Blockchain coalition to drive adoption in Malaysia

(l-r from 2nd left) Lim, Diaconu, Lee, Dong, Zhao, Boey, Ng and Kamis representing the eight groups that signed the MOU to drive adoption of blockchain technology in the country.

A coalition of blockchain enthusiasts and financial technology firms have come together to improve literacy in blockchain tech, in order to draw more startups in the space to Malaysia. 

World Crypto Organisation (WCO) executive committee member Nicholas Lim said the groups had come together with a memorandum of understanding to form a holistic community and push forward the adoption of blockchain in the country. 

“So far, we've seen many companies in the field have left Malaysia, but we believe by doing events like a this Summit, we can attract startups to return to Malaysia,” he said at the Fintech Blockchain Summit 2018 today.

During the summit, eight groups signed the MOU, including WCO, MSOGO co-working space, crypto currency trading platform MBAEX Online, World Crypto Asset Club (WCAC), online market place CCG Mall, International Blockchain Research and Development Club (IRBC), International Fintech Academy (IFTA) and Linton University College.

MSOGO managing director Boey Chee Kun said blockchain was a global technology, the companies still needed a hub to work at and collaborate.

He believed that MSOGO's specific focus on serving fin tech companies and those creating blockchain solutions, was more conducive by bringing like minded people together. 

“We intend to collaborate with the academies like IFTA and Linton University College to develop training modules, while we provide space for training,” he said, explaining why the company was taking part in the MOU.  

Currently based in Georgetown, Penang, MSOGO planned to open two new facilities in the Klang Valley, in Ampang and Puchong.

WCAC president Randy Lee said the club would be introducing Crypto Trading Machine (CTM) – ATM-like devices that let users buy and sell bitcoin, ethereum and World Crypto Gold (WCG) crypto assets using fiat currency – through location partners like MSOGO. 

The club currently had a prototype of the CTM, though it would roll out more as soon they obtained approval from regulators like Bank Negara Malaysia. 

“Our focus will be in Asia, as the region only has 1.86% of the 3,000 such machines worldwide. It is a largely untapped market,” he said, adding that by offering more CTM, it would make buying crypto assets more accessible to the public. 

Other representatives from the companies at the MOU signing included CCG Mall managing director Bryant Dong, IRBC vice-president Zhao Zi Xiong, MBAEX chief executive officer Sebastian Ionut Diaconu, IFTA institution head Kevin Ng and Linton University College vice chancellor Dr Kamis Awang.

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