22 LOCAL NEWS

@ green | April-May, 2025

SERVING as the Association of Southeast Asian Nations( ASEAN) chair this year, Malaysia seeks to lead regional efforts in enhancing digital payment systems.

Malaysia will work alongside regional and international partners to establish a secure payment network. This includes addressing cybersecurity threats, fraud, money laundering, and terrorism financing.

Recently, Bank Negara Malaysia( BNM) and the National Bank of Cambodia( NBC) have launched the second phase of their cross-border QR payment initiative, promising greater financial integration between the two countries.

The first phase of the initiative, implemented in 2024, facilitated payments for Cambodian tourists in Malaysia by scanning DuitNow QR codes through the Bakong app.

With the expansion into the second phase, Malaysians can now make transactions with Cambodian merchants via KHQR using supported local mobile payment applications.

“ Many ASEAN small businesses and individuals are set to reap the benefits of instant cross-border QR payments,” remarked BNM Governor Datuk Seri Abdul Rasheed Ghaffour.

Over seven million local merchants across both countries stand to gain from a broader customer base.

For NBC Governor Dr Chea Serey, the initiative marks more than a leap in financial technology

� DIGITAL PACT: Gobind Singh Deo( right) and Zheng Shanjie formalise Malaysia- China cooperation in digital transformation and AI development.

Of the signed agreements, two notable MoUs were established with the National Development and Reform Commission of the People’ s Republic of China( NDRC).

One focuses on digital economy growth, while the other seeks to bolster cooperation in artificial intelligence( AI) infrastructure.

The MoUs, formalised by Malaysian Digital Minister Gobind Singh Deo and NDRC Chairman Zheng Shanjie, outline initiatives such as policy and regulatory alignment and talent development.

To facilitate these efforts, a joint working group consisting of representatives from China’ s National Data Administration and Malaysia’ s Digital Ministry will be established.

In addition to the MoUs, a letter of intent( LOI) was also signed between the Malaysia Digital Economy Corporation( MDEC) and Zhejiang University, China. The LOI details potential collaboration in critical areas such as digital transformation, AI, and smart cities.

“ The signing of the two MoUs and the LOI is a step in the right direction as we continue to take steps to accelerate Malaysia’ s digital transformation. This is in line with the aspiration of our Prime Minister Datuk Seri Anwar Ibrahim and that of the MADANI government,” commented Gobind.

Notably, as Malaysia prepares to host the upcoming Smart City Expo Kuala Lumpur this September, partnerships with both NDRC and Zhejiang University are expected to play a crucial role in the nation’ s preparations.

� OFFICIALLY LINKED( From left): Khairussaleh Ramli( Maybank CEO), Abdul Rasheed Ghaffour( BNM Governor), Chea Serey( NBC Governor), and Mohd Izzaddin Idris( PayNet Chairman).

( FinTech).

“ It is a bridge between cultures, economies, and people. It embodies our commitment to harnessing technology for resilient and inclusive growth, ensuring that even the smallest merchant in Cambodia or Malaysia can participate in the global digital economy.”

� PREMIUM EXPERIENCE: A visual depiction of a premium booth at the Immersi Home

MALAYSIA is redefining event experiences with the debut of the Immersi Home Expo 2025, a real-estate exhibition set entirely in the metaverse.

The expo is an undertaking of CRYPKEN, an emerging technology firm specialising in Web3 solutions, notably metaverse applications and blockchain technologies.

Held from Apr 17-22, the expo brought together leading developers, designers, and technology providers. Some of its partners included industry leaders such as Sunway Property, Malaysia Digital Economy Corporation( MDEC), PIKOM, REHDA Selangor, Endeavor Malaysia, Ibraco Berhad, and Cyfer Plus.

To accommodate various exhibitor needs and budgets, the expo offered three distinct booth options: Standard Booth: A virtual space of 800 sq ft, equipped with essential engagement tools for showcasing properties and basic visitor engagement. Executive Booth: A 1,500 sq ft space featuring enhanced digital tools, including live video chat and basic analytics. Premium Booth: A spacious 3,000 sq ft setup with extensive multimedia displays, live interaction capabilities and advanced analytics. The expo is part of CRYPKEN’ s vision to revolutionise real estate activities for the digital age. It seeks to redefine the way properties are experienced, traded, and valued.

According to CRYPKEN Chief Executive Officer( CEO) Devadas Ravinathan, the metaverse-based exhibition is set to elevate Malaysia’ s status in digital property innovation.

By transcending physical limitations, this metaverse platform also offers a more sustainable and economical alternative, thus enhancing global accessibility to real estate investment opportunities.- @ green