Malaysia and China Join Forces to Turbocharge Trade with AI and Blockchain
Blockchain developers from Malaysia are teaming up with their Chinese counterparts to revolutionize foreign trade using artificial intelligence (AI).
As part of an international research program led by China, this partnership aims to supercharge cross-border transactions.
Zetrix, Malaysia’s leading public blockchain platform developer, and Universiti Malaya (UM), the country’s top research university, are joining hands with the China Academy of Information and Communications Technology (CAICT) for this groundbreaking initiative. Their project, titled “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications,” has been selected as a part of the collaborative effort between Malaysia and the People’s Republic of China on science, technology, and innovation.
Under the leadership of China’s Ministry of Science and Technology, this intergovernmental program aims to foster research partnerships. Malaysia is one of 14 nations participating in this exciting endeavor.
The joint research will focus on harnessing the power of AI to streamline and optimize cross-border trade processes. The ultimate goal is to reduce inefficiencies, simplify procedures, and accelerate cross-border transactions. TS Wong, the managing director of MYEG Services, the company behind Zetrix, expressed the significance of the partnership, stating:
“Our collaboration with UM and CAICT remains pivotal in our quest to leverage Fourth Industrial Revolution technologies for transforming cross-border trade and settlement.”
China and Malaysia have been strengthening their cooperation in various domains. Earlier in April, Malaysian Prime Minister Anwar Ibrahim disclosed that Beijing is open to discussing Kuala Lumpur’s proposal for the establishment of an Asian Monetary Fund. This organization would enable Asian nations to reduce reliance on the U.S. dollar and the International Monetary Fund, while China promotes its own fiat currency for global use. Additionally, Malaysia’s central bank is working to facilitate bilateral trade between the two countries using their national currencies, the ringgit and the yuan.
With this dynamic partnership at the intersection of AI, blockchain, and international trade, Malaysia and China are blazing a trail toward a future of faster, more efficient, and seamless cross-border transactions.
Clever Robot News Desk 20th June 2023
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