MATRADE and Fusionex unveil revolutionary digital trade platform to boost Malaysian exports
International trade has been and continues to be the nation’s lifeblood and a significant component of Malaysia’s GDP growth. One key focus area that the New Industrial Master Plan 2030 (NIMP2030) Task Force, which will be launched by the Ministry of Investment, Trade & Industry (MITI) in August, is seriously looking at to help Malaysia achieve better economic complexity is to make the country a digitally vibrant nation. In line with this mission, MITI’s agencies execute various initiatives to tech-enable Malaysian businesses and exporters.
On June 13, 2023, Malaysia External Trade Development Corporation (MATRADE) and multi-award-winning data technology market leader Fusionex Group officially unveiled a revolutionary MATRADE Digital Trade Platform (MDTP). This AI-powered trade platform aims to maximise Malaysia’s export potential and assist local SMEs in expanding their businesses globally.
MDTP was launched by MITI Minister Senator Tengku Datuk Seri Utama Zafrul Aziz at the Malaysia International Trade and Exhibition Centre (MITEC).
“MDTP was developed in collaboration with Fusionex, a data technology provider specialising in Analytics, Big Data, Machine Learning and AI. Data is, indeed, the new oil. In a world of structured and unstructured data, MDTP has been conceptualised to help bridge the gap between technology, data and businesses, including SMEs,” shared Zafrul.
COMPREHENSIVE DIGITAL SOLUTIONS
With data and insights, plus a comprehensive range of digital solutions and services, Zafrul said there would be less guesswork and a lot more certainty to help businesses prepare for their next steps, making them fully equipped to propel themselves onto the global stage or keep improving their international export endeavours.
MDTP not only expands Malaysian businesses’ market reach and connects them to global buyers but the businesses are also poised to prosper in the digital economy by:
1. Benefiting from a combination of MATRADE’s expertise, knowledge, resources, global networks and Fusionex’s leading-edge technologies, intelligent tools and technical knowledge, all in a single platform.
2. Utilising a B2B e-commerce-enablement system that offers innovative solutions such as the MATRADE Virtual Engagement platform, MATRADE Marketplace, Marketplace Aggregator and link to the Fusionex Digital Trade Hub.
3. Having first-hand access to the latest market insights and trends powered by AI and the latest technologies to capitalise on collaborative opportunities for boosting export revenue growth globally.
4. Access to a centralised, data-driven platform for connecting with potential buyers; exporting goods and services; showcasing offerings during virtual or hybrid events, and simplifying complex trade procedures.
“In short, this platform is not only a digitalisation enabler to benefit businesses and exporters, but it also represents a new chapter in Malaysia’s trade promotion efforts, powered by AI and technology to help strengthen Malaysia’s position as a global trading nation.
“I understand that MDTP has already onboarded international players from countries such as China, the US, the UK, Saudi Arabia, India, Dubai, and players from every ASEAN member state. That is a laudable achievement, and I look forward to seeing even more encouraging achievements by MATRADE and Fusionex through MDTP,” said Zafrul.
EMBRACING PUBLIC-PRIVATE PARTNERSHIP
MATRADE Chairman Dato’ Sri Reezal Merican Naina Merican, during his welcoming remarks, said MDTP was a perfect response to the evolving demands of this digital era. He stated that MATRADE acknowledged the increasing needs and the growing importance of digitalisation and its transformative power, particularly its ability to transcend geographical boundaries and reshape the landscape of international commerce and how businesses are conducted across borders.
“Through this strategic partnership, MATRADE’s 30 years of experience, knowledge, and resources are consolidated, shared and presented to our stakeholders in a single, centralised and interactive platform – the MDTP.
“With this digital gateway as a catalyst, our mission of positioning ‘Made-in-Malaysia’ as a beacon of excellence, reliability and trustworthiness on the global stage has become more apparent to the international business community. Through MDTP, Malaysian enterprises can capitalise on the advantages of digitalisation in the ultra-competitive international trade space, forging a path of unprecedented success and prosperity for our beloved nation,” Reezal elaborated.
MATRADE CEO Datuk Mohd Mustafa said the agency would continuously embrace the public-private partnership (PPP) in driving Malaysian exports to remain relevant and competitive globally.
Dato’ Seri Ivan Teh, Fusionex Group CEO, stated that the group was delighted to join forces with MATRADE as this collaboration highlighted the strength of strategic partnerships in accelerating and boosting international trade for Malaysian businesses. This centralised interactive platform levels the playing field, allowing businesses and service providers to trade with global buyers.
At present, MDTP has more than 1,200 members enrolled on the digital platform, and this figure is anticipated to surge, driving the platform’s growth. MDTP has also formed strategic partnerships with key Southeast Asian markets, associations, state governments, international marketplaces and leading financial, insurance and logistics partners to empower MDTP members to explore global trade opportunities.