Malaysian blockchain experts are teaming up with their Chinese counterparts to harness the potential of artificial intelligence (AI) in international trade. This cooperation forms a part of an international research initiative led by China, which intends to expedite cross-border transactions.
Malaysia’s leading public blockchain platform developer, Zetrix, in collaboration with the country’s eminent research institution, Universiti Malaya (UM), will partner with the China Academy of Information and Communications Technology (CAICT). The goal of this partnership is to develop AI solutions that can streamline trade transactions.
Zetrix, in a recent press release, revealed the selection of a project named “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications” as part of the scientific, technological, and innovative collaboration between Malaysia and China.
The research initiative, launched by the Ministry of Science and Technology of China, seeks to cultivate research relationships between China and other nations. Malaysia is one of 14 countries participating in the program.
The focus of this joint research is on leveraging AI to optimize cross-border trade processes, with an aim to diminish inefficiencies, simplify and accelerate cross-border transactions. TS Wong, the managing director of MYEG Services, the firm behind Zetrix, expressed:
Our partnership with UM and CAICT remains a crucial part of our ongoing mission to utilize 4th Industrial Revolution technologies to revolutionize cross-border trade and settlement.
The alliance between China and Malaysia in various fields has been growing stronger. Earlier in April, the Malaysian Prime Minister, Anwar Ibrahim, disclosed that Beijing is open to discussing Kuala Lumpur’s proposal to form an Asian Monetary Fund.
The proposed organization could help Asian countries to lessen their dependence on the International Monetary Fund and the U.S. dollar, especially now as China is advocating for its own currency for global use. Ibrahim also stated that Malaysia’s central bank is making efforts to facilitate bilateral trade in the national currencies of both countries, the ringgit and the yuan.
Do you believe that the integration of AI and blockchain technologies could substantially enhance cross-border trade transactions? We invite you to share your insights and opinions on this topic in the comments section below.
Frequently Asked Questions (FAQs) about AI Blockchain Research in Trade
What is the purpose of the collaboration between China and Malaysia?
The purpose of the collaboration between China and Malaysia is to conduct research on applying AI to blockchain technology in order to improve and streamline cross-border trade transactions.
Who are the main participants in this collaboration?
The main participants in this collaboration are Zetrix, a Malaysian public blockchain platform developer, Universiti Malaya (UM), and the China Academy of Information and Communications Technology (CAICT).
What is the aim of the project named “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications”?
The project aims to investigate key issues concerning the infrastructure of cross-border blockchain and its pilot applications, in an effort to streamline and improve cross-border transactions.
How many nations are participating in this China-led program?
There are 14 nations participating in this China-led research initiative.
What is the Asian Monetary Fund proposed by Malaysia?
The proposed Asian Monetary Fund could potentially allow Asian nations to reduce their dependence on the International Monetary Fund and the U.S. dollar, especially in a time when China is advocating for the global use of its own currency.
Is the Malaysian central bank taking steps to facilitate bilateral trade?
Yes, the Malaysian central bank is making efforts to enable bilateral trade in the national currencies of Malaysia and China, the ringgit and the yuan.
More about AI Blockchain Research in Trade
- Zetrix Blockchain Platform
- China Academy of Information and Communications Technology
- Universiti Malaya
- China’s Ministry of Science and Technology
- Asian Monetary Fund
- MYEG Services