An interesting piece of news that seems to be have been flying under the radar is the rise of 1MDB whistleblower, Khairuddin Abu Hassan, in Malaysia’s e-commerce trading platform business.
China’s BOCE – Bohai Commodity Exchange of China – granted exclusive rights to Khairuddin’s company Commodities Global Trade Sdn Bhd (CGTSB).
This makes CGTSB Malaysia’s first ever commodities e-commerce trading platform, enabling Malaysia to become the new gateway for Asean based companies to venture into China’s market.
Khairuddin gained fame when he left the then ruling party, the Umno to lodge a report with the FBI against ex-PM Najib Razak over the 1MDB scandal.
The Department of Justice followed the money trail and lodged a damning report against what it called Malaysian Official Number One, better known as MO1.
The then Pakatan Harapan opposition campaigned in the 2018 general elections using the MO1 factor in the 1MDB scandal against Najib, leading to Pakatan’s shock victory on May 9 last year.
The launch of BOCE Malaysia/ASEAN e-commerce trading platform provides start-ups and existing export companies a better chance to jump into digital inclusion and explore China’s vast trading opportunities.
It is inline with the new government’s goals to turn Malaysia into a developed nation with good environmental and social protection policies, economic inclusion and harmony.
Prime Minister Tun Dr Mahathir Mohamad last week outlined the fundamentals of the new Malaysia as, among others, boosting productivity at all levels, promoting quality investment, ensuring sustainable long-term economic growth, and helping industries to rise.
The BOCE Malaysia/ASEAN e-commerce trading platform will enhance Malaysia’s push in the new era of digital economy with the establishment of e-commerce platforms backed by the government, which makes cross-border trade safer, more efficient and effective for businesses.
With the launch of BOCE Malaysia now becomes one of six global offices operating outside China, apart from the United States, Canada, New Zealand, Ukraine and Australia.
Dr Mahathir says the new e-commerce platform would enhance trade between Malaysia and China, ASEAN and other countries and boost the commodity sector including palm oil.
CGTSB chairman Khairuddin says BOCE has operated in China for seven years with trading volume worth about 1 trilion Reminbi.
“With the e-platform, CGTSB expects more Malaysian and ASEAN small and medium enterprises to seize the opportunity to grow their businesses in China,” he says.
Malaysia’s exports to China increased by over 10% from the previous year to reach 138.88 billion ringgit (about 226.5 billion yuan or 33.8 billion US dollars).
This cooperation aims to achieve a trading target of 335 billion yuan or 50 billion US dollars for Malaysia-China trade through BOCE GLOBAL within one year.