Blockchain technology has revolutionized the way businesses manage their data and transactions, offering greater security, transparency, and efficiency. As of 2022, the industry has generated an estimated RM 2 billion in revenue, with over 5,000 people employed in the sector. The blockchain industry has grown significantly in Malaysia over the years, and this article will discuss the key statistics, growth factors, trends, challenges, and future outlook of the industry in Malaysia.
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APPFUXION CONSULTING
219
+60 3-2702 2988 digitaladmin@appfuxion.com
The company incorporated in 2013, AppFuxion Consulting is a leading provider of digital solutions and software testing services to Banking, Insurance, Retail, Telecommunication and Hospitality clients across the Asia-Pacific Region mainly in Malaysia, Thailand, Indonesia, Singapore and Philippine for regional project. We offer a comprehensive range of value-added digital solutions that are of the highest quality and innovation as part of our commitment to produce the right business outcome for our clients. AppFuxion Consulting has approximately 250 skilled and experienced digital solution professionals from software blueprint, architecture, process automation, quality assurance to project management. We bring years of experience in delivering digital solutions tailored to your business requirements. Our specialists are industry proven consultants that can architect the right solution, devise a practical delivery plan and deliver customer-centric services to meet our client’s requir…
GOBI PARTNERS
102
+60 3-2778 6800 marcom@gobi.vc
Gobi Partners is the most interconnected Pan-Asian venture capital firm with US$1.5 billion in assets under management (AUM) across North Asia, South Asia, and ASEAN. Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi has raised 15 funds to date, invested in over 320 startups and nurtured 9 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Beijing, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, Shenzhen, Surabaya and Singapore. As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio.
HELLOGOLD SDN. BHD.
24
+60 3-7661 6228 hello@hellogold.com
HelloGold was established in 2015 as the world’s first Shariah-compliant mobile application that changes the way you buy, save, sell and redeem in physical gold. With over 100,000 users, we aim to help more people take their step towards lifelong financial security.
DAXTIUM
1
+60 3-9545 0201 enquiry@daxtium.com
Daxtium is a fast-growing & innovative data destruction company based in Malaysia. We are the 1st company globally to utilise blockchain technology to provide data destruction reports that are legitimate & tamperproof. Established in 2015, Daxtium was formerly a business division of MM Century Sdn. Bhd., an environmental technology company with more than 36 years of experience. We provided shredding services for confidential & sensitive documents before expanding and specialising in various data destructions. Our data destruction services include but are not limited to the following materials: - Confidential Documents - Digital Data Storage - Cassette Tapes - Products & Brands - Logbooks & Manuals - Films & X-rays - Debit & Credit Cards - Corporate Merchandises
AGMO ACADEMY
3
+60 11-2070 0016 hello@agmoacademy.com
Agmo Academy is an academy arm of Agmo Holdings Berhad where we have various teams of expertise which enable us to provide industrial experience trainings, understanding of cutting-edge technology and identify market needs.
CRYPTO VALLEY MALAYSIA
6
+60 14-636 0290 hello@cryptovalley.my
Crypto Valley Malaysia (CVM) is an independent organization located in Cyberjaya, Malaysia. Our mission is to build Asia’s leading ecosystem for blockchain and cryptographic technologies in Malaysia, leveraging its strategic location in South East Asia, bridging both the Eastern and Western world. Our main focus is in developing and executing a community-driven program targeted at establishing and growing our ecosystem.
TRANGLO
241
+60 3-2241 4189 operation@tikfx.com
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We now offer enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple’s global payment network.
MONEYMATCH
118
customer.support@moneymatch.co
MoneyMatch Sdn Bhd (1133611-P) MoneyMatch is an award-winning digital remittance platform that has successfully executed over MYR 6.5 billion in transactions including cross-border trade payments and individual transfers. Our transfer coverage spans over 110 countries worldwide and is available in more than 40 different currencies! Our core belief is that everyone deserves a better cross-border payment service than the status quo. Every day we help thousands of customers #savemore in international money transfers, and with that in mind, we have expanded beyond Malaysia, to Australia & Brunei Darussalam. Up next, Hong Kong & Singapore! If you’re sold out for this belief, join us today!
LIVESCAPE GROUP
37
+60 3-7931 9419 ask@livescapegroup.com
The Livescape Group is a creative independent business & experience incubator based in South-East-Asia. We work with family funds, angel & private investors to create independent, return-driven start-ups that want to advance the future with us.
FINTERRA
29
+65 9859 6205 info@finterra.org
Finterra is the cloud based financial service platform designed for you to harness all of your financial power into a seamless, integrated platform, whilst you take advantage of Finterra’s growth.
