Penang sets up Smart Trade Facilitation Hub to help SMEs reach global market

Penang Chief Minister Chow Kon Yeow officiates the launch of the Penang Smart Trade Facilitation Hub in George Town October 17, 2019. — Picture by Sayuti Zainudin
Penang Chief Minister Chow Kon Yeow officiates the launch of the Penang Smart Trade Facilitation Hub in George Town October 17, 2019. — Picture by Sayuti Zainudin

GEORGE TOWN, Oct 17 — Penang signed a memorandum of understanding (MoU) with a data technology specialist, Fusionex, to set up a smart trade facilitation and intelligent logistics platform.

Penang Chief Minister Chow Kon Yeow said the signing of the MoU will allow local small-medium enterprises (SMEs) to use the platform and reach the global market.

“This signing will allow Fusionex to move at full speed to engage with local SMEs to come into this platform so that they grow faster,” he said at the signing ceremony in St Giles Wembley here today.

He said the platform will create more opportunities for local companies and SMEs to go into e-business and e-commerce.

Chow pointed out that the platform will allow more companies to work together using the technology provided by Fusionex.

According to Fusionex Group Chief Executive Officer Datuk Seri Ivan Teh, the platform uses artificial intelligence, Big Data Analytics and blockchain technology to connect stakeholders and facilitate smoother transactions across the world.

He said the platform will turn Penang into a high-tech hub for trade in which consumer orders will be processed and sent in a speedy and efficient manner.

He added that the platform is user-friendly and the company is ready to provide assistance to SMEs ready to be part of the platform.

“It is low cost for SMEs that can’t afford to invest in high tech processes so they can use this platform and reach a global audience,” he said.

Fusionex’s role in the MoU with Penang is to provide the necessary infrastructure, solutions, services, facilities, knowledge, technology as well as other capabilities to manage the platform.

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