Latest news with #GACC
New Straits Times
6 days ago
- Business
- New Straits Times
Zetrix AI widens Asean footprint to reduce political and revenue risk
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is ramping up expansion across Southeast Asia to reduce reliance on government contracts, said managing director TS Wong. He said the shift is also aimed at shielding the company from political risk, a move that signals how Malaysian tech firms are adapting to volatile policy environments. "We're very aware of the importance of revenue diversification," Wong told Business Times in an exclusive email interview. "Beyond our government-related services in Malaysia, we've expanded into international markets and private-sector solutions, particularly through Zetrix." Zetrix, the company's blockchain-powered platform, has already become the group's largest revenue contributor. For the first quarter ended March 31, 2025, the group's revenue jumped 28.8 per cent year-on-year to RM299.99 million, while net profit rose 16.2 per cent to RM181.57 million. This was largely driven by contributions from Web3 application service fees on the Zetrix blockchain including ZTrade, ZCert and Digital ID registration and transactions, as well as from the sale of Zetrix tokens. Zetrix tokens are utility tokens used to power core services on the Zetrix blockchain, such as verifying trade documents and digital identity. According to its latest financial report, without a RM15.76 million impairment loss related to its investment in HeiTech Padu Bhd, Zetrix AI's operating profit would have been higher. Zetrix supports critical applications such as digital credential verification and real-time verification of trade documents, solutions increasingly adopted by private businesses and foreign government agencies. Wong said the company is now targeting cross-border trade and digital identity services in the Philippines and Singapore, with expansion plans in Indonesia. The platform is already integrated with China's General Administration of Customs (GACC) and has been adopted by the Philippines Bureau of Customs and its technology partner, Cargo Data Exchange Center Inc. Reducing concentration risk Zetrix AI's strategy focuses on embedding Zetrix into regional trade and regulatory infrastructure. This is key to reducing the company's historical reliance on Malaysian e-government contracts, which has long been a concern among investors, Wong said. Its emphasis on government-to-government (G2G) projects is a key part of this diversification. Unlike traditional contracts tied to a single administration, Wong said these multilateral projects are "inherently more stable" and less exposed to domestic political shifts. An example is the company's partnership with East Logistic Link Co, a unit under GACC, to develop a blockchain-based National Single Window for Asean countries. The project enables paperless cross-border trade documentation and identity verification for businesses and regulators alike. "These are real-world applications used by enterprises and government agencies, and they generate consistent, utility-based revenue," Wong added. Setback, not derailment Despite the impairment charge on its investment in HeiTech Padu, linked to a mark-to-market revaluation of listed shares, Zetrix AI has reaffirmed its commitment to the partnership. The impairment was "not a reflection of any issues within the collaboration itself," Wong said, citing the company's ongoing work with HeiTech Padu and Huawei Malaysia to develop artificial intelligence (AI)-enabled smart government services. He added the financial setback has not derailed the company's broader Asean ambitions. Through the Asean China AI Lab, a flagship Malaysia-China G2G initiative, Zetrix AI is now developing advanced AI and robotics applications tailored to regional needs. Strategic edge through localisation The company is banking on Chinese-built technologies for Asean markets, including robotic automation to reduce reliance on foreign labour in Malaysia's manufacturing sector. Wong said this localisation strategy, combined with its early move into blockchain-backed services, supports Zetrix AI's regional push in digital infrastructure. "We are enabling next-generation services such as Agentic AI, cross-border identity verification and trade automation with Zetrix," he added. "These innovations are already being deployed and are designed to be replicated across borders." The company's focus now is on scaling further in high-growth Asean markets, where digital transformation remains a top government priority.
The Star
08-07-2025
- Business
- The Star
Cambodian durian allowed to be exported to China
PHNOM PENH, July 8 (Xinhua) -- Fresh durian is Cambodia's fifth fresh fruit allowed to be exported to the Chinese market, Chinese Ambassador to Cambodia Wang Wenbin said on Tuesday. In a post on social media, Wang said recently, the General Administration of Customs of China (GACC) updated the list of registered orchards and packaging factories for Cambodian fruit exports to China. "The list has been newly added with the list of registered orchards and packaging factories for Cambodian fresh durian exported to China, indicating that Cambodian fresh durian has completed all export procedures to China and can be exported to China," he said. "This is the first high-quality Cambodian agricultural product approved for export to China in 2025, and it is another new achievement of China-Cambodia pragmatic cooperation," he added. Wang said that so far, Cambodia has five kinds of fruits available for export to China, and they are bananas, mangoes, longans, coconuts and durians.
