KUALA LUMPUR (July 27): Dagang NeXchange Bhd (DNeX), which today launched its digital commerce and logistics platform known as SealNet to provide users with unique cloud-based logistics and cross-border services, expects SealNet revenue to grow approximately 300% from a weak base as DNeX positions SealNet as a global connector for digital commerce.

In a statement to reporters covering the virtual launch of SealNet today, DNeX said SealNet is aimed at importers, exporters, manufacturers and trade-related companies.

DNeX said: “SealNet provides customers with an easy-to-use platform accessible anytime, anywhere and in real time.”

According to DNeX, SealNet includes products and services that connect and reduce redundancy in data collection and information flow throughout the supply chain.

Under SealNet, common information is shared and replicated to ensure data reuse and avoid re-entering the same data throughout the supply chain, according to DNeX.

“SealNet also offers an integration capability to address a variety of needs and structures, providing real-time communications and with increased flexibility, control and visibility,” said DNeX.

DNeX said SealNet also comes with real-time cargo tracking technology where traders can track the status of documents, approvals, and freight.

“Access to a range of insurance providers from which customers can choose to protect their assets and mitigate any maritime risk, as well as a list of financiers from which customers can directly apply for financing, is also available in a near future, ”said DNeX.

Speaking at a press conference after the virtual launch of SealNet today, DNeX Group Managing Director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said that SealNet is smartly designed to connect and digitize chain components. global supply and logistics to improve the efficiency of transport and trade facilitation mechanisms. .

Syed Zainal said that SealNet aims to provide a better electronic system for logistics and cross-border trade.

“Faced with the challenges of today’s complex supply chain and the Covid-19 pandemic, businesses in the industry need the right solution.

“With SealNet, we also seek to address issues that have hampered efficiency and contributed to unnecessary costs in the industry. We position SealNet as the global digital commerce connector to facilitate not only regional but also global commerce.

“Customers large and small can have easy and secure access to SealNet’s digital business platform anytime, anywhere to save time and money, as well as to operate in real time. with the accuracy of the data, ”he said.

Asked about SealNet’s growth in terms of earnings and market position, Syed Zainal said DNeX expects SealNet’s revenue to grow by around 300% from a low base. He did not specify a timeframe within which the 300% revenue growth target will be met.

He said DNeX hopes SealNet will be profitable because the platform provides services that customers need.

“We are very competitive in the way we bill our customers because our goal is not to overburden our customers.

“I am sure that SealNet’s revenue will continue to grow and eventually contribute to DNeX’s profits,” he said.

At the afternoon close of Bursa Malaysia today, the DNeX share price rose 3.5 sen or 4.79% to 76.5 sen, giving the group a market cap of about RM 2.24 billion.

DNeX has 2.93 billion shares issued.

CLS has completed Convergence, an important phase of its multi-year technology investment program, to provide its advanced post-trade technology platform for Global Financial Market Infrastructures (IMF).

CLS migrated CLSSettlement to its Unified Services Platform (USP), optimizing the underlying technology platform supporting its settlement services.

SIX crosses the Atlantic and opens an office in the United States

The upgrade allows better control of change delivery for its settlement solutions and provides a single platform to support CLSSettlement, CLSClearedFX, and CLSNow.

The new platform gives CLS full ownership of application development and change delivery, with in-house specialists handling ongoing platform support as well as the design and development of its settlement services, without talk about improved monitoring and automation.

Tom Barkhuff, Chief Information Officer, CLS, commented: “At CLS, we are constantly evaluating and evaluating new methods to improve our services for the benefit of our members. Our Convergence program demonstrates our commitment to this strategy.

“The priority for us is that new technological solutions significantly improve efficiency while meeting extraordinarily high resilience standards. Through a multi-year technology investment program, we have maintained this goal and achieved our goal of implementing an industry-leading technology stack, meeting the needs of our members while maintaining the high standards expected of a Systemically important MFIs. “

CLS recently commented on the Global FX Code update. The company welcomed the changes to the principles of payment-versus-payment and clearing settlement risk.

The changes have placed more emphasis on using PvP settlement mechanisms when available, and provide more detailed guidance on managing settlement risk when PvP settlement is not in use.

CLSSettlement helps market participants adhere to the Updated Code as it uses a PvP system, mitigating settlement risk by simultaneously settling payment instructions for the underlying currency transactions.

Today, the service settles more than $ 5.5 trillion in payments in 18 of the world’s most actively traded currencies, for more than 70 direct participants and more than 25,000 indirect participants.

The updated version of the Global FX Code was released this week. Eleven of the fifty-five principles of the Code were discussed.

The committee strengthened the Code’s guidelines on anonymous trading, algorithmic trading and transaction cost analysis, disclosures and settlement risk.

LABUAN (July 15): China Construction Bank (Malaysia) Bhd (CCBM) and China Construction Bank Corporation Labuan Branch (CCBL) signed a memorandum of understanding with three companies to build a comprehensive ‘regional one-stop-shop’ (RSW) digital platform to facilitate exchanges.

The RSW was proposed to promote the facilitation of international trade with major trading partner countries and to assist small and medium-sized enterprises (SMEs) in financing exports and imports through an ecosystem approach. It is an artificial intelligence-based digital trade facilitation platform that connects trade finance, insurance and logistics in a single marketplace.

In a statement to Bernama today, CCBL said the three companies – SealNet Sdn Bhd, Bay Supply Chain Technology Sdn Bhd (CapBay) and Labuan Digital Authentication Center Inc (DAC) – signed the memorandum of understanding on Wednesday, in presence of Export-Import Bank of Malaysia. Bhd (EXIM Bank).

CCBM Director General Felix Feng Qi, SealNet Datuk Representative Patrick Wong, CapBay Ang Xing Xian Executive Director and DAC Datuk Director Tee Ting Cham signed the document at a ceremony.

To complement the RSW, the Chinese banking group’s smart matchmaking platform, CCB Match Plus, will integrate national and international data to facilitate cross-border cargo matching.

CapBay will complement the RSW ecosystem with an e-commerce finance platform to provide Malaysian SMEs with better access to trade finance while SealNet will connect RSW to importers, exporters, manufacturers and trade-related companies.

During the ceremony, Chin Chon Young, head of EXIM Bank, said in a joint statement that the MoU signifies “the start of an exciting development for exporters and importers in Malaysia, as RSW is designed for convenience and affordability, supported by digital technology ”.

CCBM Deputy Director General Wang Qijie said CCBM has shown support for the establishment of RSW.

“By having a direct link, it would create a business value chain for our clients where a twin company in CCB Match Plus could seamlessly move to RSW for transaction execution,” he said.

SealNet’s Wong said the company is looking to address “pain points” that have hampered efficiency and caused unnecessary costs in the industry.

“SealNet is designed to link global supply chains and logistics to improve the efficiency of transport and trade facilitation mechanisms, improve the productivity of freight logistics and provide a better electronic system for logistics and cross-border trade.

“Customers large and small can have easy and secure access to SealNet’s digital business platform anytime, anywhere to save time and money, as well as keep up-to-date. real with data accuracy, ”he said.

In 2020, Malaysia’s total exports represented 26% of its GDP, up from 22.1% in 2019.

“With the growing export trend, RSW will support and create a solid base to facilitate and cultivate additional trades in the region. Under the MoU, drawing on the expertise of partners, the parties will collaboratively build a comprehensive trade finance credit model as a key element to support the trade finance platform. electronic commerce, ”he added.

The collaborating partners also agree to work together in the area of ​​linking CCB Match Plus to the RSW ecosystem, with CCBM managing offsets and settlements behind the scenes.