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Malaysia and China are collaborating on conducting research on the applications of blockchain and AI in trade

Zetrix, a Malaysian public blockchain platform development company, has collaborated with the leading Malaysian university, Universiti Malaya, and the China Academy of Information and Communications Technology (CAICT) to conduct research on the applications of blockchain technology in trade using artificial intelligence.

In a press statement, Zetrix announced that the project, titled “Research on Key Issues of Cross-Border Blockchain Infrastructure and Application Trials,” has been identified as part of the joint government collaboration in science, technology, and innovation between Malaysia and the People’s Republic of China.

The government collaboration aims to enhance research partnerships between the Chinese government and other governments. Malaysia is participating in this program alongside 14 other countries.

The joint research will focus on leveraging artificial intelligence to simplify and improve cross-border trade processes. The main objective is to reduce inefficiencies, streamline operations, and accelerate trade, according to the research participants. T.S. Wong, CEO of MYEG Services, the parent company of Zetrix, commented on this collaboration, stating:

“Our partnership with Universiti Malaya and CAICT continues to be impactful in our journey to harness Fourth Industrial Revolution technologies to transform cross-border trade and settlement.”

Collaboration between China and Malaysia has been increasing in various fields. In early April, Malaysian Prime Minister Anwar Ibrahim announced that China is open to discussing Malaysia’s proposal to establish an Asian Monetary Fund.

This organization could allow Asian countries to reduce reliance on the International Monetary Fund and the US dollar, amidst China’s efforts to promote the use of its currency globally. Ibrahim also revealed that the Malaysian central bank is working towards enabling bilateral trade using the respective national currencies of both countries, the Ringgit and the Yuan.

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