The Ministry of Education (MoE) of Malaysia is establishing a University Consortium to combat degree fraud using blockchain, the ministry announced in a tweet Nov. 8.

According to the ministry’s tweet, the system is designed to issue and verify the authenticity of university-issued degrees. The new government-backed consortium will initially be comprised of six public universities and their diploma-verifying system is set to operate using the NEM (XEM) blockchain. According to the ministry, the new system was developed by a team led by a professor from the International Islamic University Malaysia (IIUM).

According to a local media report, the idea of the consortium was proposed by the MoE in order to preserve the reputation and the integrity of Malaysian universities, to protect the rights of students, as well as to promote distributed ledger technology (DLT).

The MoE commented to the media that the main purpose behind the establishment of the consortium is to “spread skills training,” as well as to develop and adopt the technology by students and academics. In the long term, the ministry stated it is also eyeing the development of what it referred to as “industry-standard” blockchain solutions that could potentially generate revenue for Consortium member universities.

Recently, a Russian state-backed university announced it would store diploma data on blockchain, claiming that the institution has already recorded the information of “all diplomas issued over the past ten years” using DLT.

In October last year, the Massachusetts Institute of Technology (MIT) reportedly became the world’s first university to issue digital diplomas by implementing blockchain technology.

*This post is credited to CoinTelegraph

Investors should expect more initial coin offering (ICO) projects to fail in the next few months as the global regulatory environment has tightened amid a cryptocurrency bear market, says Aaron Ting, secretary of Access Blockchain Association Malaysia.

“A good example is the US Securities and Exchange Commission’s (SEC) decision to regulate cryptocurrencies under its federal securities laws. As a result, [the providers of] digital tokens that function as securities are required to adhere to the rules and regulations of the SEC,” he adds.

“Failing to do so could prompt the regulator to announce that the projects are illegal and action could be taken against them. It is not hard to imagine that the price of these digital tokens would fall if such an announcement was made.”

Last month, the SEC took its first enforcement action against a cryptocurrency hedge fund when it issued Crypto Asset Management LP and its founder Timothy Enneking a cease and desist order and a fine of US$200,000. The fund was marketed as “the first regulated crypto asset fund in the US” even though it operated as an unregistered investment company.

“Not only have regulations tightened, so has enforcement. Local investors should be aware of this as a number of them have invested in ICO projects overseas. It is a global issue and local investors could be affected,” says Ting, who is also vice-president of the Malaysian Investors’ Association.

The bear market has reduced liquidity and exposed the highly speculative nature of the cryptocurrency market to a wider group of investors, he adds.

As at Oct 19, bitcoin — the dominant cryptocurrency in the market — had fallen 53.82% year to date to US$6,517. Ether, the cryptocurrency with the second largest market capitalisation, fell 72.84% to US$203.01, according to CoinMarketCap. Many digital tokens raised via ICOs (also known as alternative coins) have seen their prices fall by 90% or more.

“Previously, the wealth created by the bitcoin rally flowed into ether and other digital tokens. Everyone was happy when prices were up. But now, the reverse is happening. Money is flowing from the various digital tokens to bitcoin and fiat currencies,” says Ting.

As a result of the plunging prices, some ICO projects have failed and investors and speculators have suffered losses. Ting expects more of this going forward. “Investors should expect to see more failed projects. Some of them may be scams operating in the grey area since the beginning,” he says.

Ting says the bear market exposes the weaknesses of the cryptocurrency industry. Many ICO projects have not been carried out properly and investor money has not been utilised as stipulated in the white paper.

“There are many mismatches when you compare the details laid out in the ICO white papers with the projects’ underlying businesses. It is akin to the project promoter telling you that it is venturing into a café business that requires US$100 million. Then it raises that amount and only invests a few hundred thousand in buying a space and there are no business operations. Nobody knows where the rest of the money has gone. When times are bad, more of these projects will fail fast,” says Ting.

Access Blockchain Association Malaysia’s primary goal is to promote the use of blockchain technology in the country’s public and private sectors.

Players prefer stricter regulations
When cryptocurrency prices were soaring, industry players called for less restrictive regulations for ICO projects. But now, after suffering losses and feeling the pain, some of them are calling for stricter regulations, says Ting.

