NEM Malaysia unveils blockchain centre in KL

NEM Malaysia has launched the NEM Blockchain Centre (NBC) in Kuala Lumpur, which serves as a learning centre, incubator and accelerator for organisations in Asia.

NBC will house the NEM Blockchain Innovation Lab, a headquarters for research and development, and regional support for companies interested in using the NEM platform within their IT infrastructures. Its target audience include software developers, start-ups, exchanges, business users and the blockchain community.

Additionally, it serves as a co-working space, with various Malaysian companies already using its facilities and services for blockchain-related learning and knowledge-sharing events. The new centre will enable companies to explore how blockchain technology can help improve data transactions, through the enhancement of speed and security at a lower cost.

Launched by Singapore-based non-profit organisation NEM Foundation, NEM Malaysia aims to promote the development and adoption of the NEM blockchain solution worldwide. The NEM Foundation is expected to spend approximately US$40 million this year to fund its global expansion programmes, with US$5 million being allocated towards supporting blockchain companies incubated in the NBC.

With the opening of NBC, Malaysia now serves as the headquarters for NEM's regional operations in Asia, excluding China, Australia and New Zealand. Malaysian companies can leverage NEM's network and technology to develop blockchain solutions for the economy, while having access to training events, service providers and technical support. NEM will continue to pursue strategic alliances to expand its reach, secure deeper collaboration and develop more blockchain hubs.

Among the list of companies using the blockchain solution include Appsolutely Inc., a rewards and loyalty programme company in the Philippines; Pundi X, a point-of-sale terminal for cryptocurrency for the retail industry based in Indonesia; and Dragonfly Fintech, a backend payment and mobile settlement solutions company based in Singapore.

"We have already kick-started initiatives and programmes with local and regional companies keen on exploring how to improve transparency, prevent fraud and establish trust in their business through adoption of blockchain innovations. Blockchain will certainly impact how organisations in every industry manage their information and data to benefit their customers or end-users,” Stephen Chia, council member and regional head, Southeast Asia, Foundation, and country lead for NEM Malaysia said.