February 26, 2024

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Malaysia gets first blockchain bank

According to a recent report, a South Korean cryptocurrency exchange, in collaboration with two other organizations, is set to launch the first ever physical blockchain bank in Labuan, Malaysia’s federal territory.

One of the two other firms is an insurance group which supports blockchain and cryptocurrency operations while the other firm is an investment bank which is said to have a global affiliation in excess of US$1 billion.

The bank will be handling financial investments related to the Blockchain, cryptocurrency, and other digital banking services.

The main aim of the bank will be to bridge the gap between the traditional banking sector and the crypto world. The bank will facilitate the expansion of business of all the companies involved with crypto and provide banking services in a way that is effective and timely.

The South Korean cryptocurrency exchange, which according to reports, has attained a daily trading volume of 10 million USD, is to the main funder of the project. They were also successful in raising about $32.5 million during their Initial Coin Offering (ICO).

The exchange will also create a secure digital wallet for the investment bank and release US$100 million worth of STO to ensure that the bank is well funded from its inception.

A memorandum of understanding has been signed by the three organizations, to ensure that the alliance has proper sanctions and is backed by the law. With the hopes that the bank will be established in another year, the terms of the MoU is binding for a year and there are hopes that the bank may be set up during that time.

The collaborators have also sought the support of the other companies who have the possibility of being interested in the project.

Malaysia has been the hub of blockchain development. In November, the country officially started using Blockchain to aid in the traceability of degree certificates, due to the extremely high levels of fake degrees that are in circulation, the process of verifying which is extremely cumbersome.

Moreover, it was recently reported that efforts are being made behind the government-backed coin, which first emerged before the nation’s 14th General Elections.

The coin will reportedly be the world’s first political fundraising platform that meshes crypto and blockchain.

Another report on the subject noted that the new bank will be based in the popular crypto hub of Labuan, Malaysia, and its blockchain activities will be managed by the cryptocurrency firm, which raised US$32.5 million in its recent initial coin offering (ICO).

The firm affirms that it is the world’s first “insured crypto exchange” and offers both crypto-to-fiat as well as fiat-to-fiat trading.

The firm’s CEO noted that the company is setting itself apart in the Distributed Ledger Technology field by providing five platforms rolled into one to offer a wide variety of services to its customers.

It is believed that the firm will donate US$100 million worth of its digital token, STO, to support the establishment of crypto services within the bank and develop a new, multifunctional digital wallet for customers.

Labuan made the news earlier in 2018 as one of the best places in Malaysia for the development of blockchain-based start-ups. It is a free trade zone that has recently become an increasingly popular spot for offshore investment opportunities.

The developments show ongoing optimism in cryptocurrency and blockchain technology at a time when the market is suffering from over 12 months of steadily decreasing value.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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