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MATRADE’s digital trade platform achieves RM100m revenue one year after launch

Fusionex group Chief Executive Officer Datuk Seri Ivan Teh (Photo by Zahid Izzani / The Edge)

Malaysia External Trade Development Corporation (MATRADE) has achieved RM100 million revenue through its MATRADE Digital Trade Platform (MTDP) platform which was launched last year.

The artificial intelligence (AI) trade platform, which is in collaboration with Fusionex Group, was established to maximise Malaysia’s export potential and assist local micro, small and medium enterprises (MSMEs) to expand their businesses globally.

Speaking after the press conference in conjunction with the grand launch of MDTP, Fusionex Chief Executive Officer Datuk Seri Ivan Teh said that the platform has exceeded its target of RM70 million of revenue.

“In terms of the revenue and sales — which have gone through the system — it is already more than RM100 million, and it (the value) is growing,” he said.

At present, Teh said that MDTP has more than 1,200 members enrolled onto the digital platform, and this figure is anticipated to surge, driving the platform’s growth.

“We are looking forward to continuing to accelerate this by having more discussions with countries like China, Japan, Europe, the US and Saudi Arabia,” he said.

The businesses from these countries span diverse sectors, including franchising, oil and gas, palm oil, commodities, materials, food and beverages, pharmaceuticals, toiletries and cosmetics, information, and communication technology.

The varieties will enable Malaysian and foreign enterprises to find suitable business matches on the MTDP platform.

Meanwhile, MATRADE Deputy CEO of Exporters Development, Abu Bakar Yusof, said that the MTDP is part of MATRADE’s initiative to address the gaps in the country’s trade and export ecosystem.

“One of them is that we need to close the gap on the digital mindset of our entrepreneurs and how they can embark on digitalization for them to sustain their businesses,” he said.

Abu Bakar noted that COVID – 19 pandemic has pivoted and evolved almost all businesses’ strategies to digitalization.

Earlier, Minister of Investment, Trade, and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said that MDTP is at the forefront of helping Malaysian businesses digitalize, as well as efficiently connect with international buyers and partners.

“Enabled by MATRADE’s global expertise and powered by Fusionex’s data – driven insights, exporting businesses can access a comprehensive range of digital solutions and services that take out the guesswork in equipping themselves, or improving their products and services for the global export market,” he said in his keynote address at MDTP grand launch.

MATRADE  CEO Datuk Mohd Mustafa Abdul Aziz said that MDTP platform aligns with MATRADE’s mission to promote Malaysian enterprises to the world.

“The MDTP platform enables its members (MSMEs) to showcase their offerings, facilitate virtual and hybrid events as well as accelerate business transactions with global buyers and partners,” he said.

He added that MDTP is the catalyst for the digitalization adaptation of Malaysia’s MSMEs and the delivery of MATRADE’s services in strengthening the business ecosystem towards the sustainability of the country’s exports.

  • The Edge Markets