The Star
05-07-2025
- Business
- The Star
King of fruits: China welcomes Cambodian durian exports
A worker ties up durians at a plantation in Kampong Cham province. - Photo: Supplied PHNOM PENH: Cambodia can now officially export fresh durians to the Chinese market. On Friday (July 4) evening, the Ministry of Agriculture, Forestry and Fisheries announced that final permission had been granted by the General Administration of Customs of China (GACC), in accordance with a protocol signed by both parties on April 17. 'The decision was made after the GACC evaluated and approved the registration applications of 112 durian plantations and 30 packing facilities, which met the Good Agricultural Practices (GAP) standards, phytosanitary requirements and Chinese food safety standards,' explained a ministry statement. The ministry advised growers and other stakeholders to ensure the quality and sustainability of export fruit, and called on all farm owners and packing facility operators to comply with the protocol's conditions — free from harmful contaminants, pesticide residues or banned chemicals. It encouraged other farm and packing facility owners who wish to export durian to submit registration applications to the ministry's General Directorate of Agriculture. According to the Ministry of Commerce, durian is the ninth Cambodian agricultural product which is licensed for export to China. It follows rice, broken rice, dried cassava chips, corn, bananas, mangoes, longans, and peppers. 'This is a fruitful achievement born from the strong cooperation between Cambodia and China,' added the agriculture ministry. - The Phnom Penh Post/ANN
Argaam
09-06-2025
- Business
- Argaam
China's crude oil imports down to 4-month low
China's daily crude oil imports fell to their lowest level in four months during May, following increases in March and April amid a downward price trend. According to data from the General Administration of Customs of the People's Republic of China (GACC), China's total imports in May reached 46.6 million tons, equivalent to 10.97 million barrels per day (bpd), a 3% decrease month-on-month (MoM) and the lowest daily level in four months. Oil imports shipments declined 0.8% year-on-year (YoY), while natural gas imports including piped gas and liquefied natural gas (LNG) fell 10.8% YoY last month to 10.11 million tons. Data released on Monday showed that China imported about 229.61 million tons of crude oil during the first five months of 2025, equivalent to 11.1 million bpd, marking a 0.3% increase YoY, as reported by Reuters.
Yahoo
08-06-2025
- Business
- Yahoo
A solar company brought Peter Lorenz to Albuquerque. Now he is helping shape the city's economic future
Jun. 8—There's no reason for Peter Lorenz to be in Albuquerque. "Except that I saw an opportunity that I was very excited about ... and just went for it," says Lorenz, the CEO of Albuquerque-based Unirac Inc., which makes mounting platforms for solar systems. "I've been here now 13 years, which, for the solar industry, is a pretty long time. ... I love it here. It's beautiful; it's gorgeous. I think the people are kind." Like those in New Mexico's largest city, Lorenz is also kind. He spends much of his free time — of which there is not much — working to improve a lagging education system and advocating for many of the small businesses scattered across the city. It's a job Lorenz, who is originally from Germany, sees as a priority in the place he and his family now call home. Starting in July, Lorenz will become the chairman of the Greater Albuquerque Chamber of Commerce's board of directors — a role that, in many ways, can influence lawmaking in Santa Fe. It will be Lorenz's second stint in the role since 2022. He says the GACC's priorities are the same as they have been in years past, focusing on the big issues the city is facing: education, public safety and Downtown transformation. "What I love about the chamber is we're not active politicians, so you get continuity with us," he says. "We don't need to look for instant gratification. We have the time to work on these big issues and figure out how to effect positive change for everybody. In that sense, I love that mandate and that aspiration." What's your focus as the chamber's board chairman? We have to address public safety, which is not an easy problem (to fix) because you have, on the one hand, violent crime, youth crime. At the same time, you also have mental health, right? And then homelessness, that kind of sits somewhere in there, too. I think we want to continue challenging different stakeholders, focusing on what different solutions are, and then effect positive change. We don't need to find one solution that solves it all, and we also don't need to find a solution that is the right answer. We need to find solutions that move us in the right direction, and then we need to collectively have the courage to say, "Look, this is not working well enough. We had good intentions. Let's fix this and go in a different direction," as opposed to, "I only want to do this because this is what I believe in." How has your Unirac leadership shaped your approach at the chamber? I think it's always good to ask yourself what drives you, what motivates you, and what is your unique contribution. When I look at what I do here at Unirac, it is so much about building a good team and then removing obstacles for my team members and allowing them to do great things. ... We have an amazing (chamber) board. It's really about bringing out the different perspectives of the board, and then also engaging the board so that the different stakeholders — let it be the city, our legislators, APS — don't just hear from Terri Cole, the CEO of the chamber, or our senior board members, but the whole board. I think that's important. Tell me about a hardship you've experienced. I was very successful in consulting. I was kind of ready to get promoted, and I expected to get promoted. To get promoted, you have to stand for something, right? It was kind of like three or four things: problem-solving, developing new knowledge, client leadership and team leadership. I was always known for client leadership and team leadership. People wanted to be on my team. But what happened is this: I was told that I would not get promoted because they found two people who said they would never work with me again. And this was super painful because I thought I was such a great leader. I was young. I was 30 at that time. How did you overcome that? I had a choice where I could easily find another job — a better-paying job — or I could stay. I decided to stay and said, "OK, I've got to work on this." Because if somebody feels that way, there is a reason for it, right? Super painful at a very deep, personal level. But it really allowed me to say, "OK, I'm not as good as I think I am," and I need to constantly think about how I affect people around me and what motivates people around me. That was probably the one event that really kind of changed my professional and personal life. What's the best advice you've ever received? It's actually from my dad. It's to remember where you come from. I grew up very differently from the way I live now, and I would be nothing without my parents. ... I think you've got to be authentic and know where you come from. What do you do in your free time? I have two kids, and I spend a lot of time with my kids. I sit on the board of trustees of a university in New York, Manhattanville, and it's a liberal arts college. All of these colleges have funding problems, so I'm the first non-alumnus to be on that board of trustees. I really want to figure out how I can help that college thrive in five to 10 years. I call that fun. The other one is, I am really focused on mental health, so I do a lot of things for my mental health — I work out pretty much every day in the morning. I meditate. I read a lot. That's kind of like my me time, and how I take care of myself. And then, I do like our brewery scene, and I like meeting up with people.