“They also acknowledge the fact that the industry is not sustainable without rules and regulations to protect investor interest. Yes, you can say that the players are trying to redefine the industry and are calling for more regulations,” he adds.

As a result, the industry now uses the term “security token offering”, or STO, instead of ICO, says Ting. This means that a company issues its securities in the form of digital tokens and adheres to the country’s securities laws. It is the adherence to rules and regulations that separates STOs from ICOs, he points out.

“You can see that ICO project owners [in the US] are starting to approach the SEC and trying their best to adhere to the country’s securities laws before issuing tokens to the public. An example is the Gibraltar Blockchain Exchange (GBX), which has established a listing process for ICO projects to enhance investor protection. More ICO project owners have approached the exchange recently,” says Ting.

STOs have been touted by industry players as a safer way to invest in businesses vis-à-vis ICOs as they are backed by tangible components such as the company’s profit, revenue or assets.

Ting says most of the players who are serious about growing the cryptocurrency industry are talking about STOs and only a few of them still support unregulated ICO projects. “The market is correcting itself,” he adds.

However, a trend reversal could cut off retail investors’ access to ICO projects. That is because traditional securities exchanges deem it as a risky asset class that should only be available to accredited investors. For instance, GBX adheres to the SEC’s definition of accredited investors and only allows those who earn US$200,000 a year or have a net worth of more than US$1 million to trade security tokens listed on the exchange.

While Ting agrees that there should be more rules and regulations for ICO projects, he does not support the idea that such investments should only be open to accredited investors. “I would say a person’s net worth does not reflect his knowledge about cryptocurrencies and ICO projects. This also defeats the purpose of tokenisation, which aims to provide retail investors with access to illiquid investments,” he says.

Tokenisation is underpinned by blockchain technology. It enables the owner of an illiquid asset, such as an expensive property, to convert its value into digital tokens that allow retail investors to own a fraction of the asset, which they would not otherwise be able to afford.

For instance, a RM3 million property could be converted into three million digital tokens. This would enable a retail investor to purchase 3,000 tokens for RM3,000 to get a 0.1% stake in the property.

Ting suggests that the authorities and exchanges come out with a process to assess the knowledge of retail investors on digital tokens, blockchain technology and the different business models offered by STO project owners. “They should be allowed to invest in these tokens if they pass the test,” he says.

Possible trends
The cryptocurrency market may have plunged, but Ting remains confident in the future of STOs. He expects the listing of digital tokens by securities exchanges to be more common when the rules and regulations become clearer.

“You could see securities exchanges around the world setting up their own security token exchanges. This could be a trend worth observing. And when that happens, it will be a new segment for investors to look into,” says Ting.

He also says regulators around the world could begin segregating the function of digital tokens and there could come a time when hybrid tokens are no longer allowed in the market.

A hybrid token could function as a utility token (like tickets at amusement parks) as well as a security token (which offers investors a stake in a business in exchange for capital funding).

“These hybrid tokens that function as utility and security tokens are listed on cryptocurrency exchanges, and they are difficult for the regulators to regulate. However, going forward, hybrid tokens may no longer be allowed,” says Ting.

“If it is a utility token, the price should be fixed using a specific mechanism. There should be no speculation as it is merely used to gain access to certain blockchain services. And if it is a security token, it will be regulated under the country’s securities laws and could be traded on exchanges like stocks. This could be a trend going forward.”

*This post is credited to TheEdgeMarkets

Are you an avid traveler, but also a crypto enthusiast keen on using digital coins instead of cash? Well, look no further, as this list provides the most crypto-friendly cities and how coins have seeped into the economies of these places.

9. Amsterdam, Netherlands

There are plenty of reasons to visit Amsterdam: architecture, museums, food, and bustling nightlife. Another thing that makes Amsterdam a prime location is its status as one of the world’s top crypto friendly cities.

Amsterdam has made a progress  when it comes to cryptocurrency adoption. The city is also home to the Bitcoin Embassy. The Bitcoin Embassy in Amsterdam is where the crypto community actively puts in their efforts to promote Bitcoin. Also, as of 2015, Amsterdam opened its Bitcoin Boulevard, a street where most merchants accept Bitcoin as payment for their products and services.

