The Centre for Accounting, Banking and Finance (CABF) and the Centre for Economic Studies (CES) parked under the Faculty of Business and Finance (FBF) jointly organised a talk titled “To Introduce Blockchain Technology and Use Cases in Fintech & Non-Fintech Sectors” on 7 November 2018 at Kampar Campus.
Front row, from left: Dr Krishna and Tee with other participants
The talk was delivered by Jimmy Tee, a Software Engineer and Business Consultant at Chaintope Malaysia Sdn Bhd. Present at the talk were FBF’s Department of Finance Head Kuah Yoke Chin, CABF Chairperson Dr M. Krishna Moorthy, CES Chairperson Dr Foo Chuan Chew, lecturers and students.
Chaintope Malaysia (“Chaintope”) was set up in 2017 as a joint venture between Chaintope Japan, a company specialising in blockchain technology development and Tokyo Tanshi, a financial service provider in Japan. Chaintope offers blockchain technology services for both the FinTech and non-FinTech platforms.
Tee commented that the fintech space, driven by the Malaysia Digital Economy Corporation (MDEC), has a huge potential in Malaysia. In this connection, Chaintope hopes to develop the blockchain ecosystem in the country to become a regional blockchain hub. Other blockchain platform developments taking place in the country include the proposed development of a regulatory framework for both initial coin offerings (ICOs) and digital asset exchanges as announced recently in the 2019 Budget and the development of a Shariah-compliant blockchain platform.
In addition to that, Tee also gave a brief summary of the blockchain technology, explaining that its decentralised nature makes it difficult to hack compared to a centralised system. Also, once data is recorded in these blocks, they cannot be modified and manipulated. Blockchain applications include cryptocurrency, such as bitcoin, and smart contracts. Other useful applications include insurance claims processing and cross-border remittances with the blockchain technology making these transactions transparent, fast and cheaper.
With regards to UTAR, Tee stated that Chaintope has been collaborating with the University to co-research blockchain technology projects at the Sungai Long and Kampar Campuses. Other collaborative activities include organising workshops, hackathons and industry attachment for students and lecturers.
The interesting talk was followed by a lively Q&A session and ended with a group photography session.
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