RIVERSE
6
contactus@riverse.com
RiVERSE is data analytics, software-based technology and application web 3.0 company. We have a crowdsourcing online platform and marketplace that enables individuals and businesses to use of human intelligence and artificial intelligence to perform tasks. Our name RiVERSE is derived from the abbreviation Ri, which means Rendering-Artificial Intelligence and the phrase VERSE, stands for Virtual Universe. The name RiVERSE is meant to signify our vision in creating a Virtual Universe using Artificial Intelligence.
SERUNAI COMMERCE SDN BHD
44
+60 3-2181 7801 customerservice@serunai.com
Formed in 2009, Serunai offers a range of products and services designed to enhance global Halal marketplace connectivity and transparency. The increasing demand of Halal products in both local and international market allows Serunai to create digital platforms to interconnect Halal producers and consumers globally. Our ambition is to make a contribution to the economy and society in which we operate and we believe that this will be beneficial to your company. Serunai Commerce thus far has launched the Global Halal Data Pool™ as well as the Verify Halal™ app, Halal Digital Chain, HADIC™ (blockchain-powered), and we have recently added the Certification Bodies Master System CBMS™ which is paired with the VH SMART™, a digitalised and comprehensive version of the Halal Assurance System (HAS) which is an integral component of a company’s Halal integrity, especially for Halal certification purposes In addition, we have also setup Serunai Halal Centre of Excellence (Halal CoE™) headquarter…
GEMRAIN CONSULTING
7
+60 12-613 3667 enquiry@gemrain.net
GemRain Consulting Sdn Bhd (GRC) is a skills development company for technical training based in Petaling Jaya, Malaysia. Founded in 2017 by our CEO Gerald Hoong and a master trainer, he assembled a team of veterans with decades of experience in the industry. We initially started as a training provider focusing on IT technical courses such as Microsoft Infrastructure, Cloud, and Business Technologies. Now, we have expanded our portfolio to cover all areas of skill development. These include ITIL, Enterprise Architecture, Cobit, Python, VMware, Scrum, Agile, Lean Six Sigma, Service Desk, Web & Mobile Development, and more to provide our customers with a single platform from which to embark on their learning and development journey. Our unique selling point is in tailor-making and developing custom courses for our clientele from different backgrounds, making us the most sought-after learning provider. Most of our clients look for training content that is highly adaptable to their enviro…
IZYOO PLATFORM
55
+60 3-9131 3943
Expand your brand through digital developments customized especially for your business goals.
ATA PLUS
13
+60 10-246 5854 enquiry@ata-plus.com
Ata Plus is an Equity Crowdfunding online platform regulated by the Securities Commission Malaysia. It matches businesses who are seeking growth and funding with investors who want to partner in building sustainable world class companies. As a platform designed to facilitate stakeholders in making sound decisions; Ata Plus actively seeks to leverage technology as tools to facilitate and promote transparency and good governance in investing. The platform delivers extensive services from supporting companies to compellingly showcase their business as well as to qualify and educate investors on best ways to evaluate their investment opportunities. More importantly, Ata Plus strives to be part of crowdfunding ecosystem that is driven by communities seeking to democratize wealth and bring capital to a productive outcome. This is done by encouraging risk-sharing and enhancing financial inclusion of those with savings. The model therefore will not only bring wider business access to financi…
ADEANTE
4
+60 3-7732 2247 hello@adeante.com
Adeante Sdn Bhd is an investment holding company for Adeante group of companies. With diverse management with different industry experiences, Adeante aims to be a company that is driven by sustainable technology development. - Adeante Energy : Green Renewable Energy & Energy Efficiency - Adeante Agri : Vertical Farming - Datanam - Adeante Agro : Sustainable Integrated Ruminant Production - Adeate IOTech : Big Data / Blockchain / IOT / AI - Adeante Healthcare
MASON GAMES
10
+60 3-9776 3858 info@masongames.net
Mason Games is a mobile games developer and publisher based in Malaysia. We build mobile games in genres such as casual strategy and casual idle. We are a diverse group of people hailing from the ASEAN region dedicated to bringing unique and enjoyable gaming experiences for our players worldwide. As we were building our portfolio in the video games distribution industry, a bold idea started to take root in each of our minds. An idea that passed through our minds from time to time. The idea soon became a raging fire that we couldnt ignore. And thus, we decided to hit the big red button, and Mason Games was born. Mason Games is the culmination of that bold idea, and we believe that we can make mobile games that feature a pocket-sized fun experience for our players. Were now venturing into the web3 platform, building games revolving around the GameFi, blockchain gaming, and metaverse development spaces. We collaborate with multiple partners in the SEA region and internationally to w…
UXAGENTS
3
+60 12-265 9182 nicholas.hon@uxagents.com
We are a collective of agents that embed ourselves into businesses and work hand-in-hand with your various departments. This provides valuable experience for lean startup teams and their founders. As a client partner, you and your team will be immersed in the entire UX Design process, learning the ins and outs of User Research, User Journey Mapping, Content Architecture and more.
