Blockchain Center Established By The NEM Foundation In Malaysia

Blockchain, News | July 5, 2018 By:

The NEM Foundation has launched a blockchain center in Malaysia, which will serve as a learning center, incubator and accelerator for organizations in Asia.

The NEM Foundation is a non-profit organization founded in Singapore with members across the globe. The foundation is the creator of the NEM blockchain platform whose native cryptocurrency (XEM) is the sixteenth most valuable blockchain token in the world with over $1.7 billion market cap.

Called NEM Blockchain Center (NBC), the new center would conduct training sessions for companies or individuals keen on learning about blockchain technology. NBC will enable companies to explore how blockchain can help improve data transactions, through the enhancement of speed and security at a lower cost.

Stephen Chia, NEM Foundation council member and regional head for Southeast Asia, said that the foundation has allocated $5 million to support blockchain companies incubated in the center. He said that the key objective is to position the country as an outreach center for the region and a support center for the NEM blockchain.

“We have already kick-started initiatives and programs 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,” Chia said. “Blockchain will certainly impact how organizations in every industry manage their information and data to benefit their customers or end-users.”

Sprawled across 11,000-square feet of space, the foundation claims that the new center will be the largest of its kind in the region that is fully operated by a blockchain firm.

The NEM blockchain is already being used by a number of companies in Asia, including Appsolutely, a Philippines-based rewards and loyalty program firm, Indonesian blockchain retail startup PundiX, and Dragonfly FinTech, a back-end payment and mobile settlement solutions company based in Singapore.