
Exim Bank was also represented by its chairman Datuk Feizal Mustapha while DNeX was represented by ED Datuk Patrick Wong Kam Yin and Datuk Haji Chik Omar Chik Lim, SealNet’s chairman.
“We are pleased to be working with Exim Bank to further advance the growth of businesses in the trade facilitation and logistics sector. Leveraging on DNeX’s experience in trade facilitation, SealNet was introduced to provide an integrated, Web-based business-to-business (B2B) solution that seamlessly connects domestic and international logistic communities.
“With this collaboration, we are now able to increase the efficiency of financing by reducing the processing cost and time as well as offer our customers value-added services that will assist their businesses to grow,” added Wong.
The collaboration will promote ideas and technologies between the two companies as it enables the exchange of trade data digitally which can connect a greater number of businesses and consumers.
The SealNet portal is a Web-based digital platform for total cargo and trade management services that connects both exporters and importers with all relevant parties, such as freight forwarders and customs.
Targeted at businesses involved in the trade facilitation and logistics sector, SealNet converges supply chain and cross-border logistics processes to simplify cargo and trade management systems and approaches.