SYDNEY and KUALA LUMPUR, Malaysia — Integrated Media Technology Limited (IMTE) announced the signing of a subscription agreement for 60% equity interests in World Integrated Supply Ecosystem (WISE), a Malaysian company engaged in the business of the provision of halal certification to qualified businesses/operations, the establishment of halal products supply chain and sale of halal products.
WISE's business involves bringing halal certification to the forefront of food safety for the food industry. Halal is a process adhering to cleanness in the growing, preparation and delivery of food products. WISE will provide certification working with the JAKIM, a department of the Malaysia government mandated to conduct and manage the Halal certification process. WISE is working towards being appointed by JAKIM Malaysia as an accredited certification body to conduct the auditing process and certify the product application. WISE will also work with other certification bodies worldwide that have been accredited by JAKIM, thereby extending our reach to the global markets.
WISE's other ambition is to promote the global supply chain of halal products through cooperation and collaboration with international halal organizations, consumer community and manufacturing bodies to strengthen the halal ecosystem. By working with the halal product manufacturers, WISE will be able to market their products via a supply chain network and trading platform, both offline and online, for raw materials to finished products.
"Today we are concerned with food safety from around the world," said Megat Radzman, CEO of WISE. "The environment around us is changing rapidly, and it is a challenge for consumers to determine what food and from where are safe. With this in mind, we aim to bring the halal process to growers, food processors and distributors to build a creditable halal ecosystem. WISE will provide online courses on halal practice and food handling to educate and train halal food players to maintain the quality and compliance of their halal products."
WISE is entering a specialized food (halal) market estimated to have a value of about $1.9 trillion in 2020 and is expected to continue to increase in the coming years. WISE aims to be a key player in building the ecosystem and a trading platform for growers/producers to sell their products direct to consumers and wholesalers/distributors.
"There is a tremendous opportunity to provide Halal products to the world," Radzman said "The pandemic has highlighted the need to maintain food safety throughout the supply chain and a delivery system that people can rely on."
"We are very excited to work with WISE and its management team to build a halal ecosystem," Xiaodong Zhang, IMTE CEO, said. "Although this is not IMTE's traditional technology investment, we see many applications in bringing this ecosystem to the new digital economy from traceability, anti-counterfeiting technology, application of Blockchain and automation."