KUALA LUMPUR, Aug 25 (Bernama) -- Palm oil went online recently withe-Pomex, and now it is the rubber industry's turn to catch up with theelectronic world with a Malaysian-based rubber portal, "NRExchange.com."The portal will pave the way for the commodity to go for a globalmarketplace.

To this effect, Multimedia Development Corporation Sdn Bhd (MDC) onSaturday signed two memoranda of understanding (MoU) for mutualcooperation and collaboration with the Malaysian Rubber Board (MRB),Malaysia Rubber Product Manufacturing Association (MRPMA) and MalaysiaRubber Export Promotion Council (MREPC) to set up the portal.

Primary Industries Minister Datuk Seri Dr Lim Keng Yaik, who witnessed thesigning, said the move will provide "transparency" for rubber trading.

Electronic trading would eliminate the "whispering system" of naturalrubber trading among buyers and sellers, therefore other players, he tolda press conference.

"For the last 15 years, we have tried to turn rubber trading into an opentransparent business using the rubber futures exchange, but we have neverbeen successful because the traditional way of business way is (done)through the whispering process," he said. -- BERNAMA