Malaysia and China Collaborate on AI-Powered Blockchain

Malaysia and China Collaborate on AI-Powered Blockchain

Malaysia and China are teaming up to explore the potential of artificial intelligence (AI) in blockchain applications to revolutionize cross-border trade.  The collaboration is part of a Chinese international research program initiative which aims to speed up cross-border transactions.

AI Research for Trade Applications of Blockchain Technology

Zetrix, Malaysia's renowned public blockchain platform developer, and Universiti Malaya, the country's leading research university, alongside the China Academy of Information and Communications Technology (CAICT), aims on implementing AI technology to streamline trade processes and enhance efficiency.

Selected as part of an intergovernmental research program between Malaysia and the People's Republic of China, the joint initiative named as "Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications" is set to pave the way for accelerated transactions and simplified cross-border operations, described the press release by Zetrix.

With the support of China's Ministry of Science and Technology, this collaborative effort signifies a crucial milestone in fostering research partnerships. Malaysia is among the 14 nations participating in the program. 

AI to Streamline and Optimize Cross-Border Trade Processes

The joint research will be focused on leveraging AI to streamline and optimize cross-border trade processes. The main goal is to reduce inefficiencies, simplify and speed cross-border transactions. TS Wong, managing director of MYEG Services, the company behind Zetrix, said:

"Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution technologies to transform cross-border trade and settlement."

This collaboration is a testament to the growing cooperation between China and Malaysia. Earlier this year, Malaysian Prime Minister Anwar Ibrahim revealed that Beijing is open to discussions regarding Kuala Lumpur's proposal for the establishment of an Asian Monetary Fund. 

Such an organization could allow Asian nations to cut dependence on the International Monetary Fund and reduce reliance on the US dollar, now that China is promoting its fiat for global use. Ibrahim also revealed that Malaysia's central bank is actively working on facilitating bilateral trade using the national currencies of both countries, the ringgit and the yuan. 

These developments indicate a concerted effort to strengthen economic ties and foster greater regional autonomy. As the integration of AI and blockchain technologies in cross-border trade gains momentum, the potential for significant improvements in transaction efficiency and security becomes increasingly promising.

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