Nine Malaysian banks have teamed up to develop blockchain applications for trade finance, according to the country’s central bank.
In a speech at a banking event on Thursday, Jessica Chew Cheng Lian, deputy governor of Bank Negara Malaysia (BNM), took a positive tone, saying the country is embracing emerging financial technologies, including blockchain, to advance banking services.
Lian said:
“In the blockchain space, the industry in a number of jurisdictions has pooled resources to defray the cost of experimentation involved in developing scaleable use cases for the technology’s application. In Malaysia, nine banks have done this by coming together to develop blockchain applications for trade finance.”
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Read Full: 9 Malaysian Banks Team Up for Trade Finance Blockchain Apps
