Bloconomic 2018: Discovering Malaysia
Organized by the Malaysia Blockchain Association (MBA), the Bloconomic 2018 summit took place in Kuala Lumpur in mid-August this year. LeadBest was honored to be invited to attend and become a member of the association, marking its formal entry into the Malaysian market.
At the Bloconomic summit LeadBest promoted its brand new token distribution tool. We also announced that we had obtained the strategic investment of Binance angel investor JRR Capital. In attending the meeting, the LeadBest group caught the attention of members of individual projects as well as industry leaders from across Malaysia, Southeast Asia, and even Europe. We were interviewed by Phoenix Television, CoinTime, CoinVoice, and other major media outlets, presenting the LeadBest blockchain investment management DApp to the entire globe.
Participants in the Bloconomic summit came from around the world. Blockchain communities hailing not only from China, Taiwan, and neighboring Southeast Asian regions, but also from Europe, New Zealand, Australia, and North America were in attendance. In fact, since its new government took office in May of this year, the Malaysian economy — both real and virtual– has been thriving. In addition to promoting infrastructural development, the Malaysian government hopes to speed up its development of blockchain and related emergent technologies.
With a population of about 32 million people, Malaysia isn’t be considered one of the largest countries in Southeast Asia, however its economy ranks as the third largest in the region. Its per capita GDP in 2014 reached over US$10,000, with a rising middle class driving consumption levels to new highs. The potential of the Malaysian market should not be underestimated.
This growth and prosperity is also being reflected in the realm of blockchain and the token economy. Malaysian digital asset investment has also been flourishing, with services like Trivecoin already circulating in the market, providing a virtual currency that can actually be used in the real world. In addition, Ethereum block explorer Etherscan, well-known digital asset information website CoinGecko, and blockchain veterans NEM, all of which originated in Malaysia, are having major impacts on blockchain and digital asset communities around the world.
Overall, however, the Malaysian digital asset ecosystem is still in its developmental stage. Confidence in the market still hasn’t firmed, over-the-counter transactions are common, and market information isn’t entirely transparent. Finding the right projects to invest in usually requires personal introductions through direct, pre-established contacts. The local market is also tending towards a tokenization of physical assets, such as diamonds or precious metals, to confirm their value. Altogether, these phenomena make it clear that the Malaysian digital asset field desperately needs to establish trust through transactional transparency. Furthermore, with a rapid injection of capital and major changes in the marketplace, the government is on board to get the industry going as quickly as possible to avoid any market chaos or negative impacts on technological and economic development.
At the end of 2017, the Central Bank of Malaysia announced a bill to regulate virtual currency transactions. In 2018 the MBA established governmental support, concatenating global resources. LeadBest was also invited to become a member of the association, formally entering the Malaysian digital asset market.
By the end of 2018, LeadBest will cooperate with the MBA for their first Crypto Fund. We look forward incorporating the LeadBest smart contracts, token distribution tool, credit rating system, investment community, and other professional services to foster the development of a more regulated market and the holistic development of the industry.
LeadBest’s primary goal is to make digital transactions more automated and transparent, which makes it easier for parties on both sides of an investment to find and establish worthy and reliable partners when entering multinational markets. The LeadBest group is very much looking forward to cooperating with the Malaysian Blockchain Association, gaining first-hand experience in an emerging market, and helping to establish a brighter future for market development in Southeast Asia and around the world.
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