Press Release: MoU Ceremony between Verofax Asia and Distichain to create the first digital Asean B2B trade platform

Under the patronage of the Minister of Communications and Multimedia Malaysia, Mr. Tan Sri Datuk Seri Panglima TPr Annuar Haji Musa, and with the participation of Malaysia Digital Economy Corporation (MDEC) in the presence of its CEO, Mr. Ts. Mahadhir Aziz, a Memorandum of Understanding (MoU) was signed on January 12^th, 2022, between Capt. Koh Chen Tien, Chairman of Verofax Asia, and Mr. Haisam Jamal, CEO of Distichain. The event took place in the Address hotel in Dubai where attendees from around the world were present for the opening of Malaysia Digital Week, taking place at Expo 2020 in Dubai, UAE.

The aim of the MoU is to create the first digital ASEAN B2B cross-border trade platform to facilitate a potential of RM 50 Billion in Malaysian trade internationally, with seamless digital transactions over the next 5 to 10 years. The collaboration between Distichain and Verofax Asia will offer a platform that delivers white-label B2B marketplaces as a service (MAAS) to enterprises by offering full marketplaces or through API integration. Using blockchain and AI as core technologies, the platform digitizes global trade with end-to-end transactions through its ecosystem of supply-chain, verification, and trade finance providers. The solution enables suppliers to readily plug their catalogs, update product data, manage routes and orders, verify documentation and access aggregate financing and logistics all in one place. Distichain is a unique platform that simplifies, secures, and empowers every participant in a trade.

Haisam Jamal, CEO of Distichain, “The signing of this MoU is an important step for Distichain’s ambition to continue the expansion of its solution, with already two out ten marketplaces closed as a result and many more in the pipeline. We are especially pleased to be taking this step alongside our partner Verofax Asia, and impact the Asean trading industry with rapid digital transformation through our one-day marketplace activation approach.”

Distichain white-label platform instantly digitalizes in days the entire export and import process in governmental, non-governmental enterprises as well as SMEs, working closely with Dtec and the Malaysian government to create cross-border trade and facilitate the digital economy. This will generate low-cost opportunity to digitize processes, introduce trade finance and automate supply-chain across all industries, accelerating economic growth in Malaysia.

Jointly collaborating on this initiative, Distichain and Verofax Asia will have a massive impact on the performances of exports and imports with rapid digitalization, all the while building a resilient digital infrastructure and foster innovation in the Asean region. Verofax Asia has also developed an automation and traceability platform that allows enterprises to prevent counterfeit, improve engagement with consumers, and increase staff productivity with data insights for Malaysia and ASEAN.

“This collaboration presents a great opportunity in supporting enterprises and SMEs in the region in enhancing their participation to the global economy. Working closely with MDEC, we will focus on delivering a unique platform to enable the region’s trade players with empowered cross-border trade”, as stated by Capt Koh Chen Tien, Chairman of Verofax Asia.