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As facilitators of cross-border trade, Standard Chartered and the Malaysia External Trade Development Corporation (Matrade) are doing all they can to boost export potential and showcase Malaysia’s trade capabilities to the world, said Standard Chartered Bank (M) Bhd managing director and chief executive officer Abrar A Anwar.

KUALA LUMPUR: The export of goods and services are critical to the country’s economy, especially in assisting its recovery and development.

As facilitators of cross-border trade, Standard Chartered and the Malaysia External Trade Development Corporation (Matrade) are doing all they can to boost export potential and showcase Malaysia’s trade capabilities to the world, said Standard Chartered Bank (M) Bhd managing director and chief executive officer Abrar A Anwar.

One such way is to provide platforms such as the Export Excellence Awards (EEA).

“We are extremely proud to continue with the second chapter of EEA, in partnership with The Star and Matrade as patron.

“Through these awards, we would like to inspire and encourage businesses to grow beyond Malaysia, while honouring the heroes of the nation who are showing tremendous resilience, while navigating global headwinds and demonstrating excellence by thriving in adverse conditions,” he said.

This is proven by the country’s resilient trade performance and upward momentum in August 2021, which saw a 15.7% increase to RM169.79bil as compared to the same period last year, according to the Statistics Department of Malaysia.

Malaysian exporters managed to capitalise on the robust external demand for petroleum products, electrical and electronic products and semiconductors, he said, largely due to the increasing orders for work-from-home equipment and digitalisation of businesses, rubber products and petroleum products.

Noting that the pandemic has been a major catalyst for digitalisation, Abrar stressed that businesses need to have an open mindset with the willingness to invest in technology upgrades to stay ahead.

Many have already heeded the call, including Vale International. By leveraging Standard Chartered’s digital solutions, it performed its first blockchain transaction for a cargo of 170,000 tonnes of iron ores from Malaysia to China, hence paving the way towards greater efficiency and cost reduction for all parties.

Moreover, Standard Chartered supported another client, Titan Entity Sdn Bhd, to integrate their production line with various smart machinery and Industry 4.0 technologies.

With the company’s Industry 4.0 upgrade works fully realised, Titan Entity expects to see a 20% to 25% improvement in output and expects to recoup the costs in investment within a year’s period.

Recron (M) Sdn Bhd also accelerated its digitalisation efforts with solutions from Standard Chartered to automate its export process, in addition to collaborating with trade partners through a digital trade platform that enables end-to-end online documentation for exports.

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