Since the Malaysian Central Bank stated that it was planning to integrate the blockchain technology to the existing banking and financial system, many local banks have started to experiment with decentralized ledgers.
Malaysia’s deputy governor, Jessica Chew Cheng, gave a conference at the Asia Banker Digital Finance Convention 2018, where she stated that 9 Malaysian banks had started using the blockchain technology:
“In Malaysia we have decided to build a blockchain system, our banks in a number of ways have pooled together resources to defray the experimental costs involved in developing a scalable use for the blockchain application. In our country, Malaysia 9 banks have led the way by coming together to develop blockchain applications for trade finance.”
Malaysia is a the forefront of the blockchain and cryptocurrency wave, as they are one of the first countries to regulate the market, while leaving place for startups, exchanges and investors to maneuver.
Malaysian airline company AirAsia also announced that it would be launching its own cryptocurrency and financing it with an ICO.