The Foundation, creator of the NEM Blockchain platform, has paid a visit to the Malaysian Digital Economy Corporation (MDEC), the lead agency in projecting the digital economy in Malaysia, as part of the 1st Foundation Leadership & Strategy Summit held last August 21-25.

Present at the summit was the Vice President for Growth and Ecosystem Development, Hizam Abdul Kadir. He shared about the Malaysia Digital Hub initiative which provides a way for growing startups to develop their next big ideas. NEM Malaysia has worked with the MDEC group to support this development.

Besides Hizam's team, also present were the Financial Technology (FinTech) group who shared about developments in the fintech industry, including developments with blockchain and cryptocurrencies in Malaysia.

NEM launches Blockchain Center in Malaysia

The Foundation launched NEM's Blockchain Center in a 10,000-square foot facility in Kuala Lumpur, Malaysia. The center will serve as an accelerator, incubator and coworking space.

Sam Lee, CEO of Blockchain Global says:

“The opening of a non-profit blockchain center in Malaysia allows both Blockchain Global and NEM to pursue our missions to foster mainstream innovation and adoption internationally. We’re proud to work with the Foundation, as we believe their blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures.”

The center will also house the NEM Blockchain Innovation Lab, a headquarters for research and development for the NEM platform.

Other digital initiatives by Malaysia

As part of the partnership, NEM will support Malaysia Digital Hub’s mission to provide tax exemptions, visas for foreigners and support from private and public sector to entrepreneurs in the industry.

The MDEC program includes incentives such as:

  • Corporate tax exemptions for tech startups

  • Malaysia Tech Entrepreneurs Programme that issues passes for individuals who want to set up or expand their businesses into Malaysia

  • Access to funding

  • Coaching and mentorship

  • Low cost of doing business

  • High-speed broadband

  • Stable business-friendly environment

  • Freedom of ownership for foreign companies and investors

MDEC will act as a facilitator to bring different groups to engage in the Foundation's network and technology and to develop enterprise solutions for the Malaysian economy.

The leading agency for digital technology in Malaysia is also working on the Malaysia Digital Free Trade Zone (DFTZ). MDEC described DFTZ as an initiative to capitalize on the confluence and exponential growth of the internet economy and cross-border e-commerce activities.

On the global front, MDEC is responsible for making sure that Malaysia plays an important part in the digital revolution around the world, while attracting participation from companies that wish to invest and develop creative solutions in the country.