The city is home to more than 40 merchants which accept Bitcoin, as well as many crypto ATMs. Also, many crypto startups and ICOs have set up their base of operation in Amsterdam, which is seen as one of the best cities for tech startups in Europe.

amsterdam

Source: Pixabay

8. Singapore, Malaysia

After China’s ban on ICOs, many businesses from the crypto space relocated their operations to Singapore. imToken, a prominent Ethereum wallet, also moved its office to Singapore. Singapore regulators have a transparent approach when it comes to cryptocurrencies. This creates an environment which has less uncertainty for crypto companies than in other crypto climates.

The Monetary Authority of Singapore (MAS) has even put out a “Guide to Digital Token Offering,” which covers how security laws apply to token offerings. Furthermore, Singapore’s regulations do not affect utility tokens, as stated by Damien Pang, the head of Singapore’s Technology Infrastructure Office under the FinTech & Innovation Group (FTIG). At the Consensus Singapore, Pang said that only payment tokens would be affected by the regulations.

7. Ljubljana, Slovenia

Slovenia’s capital, Ljubljana, is one of the smallest cities in Europe that never ceases to impress when it comes to tech innovation and crypto adoption.

Ljubljana is also home to the world’s first Bitcoin-friendly mall, “Bitcoin City,” which was opened earlier this year. This impressive mall is over 1.56 million square feet, to be more precise. All merchants that have shops in the mall accept Bitcoin and make use of blockchain technology. Bitcoin City is more than just a mall, also serving as a large business and recreational center.

Ljubljana is also where Bitstamp, one of the most popular crypto exchanges, has established its headquarter.

6. Buenos Aires, Argentina

Argentina’s capital and also its the largest city has become one of the most crypto friendly cities out of necessity rather than love for this tech. As the country entered a deep recession a few years ago, the inflation in Argentina reached nearly 25%.

This decline in the Argentinian peso and capital control enforced by the government prompted many Argentinians to turn to cryptocurrency, Bitcoin in particular. Also, many merchants started supporting Bitcoin as a payment method. Currently, there are more than 120 businesses that function by using this cryptocurrency.

Buenos Aires also hosted the first Bitcoin conference to ever take place in Latin America. The conference , “Bitcoin Day,” was held in April last year. Moreover, startups like SatoshiTango, Ripio (formerly BitPagos), and Buda call this city home.

Earlier this year, Athena Bitcoin, an American Bitcoin ATM company, revealed that it intends on setting up the first Bitcoin ATMs in Buenos Aires.

Buenos Aires

Source: Pixabay

4. Toronto, Canada

The light regulations for cryptos and ICOs, as well as the supportive attitude of its government towards tech startups make Canada one of the most welcoming countries for blockchain and cryptocurrencies.

Toronto has become one of the world’s most crypto friendly cities and hosts a number of successful crypto enterprises. One example is Decentral, the company which created Jaxx, a well-established cryptocurrency wallet.

Also, according to data from Coin ATM Radar, over 200 crypto ATMs are spread across Toronto. This is one of the biggest numbers of ATMs that can be found in any city worldwide.

3. Zug, Switzerland

Zug is a small city that has less than 30,000 people living in it. Though it isn’t as well known as the other cities in the list, it constantly appears in blockchain and cryptocurrency news. It is regarded to be one of the most technologically advanced cities on a global scale.

Many important crypto companies are based here, Zug earning the nickname of “Crypto Valley”. For instance, the notorious Tezos ICO was held in this city last year.

A few years ago, Zug became the first city that accepted Bitcoin for paying taxes. Additionally, the municipality has recently started accepting cryptocurrencies as payment for government services on a trial basis.

zug

Source: cryptovalley.swiss

2. New York City, New York

New York is home to more than 100 merchants which support Bitcoin and other cryptocurrency payments. Also, there are more than 150 crypto ATMs spread across the city.

Some crypto startups started out in New York. For instance, Coinsetter, one of the oldest Bitcoin exchanges, was established in New York back in 2012. In 2016, Coinsetter was bought by Kraken in one of the biggest M&A deals to ever occur in the cryptosphere.

Furthermore, New York even has its own digital asset, the New York Coin. However, it has a market cap of just $3.65 million.

