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Malaysia Begins Development of Own National Public Blockchain

Malaysia Begins Development of Own National Public Blockchain
  • Zetrix introduced its Zetrix TradeFi decentralized platform for funding supply chains.
  • The private and public sectors in Malaysia may be brought into the Web 3.0 era.

According to a press release from MYEG’s Zetrix Blockchain, Malaysia will soon begin development on its own national public blockchain.

There was an MOU inked on Thursday between MY E.G. Services Berhad (MYEG) and Mimos Technology Solutions Sdn Bhd (MTSSB). With this partnership, the private and public sectors in Malaysia may be brought into the Web 3.0 era via the use of a unified blockchain infrastructure that they will help create and manage together. Both will function as part of Malaysia’s Blockchain Infrastructure (MBI).

Zetrix also introduced its Zetrix TradeFi decentralized platform for funding supply chains on Thursday. The RCEP blockchain initiative seeks to use distributed ledger technology to facilitate trade inside the RCEP.

Faisal Ahmad, CEO of MTSSB stated:

“This collaboration will accelerate the development, deployment and take-up of blockchain related applications and services in both the public and private sectors. As a trading nation, Malaysia, and Malaysian companies, can greatly benefit from use of blockchain applications and services.”

Move Towards Digital Economy

Over the last year, crypto usage in Malaysia has increased. As of late, Kenanga Investment Bank Berhad has been working on plans to create a comprehensive financial app, called “super app.”

Wong Thean Soon, Group Managing Director of MYEG said:

 “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.”

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