EDUPLAY
28
+60 11-5406 0338 support@eduplay.com.my
EduPlay Ecosystem is a decentralized learning ecosystem for online education and professional development that teaches people how to build complete products in future technological fields and to improve their job skills. The ecosystem participants are content creators, viewers, & community. EduPlay is a content-based learning platform that teaches people how to build real products in areas such as programming, business management, game development, artificial intelligence, cybersecurity, data science, and blockchain.
ASIA PACIFIC INVESTMENT BANK (APIB)
21
+60 87-410 977 apibank@apdib.com
Asia Pacific Wenjing Financial Group (hereinafter referred to as the Group) is a wholly-owned Group set up by a well-known Chinese State-owned Enterprise in Malaysia, as a window enterprise which provides international financial services for the Belt and Road countries (company registration number: LL.10729) . Mainly carry out cross-border asset management, financial leasing, international factoring, bond underwriting, structured financing, private equity funds and digital financial featuring businesses. Asia Pacific Investment Bank under the Group was approved by the Malaysian financial regulator and was officially granted the operating license of the legal person investment bank (company registration number: LL.11654) by the Labuan Financial Services Authority (Labuan FSA) of Malaysia in April 2017. The core businesses of Asia Pacific Investment Bank mainly include investment banking, wealth management, brokerage and intermediary business, which cover the industry including infrastru…
Top Blockchain Companies in Malaysia
Factors Contributing to Growth and Success
The Malaysian government has played a vital role in promoting the growth and success of the blockchain industry in the country. It has implemented various initiatives, such as the Malaysia National Blockchain Strategy, which aims to transform Malaysia into a regional leader in blockchain technology by 2025. This initiative provides funding and technical support to eligible companies, thereby boosting the growth of the industry.
Moreover, Malaysia's strategic location in Southeast Asia, coupled with its stable political environment and pro-business policies, has attracted multinational corporations to set up their blockchain operations in the country, driving the growth of the industry.
Industry Growth and Comparison to Previous Years
The blockchain industry in Malaysia has seen steady growth over the years. In 2021, the industry was valued at approximately RM 0.3 billion, and it is projected to grow at a CAGR of 71% between 2022 and 2027, reaching a value of RM 5.3 billion by 2027.
One of the key factors driving this growth is the increasing adoption of blockchain solutions by businesses across various industries. Additionally, the growth of the e-commerce industry and the adoption of Industry 4.0 technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI), has led to a surge in demand for blockchain solutions.
Key Trends
The blockchain industry in Malaysia is experiencing various technological disruptions that are driving the adoption of advanced blockchain solutions. These disruptions include the use of smart contracts, the adoption of blockchain as a service (BaaS) solutions, and the integration of blockchain with other emerging technologies such as AI and IoT.
Another trend in the blockchain industry is the increasing focus on security and privacy. Businesses are increasingly adopting blockchain solutions that offer robust security features to protect their data from cyber threats and breaches. Blockchain vendors can capitalize on this trend by developing solutions that address these concerns and help businesses meet regulatory requirements.
Challenges
Despite the growth and success of the blockchain industry in Malaysia, there are still several challenges that need to be addressed. One of the significant challenges is the lack of regulatory clarity and standardization in the industry, which makes it difficult for businesses to adopt blockchain solutions. This challenge can be addressed through the development of clear regulatory frameworks and industry standards.
Another challenge is the shortage of skilled professionals in the field of blockchain, which makes it difficult for businesses to find and hire qualified personnel. This challenge can be addressed through various initiatives, such as the provision of training and education programs.
Future Outlook
The future outlook for the blockchain industry in Malaysia is positive, with a projected growth rate of 71% between 2022 and 2027. The increasing adoption of advanced blockchain solutions, such as BaaS and smart contract solutions, is expected to drive this growth.
Moreover, the government's initiatives to transform Malaysia into a regional leader in blockchain technology, coupled with the increasing adoption of Industry 4.0 technologies, is expected to drive the growth of the blockchain industry in Malaysia. Additionally, there are opportunities for blockchain vendors to tap into the emerging industries in Malaysia, such as renewable energy and healthcare, which are expected to drive the country's economic growth in the coming years. The adoption of blockchain solutions in these industries can help businesses manage their data more efficiently and effectively, contributing to their success and the overall growth of these sectors.
Another trend in the blockchain industry is the increasing use of decentralized finance (DeFi) solutions, which involves the use of blockchain technology to provide financial services such as lending and borrowing without the need for intermediaries. This trend is expected to transform the financial services landscape in Malaysia, making financial services more accessible and cost-effective for businesses and individuals alike.
Conclusion
In conclusion, the blockchain industry in Malaysia is poised for continued growth and success, driven by government initiatives, technological disruptions, and changing business needs. Blockchain vendors must remain agile and innovative to capitalize on these opportunities and address the challenges facing the industry. With the right strategies and solutions in place, the blockchain industry in Malaysia can continue to contribute to the country's economic growth and development for years to come.