1. San Francisco, California

San Francisco is the first on our list for a very good reason. Being known as one of the world’s leading tech hubs, it is no wonder that an emergent technology such as blockchain is present here.

The city has more than 870,000 residents, approximately 60 ATMs that process crypto conversions, and more than 100 retailers who support cryptocurrency payments.

Coinbase, one of the most famous cryptocurrency exchange platforms and the creator of one of the most secure cryptocurrency wallets, is headquartered in San Francisco along with many other cryptocurrency and blockchain companies.

SF

Source: siliconvalleyaircharter.com

Conclusion

This has been our list of the most crypto-friendly cities in the world. Be sure to visit one of them if you intend on using your crypto assets!

*This post is credited to Use The Bitcoin

Many parts of the world have felt the ripples of change thanks to the impact of blockchain technology. One area which has witnessed a very positive result of this new technology is Asia. In fact, the world’s largest continent has witnessed a 50% uptick in blockchain, cryptocurrency jobs.

Across the continent, blockchain innovation and creativity have emerged in a variety of forms, one of which is SophiaTX’s debut roadshow in Singapore and Malaysia.

SophiaTX, an emerging blockchain platform and marketplace which extends and combines traditional applications such as ERP, SCM, CRM with robust, collaborative and decentralized blockchain solutions, will host its premiere event, BUSINESS REDEFINED 2018, on September 25 at Suntec City, Singapore and September 27 at Connexion, Bangsar South, Malaysia.

CEO of SophiaTX, Jaroslav Kacina, said: “Singapore and Malaysia are two emerging markets that have been on our radar since we’ve incepted SophiaTX. Adoption of the distributed ledger technology has gained steady momentum across both nations as businesses and governments alike come to realize its vast potential to transform industries.”

“With a common goal to push forward nationwide adoption of blockchain, we believe SophiaTX will not only pave the way to a decentralized future which mobilizes a wide array of cases and applications, but also develop an ecosystem where businesses are empowered by the potential of blockchain in these key ASEAN [Association of Southeast Asian Nations] markets,” he added.

BUSINESS REDEFINED 2018 brings together forward-thinking business leaders and blockchain enthusiasts in South East Asia to bridge the gap between business and disruptive blockchain technology for greater trust, transparency and a higher level of collaboration.

“At the end of the day, our mission is to reimagine and reshape business models through the adoption of scalable enterprise-grade blockchain solutions that spur privacy protection and business efficiencies in this region and beyond,” said Kacina.

The limited-space event will cover trends and the future of blockchain technology; featuring real-world opportunities and applications of blockchain technology to disrupt the world of business.

*This post is credited to TheBitcoinMag

The Southeast Asia Project Director for NEM (XEM) blcockchain, Lance Cheang has signed a Memorandum of Understanding (MoU) with the Vice-Chancellor & President of Taylor’s University, Malaysia, Professor Michael Driscoll to initiate an agreement between firm and the institution.

According to a release which disclosed the information, through the MoU, NEM will back the University School of Computing and IT (SOCIT) in a couple of areas by rendering assistance with its technology.

Thus, while the agreement is seen as a leapfrog for both parties, the propagation of blockchain use for education will be enhanced. Also, the institutions will initiate blockchain related syllabus into its educational curriculum.

Lance Cheang, in his statement said, the agreement will help enhance the adoption of blockchain by future generations.

“We see this signing with Taylor’s University as an important step in the adoption of blockchain by future generations and we look forward to extending our reach to the regional education scene with similar partnerships in the future,” Cheang noted.

While NEM is determined to help the institution with its industry expertise to ensure effective blockchain knowledge, feedbacks from the institution will further enhance and facilitate NEM (XEM) in the creation of syllabus for the institution.

As an addition to the agreement, the University’s Blockchain Lab designed for the conduction, experimentation and development of Blockchain related projects will be powered by NEM (XEM). NEM team will expose students to Blockchain and NEM tech.

Another exciting information added to the release is that the blockchain firm will open its NEM (XEM) Blockchain Centre in Malaysia for pupils whose final year project are blockchain related.

As things stand now, it has been observed that blockchain technology is soon becoming a mover and shaker of the education sector as more and more blockchain projects continue to delve into the area, rendering various assistance.

