Malayan Banking Bhd (Maybank) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) on cross-border payments and remittances. On Oct. 16, Malaysian business news outlet The Edge Markets reported that the country's largest bank will work together with the National Bank of Cambodia to promote cross-border payments and remittances. With the MoU, Maybank Malaysia, Maybank Cambodia and NBC will explore the possibility of transferring funds between Cambodia and Malaysia through NBC’s blockchain-based Bakong payment system and Maybank’s Maybank2u digital platform. Chea Serey, the assistant governor and director-general of central banking at NBC said that the …

A Singaporean banking branch of CIMB Group, one of the largest Asian investment banks, has completed its first blockchain-based trade financing transaction. The transaction was processed using a blockchain and Internet of Things (IoT) platform developed by local trade financing firm iTrust Trading, Yahoo Singapore reports Oct. 17. By applying iTrust’s blockchain-based IoT, CIMB intends to minimize the risks associated with commodity trade financing and facilitate credit extension for its customers by gaining access to real-time monitoring of the cargo data in transit and in the warehouse. The technology reportedly provides all stakeholders with secured accessibility and data integrity of …

Major bank HSBC has announced the successful enactment of a letter of credit (LC) on a blockchain in Malaysia. The transaction English language local fintech news outlet Fintech News Malaysia reported the development on Oct. 14, noting that the transaction involved packaging firm Simply Packaging importing resin from an unspecified Singaporean chemicals company. The issuing bank was HSBC Malaysia and the nominated bank was HSBC Singapore. Per the report, this is the eleventh blockchain-powered transaction carried out by HSBC and the first such pilot carried by its Malaysian branch. HSBC Malaysia CEO Stuart Milne commented on the successful test: “I …

Malaysia’s finance ministry says both domestic and global adoption rates of cryptocurrencies are low, notwithstanding the significant attention the disruptive sector has garnered. In its Economic Outlook 2020 report released today, the ministry nonetheless noted that several prominent firms in key economic sectors had taken steps toward digital currency adoption, according to a business news report from Bernarama on Oct. 11. Malaysia’s crypto regulatory landscape to date “Although the impact of these projects has yet to be felt more widely, digital assets may well emerge as a part of the wider economy or recede into the background as a novelty, …

The Malaysian Ministry of Education has introduced E-Skrol, an application built on the NEM blockchain to deal with the issue of certificate fraud through the use of blockchain technology. In a Sept. 19 article by local news agency Bernama, the Ministry of Education in Malaysia announced that the previously introduced E-Skrol blockchain application, which makes it possible to verify the authenticity of Maylaysian educational degrees, will now be available for all public and private universities in the country. The E-Skrol application aims to tackle the increasing cases of fake educational degrees in Malaysia, which can be obtained online from so-called …

Money transfer service Xendpay has joined Ripple’s global network RippleNet to support international transactions. Going beyond the U.S. dollar Ripple announced the news on Aug. 20. Per the news release, RippleNet will allow Xendpay to provide money transfer services beyond the United States dollar. Xendpay will use Ripple’s pre-existing network of banks and other financial partners to facilitate money transfers via other forms of currency — especially Ripple’s XRP. New capabilities with RipplePay As stated in the announcement, Xendpay previously had trouble transferring anything other than dollars in foreign markets. Offering a smaller currency involved establishing direct partnerships with local …

Malaysian power utility firm Tenaga Nasional Bhd (TNB) is tightening measures in a bid to stem the millions lost to electricity theft by Bitcoin (BTC) miners. According to an Aug. 15 report from local real estate news site EdgeProp, tampered electricity distribution boards used in local Bitcoin mining operations have cost TNB RM106 million ($25.3 million) as of June 2019. There have been 437 cases of mining-related power theft in Peninsular Malaysia over this time period, 370 of which were recorded in the state of Selangor. Up to 3 years imprisonment TNB is the sole electricity utility firm in Peninsular …

Authorities raided Bitcoin (BTC) mining operations in Malaysia after finding that they were stealing electricity resulting in a loss of 3.2 million Malaysian ringgit ($760,736) to the utility company. 33 facilities illegally mining Bitcoin Malaysian major electric utility Tenaga Nasional Bhd (TNB) fell victim to an illegal cryptocurrency mining operation, which resulted in a $760,736 loss, local media organization Malay Mail reported on Aug. 7. After revealing the malpractice, the company raided 33 premises located near the state capital of Pahang, Kuantan. Distributing network general manager Siti Sarah Johana Mohd said that the facilities had been mining Bitcoin for six …

The issue of Shariah acceptability of crypto is a matter of time and raising awareness, according to an Islamic finance expert based in Malaysia. Skepticism of crypto stems from uncertainty Suhaida Mahpot, CEO of major Shariah advisory firm Amanie Advisors, suggested that the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty, Islamic economy-focused publication Salaam Gateway reports Aug. 2. Mahpot, an advisory veteran at Amanie with 11 years of expertise in sharia-compliant financing, compared the existing situation with cryptocurrencies with Malaysia’s controversial types of investment known as Amanah Saham Bumiputera …

Automotive giant China Wanxiang Holding Co., Ltd has partnered with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, according to a report by CryptoNinjas on June 20. According to the report, the smart city—dubbed “Innova City”—will be built with tech using PlatON’s blockchain infrastructure, for purposes like interfacing with city resident ID cards as well as monitoring driving behavior. The report includes a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who goes into more detail on such applications, saying: “Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power …

Malaysia has launched a work visa program targeting tech freelancers that addresses a demand for blockchain capable talens, local news outlet the Star reported on June 18. The Malaysia Digital Economy Corporation (MDEC) — a government-owned organization that oversees the tech sector — blockchain organization Nem Foundation and job marketplace Jobbatical have jointly launched the program. The program aims to attract foreign professionals who will have the right to stay in the country for up to 12 months to provide blockchain-related services or undergo training at a Malaysian company. MDEC growth ecosystem development vice-president Norhizam Abdul Kadir said, "We will …

The Securities Commission Malaysia (SC) has registered cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, according to a press release on June 4. Crypto exchanges are reportedly required by law to register with the SC, and the recently-approved exchanges will have up to nine months to achieve compliance with the SC’s regulation standards. In a statement shared with Cointelegraph, Luno stated that the aforementioned three exchanges are the only registered digital asset exchanges to operate in Malaysia. Luno General Manager of Southeast Asia David Low said: “We’ve been working closely with regulators and banks to complete the groundwork for …