Malaysia signs MoU for national blockchain infrastructure
Malaysia is seeking to join a select group of countries, including China, to develop a national blockchain infrastructure. The Southeast Asian country has partnered with two private companies to build the infrastructure, which will be open to all levels of government and the commercial sector.
MY EG Services Berhad (MYEG) signed a memorandum of understanding (MOU) with MIMOS Technology Solutions Sdn Bhd to jointly develop the national Layer 1 public blockchain infrastructure. The two will build on Zetrix, a blockchain network developed by MYEG and the MIMOS blockchain.
Known as the Malaysia Blockchain Infrastructure (MBI), the new network will bring “next-generation Web 3 applications to both public and commercial sectors in the country that will propel Malaysia as a leading technology innovator, delivering on the goals set out in Malaysia’s National Blockchain Roadmap, ” MYEG stated.
This roadmap was launched in August by Malaysia’s Ministry of Science, Technology and Innovation. Alongside four other roadmaps targeting sectors such as artificial intelligence (AI) and robotics, it is designed to develop local companies’ technological capabilities and reduce dependence on foreign technology.
“We are honored to be able to contribute to Malaysia’s national blockchain roadmap and firmly believe that the blockchain enablement of commerce will unlock greater opportunities and use cases to establish this as a true technological revolution, departing from speculative tokenomics ,” MYEG’s Group Managing Director Wong Thean Soon said of the latest partnership.
“The next generation of the economy is digital, and the distributed ledger will be the ubiquitous single source of truth for all commerce,” Wong added.
Malaysia has continued to grow as a digital asset and blockchain hub. However, it still ranks behind its Southeast Asian neighbors, which have seen rapid adoption, and the government will hope the new infrastructure bridges the gap.
Malaysia is listed behind top-ranked Vietnam, the Philippines, Thailand and Indonesia in digital asset adoption according to this year’s Chainalysis Global Crypto Adoption Index.
But despite lagging behind its peers, Malaysia is in a prime position to become the region’s blockchain hub, believes Henry Chong.
In an interview, Chong, CEO of Malaysian digital securities exchange Fusang, pointed out that “the main takeaway is that Malaysia as a country is starting to look at how it can use basic blockchain infrastructure as a country… it has said” blockchain technology is the future , and we need to start exploring today.”
See: BSV Global Blockchain Convention panel, Re-Inventing Business with Blockchain
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