*This post is credited to TodaysGazette

People who are passionate about cryptocurrencies and blockchain technology have strong ideologies and values.

They tend to be the same people who rank transparency, efficiency and financial inclusiveness high in their belief system. Not all of them (some just got in it for the money), but many of them.

In the interest of promoting cryptocurrency and blockchain, here is a list of Malaysia-based companies, associations and groups you should know about.

Note that this list is not exhaustive but the popular ones with active members have been listed.

This list does not and will not include the following:

  • mining companies
  • trading-related groups
  • wealth-generating platforms
  • exchangers
  • companies doing ICO (without other blockchain implementation), and
  • companies selling bitcoin clones

Also not included are groups that speculate about cryptocurrencies as purely investment vehicles.

Cryptocurrency groups

Cryptocurrency groups in Malaysia that promote adoption of cryptocurrencies as payment and adoption of its blockchain platform. They are considered ambassadors – some of them are even formally appointed by the core group and received funding for marketing purposes. You can contact them to know more about what they do.

1. Bitcoin Cash Malaysia

Bitcoin Cash Malaysia community promotes the use of Bitcoin Cash (BCH) as a low-cost, fast payment method.

2. ZCoin Community

Some of the most respected names in the local crypto scene in Malaysia promote ZCoin, a privacy-focused cryptocurrency. They receive funding from the core ZCoin team.

3. Dash Community

There are a few groups promoting Dash cryptocurrency as a payment method. Rocketpay is one of the most active. They receive funding straight from the core Dash team. Ask them about their event space RSpace, which they generously offer for free to the crypto and blockchain community.

Another group promoting the same cryptocurrency is Dash Malaysia.

4. Steemit Community

The group claims to have more than a thousand Malaysian Steemit members, which is cool. They host events to introduce people to the Steemit platform. Something like Medium, except upvotes will reward content creators with Steem cryptocurrency.

5. Stellar Lumens Community

Respected crypto-payments infrastructure with a strong focus on the developing world.

Another group that actively promotes Stellar Lumens is SenangBit (along with other cryptos). Malay-language friendly.

6. NEO Community

Driven under NEO Smart Community Malaysia (registered as a non-profit), they host smart contract workshops and events.

7. NEM Community

Made up of very driven community members and aggressively expanding in this region. Will open the NEM blockchain centre in Glo Damansara.

Companies using blockchain technology

Proving that blockchain is beyond cryptocurrencies.

1. XenChain

Identity-management services enabled by blockchain technology, for easier and faster eKYC. Planning an ICO. Website

2. HelloGold

Gold investment platform targeting the underserved i.e. not just super-rich people. Amazing team, amazing values. Built on the Ethereum platform. Recently partnered with KLEAN – you can exchange recyclables like plastics and cans for gold.

3. LuxTag.io

Valuable asset tagging services using blockchain technology as proof of authenticity. Built on the NEM platform.

4. BESC (Blockchain Energy Savings Consortium)

Enabling efficient and renewable energy using blockchain technology. Received funding from 1337 Ventures.

5. Ataplus

‘World’s first blockchain-enhanced licensed equity crowdfunding platform’.

6. WinApp.Inc

Payments platform built on Hyperledger. Now looking for beta-testers.

7. Finterra

Is building own blockchain platform and waqaf management platform. Planning an ICO.

8. SEDA

‘Recruitment on the blockchain’.

9. BeeOnPay

Payment gateway services.

Educational/Tools/Services

These companies offer blockchain-as-a-service, tools to understand cryptocurrencies and blockchain platforms and blockchain and crypto-related seminars and conferences.

1. CoinGecko

One of the most popular cryptocurrency ranking charts in the world. Built by a local team.

2. Etherscan

THE block explorer and analytics platform for Ethereum. Built by a local team.

3. Blocklime

Education-focused company, hosts Ethereum and smart contract development workshops. Student-friendly. Provides blockchain services too.

4. Bloktex

Blockchain service provider. The team behind the Kuala Lumpur Blockchain Conference. They brought over Andreas M. Antonopoulos twice.

5. Blockchain Academy Asia

Provides courses for blockchain and smart contract development.

6. Blockchain Technology Malaysia

Blockchain service provider.

7. Neuroware

Blockchain service provider. Works closely with Malaysian government agencies.

