KUALA LUMPUR: OpenMove AI Bhd, formerly known as Rexit Bhd
, has entered into a memorandum of understanding (MoU) with Australia's Quintessence Labs Pty Ltd to explore opportunities in quantum-safe cybersecurity solutions.
In a filing with Bursa Malaysia, the company said the MoU was signed through its 70%-owned subsidiary, Quantum Secure Network Malaysia Sdn Bhd.
The collaboration will focus on the development, promotion and implementation of post-quantum cryptography, quantum key distribution and other quantum-safe cybersecurity technologies.
Under the agreement, Quantum Secure will lead customer engagement, project management, stakeholder coordination and commercial negotiations.
Meanwhile, Quintessence Labs will provide cybersecurity technologies, technical expertise, solution design and implementation support, as well as knowledge transfer and training.
OpenMove AI said the collaboration would allow the group to explore business opportunities in cybersecurity and quantum technology, targeting government agencies, financial institutions, telecommunications providers and other enterprises.
It added that the partnership could open up new revenue streams and business opportunities in Malaysia and potentially other markets.
The MoU is valid for an initial 12 months and will automatically renew for successive 12-month periods unless terminated earlier.
Both parties will enter into separate definitive agreements for any specific projects arising from the collaboration.
OpenMove AI said the MoU would have no impact on its share capital, substantial shareholding structure, net assets, gearing or earnings.
