Malaysia will begin building its own national public blockchain, according to a press release by MYEG’s Zetrix Blockchain.
MY E.G. Services Berhad (MYEG) and Mimos Technology Solutions Sdn Bhd (MTSSB) signed a memorandum of understanding (MOU) on Thursday. They will co-develop and operate Malaysia’s national blockchain infrastructure to onboard the nation’s private and public sectors to Web 3.0. Both will be the components of the Malaysia Blockchain Infrastructure (MBI).
Zetrix also unveiled on Thursday its supply chain financing decentralized application, Zetrix TradeFi. It aims to simplify trading in the Regional Comprehensive Economic Partnership (RCEP) with blockchain technology.
“This collaboration will accelerate the development, deployment and take-up of blockchain related applications and services in both the public and private sectors,” Faisal Ahmad, CEO of MTSSB, says. “As a trading nation, Malaysia, and Malaysian companies, can greatly benefit from use of blockchain applications and services.”
Wong Thean Soon, Group Managing Director of MYEG adds: “We are honoured to be able to contribute to Malaysia’s national blockchain roadmap and firmly believe that the blockchain enablement of trade will unlock greater opportunities and use cases to establish this as a true technological revolution, departing away from speculative tokenomics. The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce.”
Crypto adoption has grown in Malaysia over the past year. Recently, Kenanga Investment Bank Berhad made plans to develop an all-inclusive wealth application, considered a “super app’.”