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Country Heights to invest RM50 mln to develop cryptocurrency payment infrastructure

29/09/2020 12:34 AM

KUALA LUMPUR, Sept 28 -- Country Heights Holdings Bhd will kickstart a RM50 million development of payment infrastructure to enable it to accept cryptocurrencies as payment for its goods and services within the next six to 12 months.

Managing director Datuk Jared Lim said the digital transformation plan would see synergies between Country Heights and technology partners including Huawei Malaysia, Touch Point International and Coloinstar Capital whereby technology partnership agreements are expected to be entered into before the end of the year.

He said Country Heights' partnership with Huawei would focus on the infrastructure development of Mines Wellness City via the provision of 5G and WiFi 6 for the township by year-end.

“By the end of the year, (Mines Wellness City) will be Malaysia's first fully WiFi 6 and 5G-enabled coverage (area)," he told reporters after the company's annual general meeting in Seri Kembangan near here, today.

He said the company was planning to expand the exercise to other townships and connect its wellness business with the properties within its township.

"When people buy our properties, for example, in The Mines, we want to make sure that they are connected to the township so they are buying the whole township. That is why we started with The Mines first," he said.

He added that the company would also be the first public listed company to embark on Security Token Offerings (STO), a process whereby an investor exchange money for coins or tokens that represent his investment.

In another development, Country Heights founder and executive chairman Tan Sri Lee Kim Yew will be stepping down by Dec 31, 2020 to focus on his private ventures, including Golden Touch Investment Bank that will utilise the latest blockchain technologies for STO.

Lee, however, will remain as a shareholder and patron of the group. 

"I’ve received all the approvals already. In fact my investment bank is in operation now. I’m going to take leave from Country Heights and hand over all the business to the new team of directors and I will concentrate on cryptocurrency," Lee said.





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