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9 Malaysian Banks Team Up for Trade Finance Blockchain Apps

Nine Malaysian banks be struck by teamed up to develop blockchain applications for trade finance, according to the wilderness’s central bank.

In a speech at a banking event on Thursday, Jessica Bite Cheng Lian, deputy governor of Bank Negara Malaysia (BNM), be involved a positive tone, saying the country is embracing emerging financial technologies, covering blockchain, to advance banking services.

Lian said:

“In the blockchain span, the industry in a number of jurisdictions has pooled resources to defray the cost of experimentation convoluted in developing scaleable use cases for the technology’s application. In Malaysia, nine banks beget done this by coming together to develop blockchain applications for business finance.”

While the deputy governor’s remarks did not disclose which banks are affected in the collaboration, or further details of blockchain project being developed, they put up a window into the central bank’s approach to the techology.

To that venture, Lian further said that BNM has formed an open Application Program Interface implementation assemble, with members from the financial sector, as well as major fintech startups, whose critical agenda is to develop a standardized open API framework.

The effort is aimed to furthermore broaden access to financial technologies such as blockchain in a bid to facilitate adoption by economic institutions, according to Lian.

Malaysian coins image via Shutterstock

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