Artroniq to provide blockchain R&D services to Panda Commercial Bank

KUALA LUMPUR: Artroniq Bhd's wholly-owned subsidiary EA Global Integrated Sdn Bhd has entered into a letter of intent to provide services and consultation to Cambodia's Panda Commercial Bank PLC in the research and development of blockchain financial services.

Artroniq said in a filing with Bursa Malaysia the total investment by Panda for the R&D of financial services with blockchain technology is about US$10mil.

It said the investment, which will be for a period of two years, will include the compiling of documentation and requirement, research and development of smart contracts for blockchain financial services such as assets management, payment, remittance and insurance solutions, consultation services and maintenance services upon product launching.

"The Proposed Collaboration is to further strengthen and expand market penetration in Cambodia. The Proposed Collaboration is also intended to venture into new source of business income to the Group," said Artroniq.

Panda Commercial Bank is a New Age digital bank based in Cambodia and officially opened for business on 29 February 2020 and engages primarily in general banking business and the provision of related financial services.