As the Fintech sector grows there is a need for a new hub to co-exist along with Singapore in the ASEAN region. Malaysia has several features that lend it to being that hub. Of its approximately 30 million citizens, many remain either unbanked or underbanked. The penetration of cell phones has grown internet banking to a significant degree.
Additionally, Malaysia is a developing nation and ranks as the 27th most competitive country. The country is also ranked as having the 15th best financial system in the world, by the World Economic Forum. Malaysia shares a common border with Singapore and yet, has business operating costs that are much lower than what Singapore offers. Malaysia shares the same time zone as many Asian countries.
The Malaysian government has been focusing on the tech sector for the past 20 years and this, has allowed it to outpace its ASEAN counterparts. The nation is bestowed with an increasing number of English speaking tech savvy workforce.
Digital payments and wallets are leading the way in the Malay fintech sector. Additionally the Malaysian government introduced the Digital Free Trade Zone (‘DFTZ’) in 2017. According to its website the DFTZ is an “initiative to capitalize on the confluence and exponential growth of the internet economy and cross-border eCommerce activities.” In 2016 the Malaysian central bank, Bank Negara, launched a fintech regulatory sandbox which is a safe environment for fintech companies to test their products and services and grow.
This allows a company to brainstorm ideas and launch products and services, that are not yet fully addressed under prevailing laws. This is done under regulatory guidance, and within a controlled environment.
The government has also introduced the Capital Market and Services Order, legislation specific to the cryptocurrency sector. This order sets up a regulatory framework for digital currency and tokens. It also covers licensing for digital asset trading platforms and much needed, regulation for their trading activities.
Given its strategic location, Malaysia is on the forefront of Islamic banking. Neighboring Indonesia with its 270 million predominantly Muslim population, 2/3 of whom are currently unbanked, puts Malaysia in a position to tap a potential customer base.
Glitzkoin has maintained a substantial base in Malaysia. We have brought aboard senior Malaysian members on the team. The deal finalized with leading online ticketing portal Myticket, makes the Glitzkoin GTN token an official payment partner. Negotiations with other businesses houses, for a similar arrangement are also underway.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.