Fusionex, a leading multi award-winning data technology specialist, signed a Memorandum of Understanding (MoU) with the Penang State Government (PSG) on 17 October 2019 at The Wembley, St Giles Hotel, Penang.

The MoU will set in motion Penang’s Smart Trade Facilitation Platform, powered by Fusionex’s cutting-edge Intelligent Logistics software and technologies, connecting Penang to local, regional as well as global communities to enhance trade links and increase business opportunities.

The Penang Smart Trade Facilitation hub will allow businesses to capitalize on the convergence of exponential growth of the Internet economy as well as cross-border trade. Penang recorded a GDP of circa RM80 billion in 2016. Moving forward, Penang’s GDP is expected to exceed RM100 billion annually in the next few years, with technology advancement and digitalization in trade facilitation through this initiative.

Penang State Chief Minister YAB Chow Kon Yeow said the initiative would spur business activity as well as create a business-friendly environment for Penang, especially for small and medium enterprises (SMEs).

“Over the last few years, Penang has had a compound GDP growth rate of over five percent and received investments worth over RM9 billion in the first half of 2019,” he said in a speech at the signing of the Memorandum of Understanding (MoU) here, today.

Representing Fusionex at the signing ceremony was Fusionex Managing Director for the Enterprise and Public Sector, Mr Chua Yu Ye, while the Penang State Government was by State Secretary Datuk Seri Farizan Darus. The ceremony was witnessed by Penang State Chief Minister YAB Chow Kon Yeow, Penang State EXCO for Domestic & International Trade, Consumer Affairs & Entrepreneurship Development YB Dato’ Haji Abdul Halim Bin Haji Hussain, as well as Fusionex Founder & Group CEO Dato’ Seri Ivan Teh.

“Fusionex is honored to partner with the Penang State Government to bring our cutting-edge technologies and know-how to businesses in Penang. This is a huge challenge and certainly not an easy task. But with our proven track record in delivering trade facilitation in a seamless manner coupled with the strong support from industry players, we look forward to this initiative producing a multiplier effect to the Penang economy, ultimately benefitting the people of Penang,” added Dato’ Seri Ivan Teh.

Under the MoU, Fusionex will provide the infrastructure architecture, solutions, services, facilities, expert knowledge and technology, as well as other capabilities to manage the Smart Trade Facilitation platform.


Source: https://www.theedgemarkets.com/article/penang-expects-gdp-exceed-rm100-bil-smart-trade-facilitation-hub