Unveiling The Future Of Distributed Governance
Kuala Lumpur, Malaysia, 7 November 2017 – Bitcoin has been all the rage recently with it’s value skyrocketing to record level highs. This increased interest in the decentralised currency has attracted a lot of new players to the market and created a lot of overnight “crypto-millionaires”. However, not many are aware of the untapped potential of the underlying technology that bitcoin leverages; blockchain. One organisation that looks to fill this information gap in the market is the Blockchain Embassy (BCE).
BCE, launched in early 2017 and became the region’s first public blockchain consortium. BCE is designed as a platform to explore practical, creative and sustainable ways of leveraging blockchain technology to solve industry-specific problems or systemic issues and challenges faced by many in the era of industrial 4.0. Moreover, BCE also transcends the conventional organisation by functioning through distributed governance framework. As a non-profit and digitally distributed organisation, BCE is able to do more than just ‘talk’; it seeks primarily to facilitate those who are eager to tap into the technology in the areas of education and awareness, collaboration as well as regulatory frameworks tied to global standards.
The Blockchain Embassy of Asia recently received its status as an officially recognised non-profit organisation after gaining approval from Malaysia’s Registrar of Society. This news was received well by the founding ambassadors and the blockchain community alike and brings the organisation a step closer to their mission of achieving distributed governance tied with legal entities.
The official recognition means the membership based organisation can ramp up operations and play a more active role in educating the region. This includes hosting a plethora of events from hackathons, workshops and training programs for corporations and roundtables to share research findings with regulators and industry leaders. The nine founding ambassadors play a very important role by bringing their unique areas of expertise from their respective industries to advance the organisation’s goal of achieving ‘blockchain governance’. Distinguished names such Maybank and RHB group are amongst the founding members of BCE. These industry heavyweights are determined to stay ahead and ensure that services offered can leverage on the distributed ledger technologies to achieve greater efficiency and better customer services. As for Fintech startups like Ata Plus and CapitalBay who have also been involved with BCE from the very beginning, are amongst those who are eager and more readily to adopt the technology as a game changer.
The platform utilises blockchain technology to store immutable record of investments and securities as digital assets which naturally led to the acceptance of cryptocurrencies such as bitcoin as a method of investing. CapitalBay has been also been making headlines recently for securing a RM2 million ($447,000) seed funding round from KKFund, a Singapore-based venture capital firm making them one of the hottest startups in town. CapitalBay set out to solve one of the biggest problems facing SMEs in the region, managing cashflow. Finance related companies have long dominated the discourse around blockchain and distributed ledger tech that people tend to forget that their are a growing number of non-finance related companies who are actively toying with the technology in the fields of law, education, publication and consultancy. REDMoney – BCE’s publication ambassador recently hosted a Blockchain Masterclass in partnership with R1 Dot MY.
Introducing the founding BCE Ambassadors
R1 Dot My – http://r1.my/
R1 DOT MY is a technology solutions provider that was incorporated in Malaysia in 2012, from where it has been consulting with various organizations, government agencies and startups throughout the region. They educate, consult and develop long-term strategies and use-cases that allow their partners to better understand, implement and in-turn benefit from the new and exciting breakthroughs that are being made in the fields of cryptographically secured digital currencies and tamper-proof distributed computing systems such as blockchains.
Ata Plus – http://ata-plus.com/
Ata Plus is a Fintech company that is licensed by the Securities Commission to operate a Blockchain enhanced equity crowdfunding platform. Ata Plus matches businesses who are seeking growth and funding with investors who want to partner in building sustainable world class companies. As a platform designed to assist stakeholders in making sound decisions; Ata Plus actively seeks to leverage technology as tools to facilitate and promote transparency and good governance in investing. The platform delivers extensive services from supporting companies to compellingly showcasing their business as well as to qualify and educate investors on best ways to evaluate their investment opportunities.
REDMoney – http://redmoneygroup.com/
REDmoney Group is the foremost global provider of specialised Islamic financial media services across three core divisions of events, publishing and training. Established in 2004, the firm has offices in Dubai and Kuala Lumpur: offering an unrivalled multi-channel service across the full spectrum of the global financial markets. The outward-facing arms of the REDmoney publishing and events portfolio are supported by REDmoney Training, which provides access to industry-leading expertise from the best in the field. They offer learning and development solutions for banking, finance and corporate sectors. Their principal offerings are based around high-impact digital courses courses and highly practical bespoke training.
RHB Bank Berhad was incorporated in Malaysia as a public limited company in 1994 under the name of DCB Holdings Berhad. It assumed its present name on 16 June 1997. RHB Banking Group is now the fourth largest fully integrated financial services group in Malaysia. Their Core businesses are streamlined into the following business pillars; Group Retail Banking, Group Business & Transaction Banking, Group Wholesale Banking, Singapore Business Operations. Group Shariah Business. Group International Business and Group Insurance. The Group’s regional presence now spans ten countries including Malaysia, Singapore, Indonesia, Thailand, Brunei, Cambodia, Myanmar, Hong Kong, Vietnam and Laos.
Maybank – http://www.maybank.com/
Maybank was established in 1960, and is today the largest company by market capitalisation on the Malaysian Bourse (Bursa Malaysia). It is ranked first among listed Malaysian companies and among the top 500 companies in the Forbes Global 2000 leading companies of the world. The Maybank Group offers a comprehensive range of products and services that includes commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee services, venture capital and Internet banking. Maybank’s mission is to humanise financial services across Asia, by providing access to financial services to the people at fair terms and pricing, and to be always at the heart of the community.
CapitalBay – https://www.capitalbay.com.my/
CapitalBay was launched in 2016 to solve a fundamental gap in finance, Supply Chain finance. Their focus is to help responsible corporations optimise their working capital and provide businesses real-time technology to collaborate with a wider network of financial institutions to access financing opportunities through their Multi-Bank Supply Chain Finance platform with a click of a button. They believe in a transparent and efficient financing environment that minimises risk and optimises working capital for the entire value chain in every industry.
Lim Jo Yan & Co – https://www.limjoyanco.com
Lim Jo Yan & Co is a leading firm of advocates and solicitors committed to delivering efficient and effective legal solutions to their clients. Heavily involved with startups and growth companies, the firm offers to enable entrepreneurs with sound financial advice to achieve business goals. As one of the oldest profession, the firm is not resistance to change, instead is spearheading some areas that will greatly disrupt the legal industry which is at the heart of intermediation. Lim Jo Yan offers pragmatic approach in assisting their client; from advising legal frameworks for legal solutions to self-executing smart contracts to ensure that the businesses of the future are well equipped to operate as efficiently as possible.
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