8. BlockZero

Iskandar, Johor-based blockchain marketing, business support and training services.

9. Protech Future System

Among other things, does ICO security audit.

10. Celebrus Advisory

Blockchain strategy advisor.

Blockchain associations/groups

1. ACCESS Blockchain Association Malaysia

Supports the development of the blockchain industry in Malaysia. Sister of ACCESS Singapore.

2. Blockchain Embassy Asia

‘Asia’s only public blockchain consortium’.

3. Blockchain Developers Malaysia

Developers only. You need to prove you know how to code before you can join.

4. CryptoKnights

Group that brings cryptocurrency and blockchain enthusiasts together.

*This post is credited to FreeMalaysiaToday

Singapore-based fiat-crypto exchange EurekaPro, led by a team consisting of Junus Eu, Douglas Gan and Lau Kin-Wai, today announced its entry into the Southeast Asian blockchain market. EurekaPro offers Asian-wide fiat-to-cryptocurrency support, allowing holders of the Singapore dollar, Malaysian ringgit, Indonesian rupiah, and other Asian fiat currencies to transact on the EurekaPro exchange.

EurekaPro has already launched an open public beta, in which over 8,000 users have signed up in its first week.

Eu, the exchange’s CEO, was previously the investment manager of zVentures, the venture capital arm of US- and Singapore-based gaming hardware and software firm Razer. Before that, she was an investment manager at VC firm Jafco Asia.

On the other hand, Gan and Lau co-founded iFashion, a holding firm that invests in various fashion ecommerce sites. Gan also started beauty services marketplace Vanitee and subscription ecommerce business Vanity Trove. Lau set up FatFish Internet Group, a startup accelerator.

*This post is credited to RetailNews.Asia

KUALA LUMPUR, Oct 9 — The government may need to consider additional forms of taxation to address the debt amassed by the previous Barisan Nasional government, said the prime minister.

During his keynote address at the “Malaysia: A New Dawn” economic forum today, Tun Dr Mahathir Mohamad conceded that the move will be unpopular, but said the only other option was to sell off the nation’s assets.

“It was suggested we should have new taxes. I don’t think that is something that is welcomed by the people.

“But we may have to devise new taxes in order to have the money to pay our debts. Of course the other thing we can do is to sell our assets,” he said.

Such assets invariably include state-owned land, the PM noted before saying he did not think this to be a wise course of action if it meant selling to foreigners.

“But we can still sell land to locals so they can develop housing projects and settlements that they believe will give them a return,” he said.

He compared the severity of the government’s current challenge to the 1997 Asian Financial Crisis, but noted that at least the ringgit was resilient now.

Dr Mahathir did not offer hints of when these new taxes may be introduced, but Finance Minister Lim Guan Eng is due to table Budget 2019 on Nov 2.

The PM also said there is an urgent need to expand the economy to drive up revenue and for Malaysians to enjoy the fruits of such growth.

Earlier in his speech, Dr Mahathir observed a disconnect between the country’s reported gross domestic product (GDP) growth rates and the welfare as well as prosperity of Malaysians.

He conceded that while the country’s economic growth was “all right”, this did not translate directly to higher income for the people.

The pressure on average wage earners had been worsened by the previous government’s policies, he said.

“In the meantime there is a necessity to grow the economy. If we grow the economy at a high rate then the (country’s) debts will appear smaller than it is now. The [debt-to-GDP] ratio would be resolved by increasing or growing the economy of this country,” he said.

Dr Mahathir explained that he actively solicited investments during his visits to the US and the UK, saying his efforts received promising response.

The prime minister then ventured into the topic of Bitcoin, saying he did not trust the new financial technology development, primarily due to not understanding the value proposition behind the cryptocurrency.

Dr Mahathir said he has not worked out how a virtual currency that once cost cents could now be worth thousands of dollars.

Bitcoin, the best known cryptocurrency among myriad copycats, came close to breaching US$20,000 last year.

“I must admit I can’t use this money because I don’t know what the value is. But now we are having more and more of this virtual money and I’m quite sure it will affect the markets or countries with whom we trade,” he warned.

