On March 24th, nine local banks in Malaysia have announced a joint effort to develop a blockchain trade finance application in the blockchain. This was revealed by the Bank of Malaysia, but did not disclose which banks participated in the cooperation. The blockchain is a kind of book that everyone records together. It has the characteristics of decentralization and tampering. Then, the local nine local banks in Malaysia have announced that they will work together to make a fuss in the blockchain. What changes will happen?
The Malaysian central bank was established in 1959. It is a government-owned company established by the Malaysian government and plays a pivotal role in Malaysia. Let us first listen to what the nine local banks have teamed up to do in the blockchain.
Jessica Chew Cheng Lian, deputy governor of the National Bank of Malaysia, said: “In the blockchain sector, many industries in Malaysia have begun to focus resources on exploring technology applications and scalable cases. Now, nine local banks have passed cooperative development zones. Blockchain application to achieve trade finance."
At the same time, he believes that Malaysia should adopt new financial technologies including blockchain to promote banking services. He also said that this project can help the central bank to deploy blockchain technology.
Jessica Chew Cheng Lian, deputy governor of the National Bank of Malaysia, also revealed that the Bank of Malaysia has set up an open "application programming interface" implementation team.
Finally, Jessica Chew Cheng Lian, deputy governor of the National Bank of Malaysia, developed the blockchain trade finance application and which banks did not disclose it.
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