NEM Malaysia today announced the opening of the NEM Blockchain Centre (NBC) in Kuala Lumpur, Malaysia which serves as a learning center, incubator and accelerator for organizations in Asia keen to explore blockchain technology and its applications in multiple industries.
The NBC is the largest of its kind in the region that is fully operated by a blockchain technology organization. NBC will house the NEM Blockchain Innovation Lab, a headquarters for research and development as well as regional support for organizations interested in using the NEM platform within their IT infrastructures. It also serves as a co-working space, with several Malaysian companies already using its services and facilities for blockchain-related learning and knowledge-sharing events.
NEM Malaysia was set up by the NEM Foundation, a non-profit organization incorporated in Singapore, dedicated to promoting the development and adoption of the NEM blockchain solution around the world. With the NBC, software developers, business users, startups, exchanges, and the blockchain community are expected to test and develop use cases (how blockchain technology can be used for a specific purpose) of the NEM blockchain technology platform.
The NBC enables organizations to explore how blockchain technology can help improve data transactions by enhancing speed and security at a lower cost than other current technology platforms. Blockchain is gaining global traction in diverse industries including financial services, insurance, education, retail, telecommunications, and logistics. Among its applications are automating accounting, medical and scientific records, international remittance, securities trading customer relationship management, notarizations and many more.
“The NEM Blockchain Centre serves to educate and support organisations around Asia with an interest in blockchain technology and its applications. 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 organizations in every industry manage their information and data to benefit their customers or end-users.”
The NEM blockchain is already being adopted in a number of industries and services in Asia and around the world, including Appsolutely Inc., the largest rewards and loyalty programme company in the Philippines; a point-of-sale terminal for cryptocurrency for the retail industry (Pundi X) in Indonesia; and backend payment and mobile settlement solutions by Dragonfly Fintech Pte. Ltd., Singapore.
Malaysia: Base of operations for Asia
With the opening of NBC, NEM Malaysia serves as the headquarters for regional operations for NEM in Asia (excluding China and ANZ). The team continues to pursue strategic alliances to expand NEM’s reach, secure deeper collaboration, and develop more blockchain hubs. Malaysian organizations can leverage the NEM network and technology to develop blockchain solutions for the Malaysian economy while having access to training events, service providers, and technical support.
Partners and customers include member companies under the Internet Alliance. “The Internet Alliance and its members look forward to continuing our collaboration with NEM Malaysia in building awareness and educating companies about Blockchain. We encourage anyone with an interest in blockchain to explore its applications for your business, whether you are an SME or a large enterprise.”
The NEM Foundation is expected to spend around US$40 million in 2018 to fund its global expansion programmes. US$5 million will be allocated towards supporting blockchain companies incubated in the NBC in Malaysia.