*This post is credited to MalayMail

KUALA LUMPUR: MY E.G. Services Bhd (MyEG) has unveiled a blockchain-based payroll management software, PayMe, to assist companies in recording and managing workers’ overtime accurately and efficiently.

In a statement filed with Bursa Malaysia, the e-government service provider said pilot trials would start soon at selected sites.

PayMe, a monthly subscription service, is designed specifically for companies that employ a sizeable workforce with dynamic remuneration.

MyEG aimed to sign up the existing corporate customers of its various services as users of PayMe, it said.

“Leveraging the benefits of blockchain architecture is one of MyEG’s core focus presently. We believe that MyEG is well positioned to deploy industry-wide blockchain solutions that maximise the potential of the distributed ledger,” said Managing Director TS Wong.

The company said blockchain architecture was ideally suited to resolve the prevailing inefficiencies in payroll management in view of the immutability of the technology, where data could not be unilaterally altered once recorded.

Furthermore, it added, the distributed nature of blockchain meant stakeholders would have full access to the data, ensuring transparency and minimising the possibility of potential disputes.

*This post is credited to: The New Strait Times

KUALA LUMPUR (Oct 5): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Oct 8) may include the following: Inta Bina Group Bhd, Oceancash Pacific Bhd, EA Technique Bhd, Malaysia Marine Heavy Engineering Holdings Bhd, My EG Services Bhd, S P Setia Bhd, Sime Darby Property Bhd, Tien Wah Press Holdings Bhd, Willowglen MSC Bhd and Zelan Bhd.

ACE-Market-listed Inta Bina Group Bhd and Oceancash Pacific Bhd have separately received the nod from Securities Commission to transfer their listings to the Main Market of Bursa Malaysia.

Construction player Inta Bina was listed on May 25, 2017. Oceancash, which is involved in the manufacturing of non-woven fabric for consumer sector, auto and air-conditioning, was listed in 2004.

Malaysia Marine Heavy Engineering Holdings Bhd (MHB) filed a payment claim of US$30.22 million (RM125.41 million) against EA Technique (M) Bhd today, just days after it received a US$21.74 arbitration from the latter. The two came into loggerheads amid a contract to convert a vessel into a floating storage and offloading (FSO) facility, which the two companies inked in 2015. An attempt to reach a settlement failed on June 22 this year.

My EG Services Bhd has added a blockchain-based payroll management software dubbed “PayMe” to its line of services.

The software — targeted at corporate clients — will enable employers to record and manage overtime with better accuracy and efficiency, MyEG said.

S P Setia Bhd and Sime Darby Property Bhd, which each own 40% of Battersea Project Holding Co Ltd (BPH), confirmed that the deadline to finalise a proposed £1.61 billion (RM8.8 billion) sale in a unit of BPH has been postponed to Dec 31, from Sept 30 previously.

Permodalan Nasional Bhd and the Employees’ Provident Fund (EPF) had in January proposed to acquire commercial assets worth £1.61 billion in BPH’s unit Battersea Phase 2 Holding Co. BPH is also 20%-owned by EPF.

Tien Wah Press Holdings Bhd’s 51%-owned indirect Australian unit Anzpac Services (Australia) Pty Ltd is disposing of a parcel of land with a building in New South Wales for A$22.02 million (RM65.18 million) to CEA Property Pty Ltd. This disposal follows the cessation of Anzpac’s printing business, which was first announced in June, and as part of Tien Wah’s strategy to reduce operating costs.

Willowglen MSC Bhd today secured a RM139.36 million contract from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd to construct and maintain communication systems for the Gemas-Johor Bahru electrified double-track project. The RM8.9 billion rail project, currently developed by a Chinese consortium, is scheduled for completion on Oct 2021. Willowglen said its works on the project will be completed by April 2021.

Zelan Bhd has been slapped with a US$1.15 million (RM4.77 million) claim by Chinese power equipment maker Dongfang Electric Corp in relation with a coal-fired steam power plant project in Central Java, Indonesia. This is in respect of disputes and differences arising from a 2014 agreement between a unit of Zelan and Dongfang, said the company. “Zelan shall take all necessary steps to defend or safeguard ZHSB’s interests in the arbitration proceedings, including but not limited to seeking legal advice on the merits of the claims by Dongfang,” it said in a filing.

*This post is credited to The Edge Markets