09/07/2024 04:55 PM

LABUAN, July 9 (Bernama) -- Financial technology firm Neurogine Sdn Bhd has been appointed by PT Pos Indonesia as its technology partner effective March 15, 2024. 

The partnership aims to enhance remittance transactions for Indonesian migrant workers in Malaysia following a meeting on June 5 between Neurogine and Bambang Wishnu Krisnamurthi, the Coordinator for the Minister Counsellor Information, Social and Culture at the Embassy of the Republic of Indonesia in Kuala Lumpur.

On May 20, Malayan Banking Bhd expressed formal interest in collaborating with Neurogine to explore the development of a blockchain-based electronic channel for issuing and managing bank guarantees. 

Neurogine chief executive officer Owen Chen told Bernama the company would develop a proof of concept (PoC) to demonstrate the feasibility of a blockchain-based solution for multi-bank and multi-party contexts. 

He said Neurogine will bear the development costs, with the project being assessed based on criteria agreed upon by Malayan Banking, the Royal Malaysian Customs Department, and Neurogine.

In addition, Chen said Neurogine is collaborating with Universiti Malaysia Sabah (UMS) on the UMS Technology Talent Hub 2024 initiative, which focuses on developing talent in the blockchain spectrum. 

He said this initiative, fully funded by Neurogine, will be announced at the UMS Labuan International Campus on June 10, 2024, in conjunction with UMS’s 30th anniversary. 

The initiative will be hosted by the UMS Labuan Faculty of International Finance, where Chen is on the judging panel.

Neurogine, licensed by the Labuan Financial Services Authority (Labuan FSA), operates as a digital transformation, technology, and service provider in the Asia Pacific region. 

Chen highlighted the significant impact of the digital economy in transitioning life tools, financial services, public service tools, and social connections from offline to online. 

He emphasised the necessity for efficient digital identification methods to enable seamless financial services, particularly in the context of electronic account opening and public service data querying.

Chen noted that current digital identity services are inadequate, and billions of global smartphone users struggle with personal authentication and mobile collaboration. 

He said integrating government-issued digital IDs with enterprise digital identity services could facilitate e-invoicing, e-payment, and e-governance services, driving economic and social strategies.

Chen said Neurogine’s research aims to establish a viable digital identification model that links existing enterprise digital identity services to government-citizen data, enabling smart account opening and targeted subsidy distribution. 

“This model is particularly relevant in the era of the 4th Industrial Revolution, where smartphone penetration is high,” he said.

He said the findings have significant implications for social protection and labour programs, enhancing program equity, improving cash handling security, and integrating government service delivery. 

Chen said the research provides evidence of how Government-to-People (G2P) payment systems can impact financial patterns and behaviours of marginalised citizens, particularly in remote areas, and streamline administrative procedures for greater efficiency and transparency.




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