Malaysia's Durian Exports to China Now Faster Using Digital Yuan
The Malaysian fruit export sector has recorded an interesting new development as China begins testing the use of a digital currency, e-CNY, for durian trade transactions. This initiative aims to simplify the payment process between traders in both countries.
In the latest test, the Chinese side successfully completed a payment of 43,000 yuan using e-CNY for a shipment of fresh durians from Malaysia. This transaction process was found to be highly efficient and fast compared to the traditional banking methods used previously.
The use of this digital payment system allows settlement processes to be completed in just about 30 minutes. This speed is crucial for durian exporters because it involves fresh food products that must be shipped immediately to maintain fruit quality.
This step is seen as an effort to strengthen trade relations between Malaysia and China. With a more efficient system, traders are expected to be able to reduce operating costs and further streamline cross-border trade flows for Malaysian agricultural products.
Overall, this financial technology innovation provides significant benefits to the country's durian industry. If this test is successfully implemented on a large scale, it has the potential to become a new model for the trade of other fresh goods in the future.