Kuala Lumpur, 27 February 2019 – Dagang Net Technologies Sdn Bhd, a wholly-owned subsidiary of Dagang NeXchange Berhad (“DNeX”), has signed a collaborative agreement with LuxTag Sdn Bhd to offer eServices based on blockchain technology.
Under the agreement, both companies will be developing eServices leveraging on blockchain and digital ledger technology (“DLT”) for managing digital assets or digital files that contain such content as text, images and multimedia.
The agreement was signed at a ceremony held earlier today at the World Blockchain Summit in Kuala Lumpur where Dagang Net was represented by its Chief Executive Officer Encik Wan Ahmad Syatibi Wan Abd Manan, and Ms Jasbenderjit Kaur, Chief Technology Officer of DNeX. LuxTag, meanwhile, was represented by Mr Rene Bernard, Chief Executive Officer and Founder, and Encik Faeez M Noor, Chief Financial Officer and Founder. The signing was witnessed by Datuk Dr Mohd Yusoff Sulaiman, President and Chief Executive Officer of Malaysian Industry-Government Group for High Technology (“MIGHT”).
Blockchain is a growing list of records called blocks, which are linked using cryptography with each block containing cryptographic hash of the previous block, a timestamp and transaction data. It is an open, distributed digital ledger that records transactions efficiently in a verifiable and permanent way. Blockchain is resistant to modification of data. Services and solutions leveraging on the blockchain technology can offer integrity, transparency, audit trail capability and resiliency to businesses.
This can effectively address the challenge in managing digital assets especially in handling rights and permissions to access this type of assets.
“We are pleased to be working together with LuxTag to explore opportunities in the increasingly growing market for services backed by blockchain and DLT. The blockchain revolution in managing digital assets is expected to expand to such sectors as education, finance, regulatory, healthcare, and government,” said Datuk Samsul Husin, Executive Deputy Chairman of DNeX, and who is also Executive Chairman of Dagang Net.
He said with potential benefits that the blockchain technology can offer to users, organisations are looking into ways how this technology can be incorporated in their businesses and services.
“Our venture into blockchain and DLT is part of the company’s Dagang Net Digital Platform initiative to provide end-to-end, innovative services to help customers be more efficient. In addition to offering new services based on this technology, we will also use blockchain to upgrade our services in Trade Facilitation and expect to invest about RM1.5 million from a total ICT budget of RM20 million this year,” added Datuk Samsul Husin.
Rene Bernard, CEO of LuxTag said, “At LuxTag, we see ourselves as creators, inventors and innovators. Dagang Net, on the other hand is very good at servicing businesses with productised solutions. This is a perfect fit for a strategic cooperation."
From left to right:
1. Datuk Dr Mohd Yusoff Sulaiman, President and Chief Executive Officer of MIGHT
2. Mr Rene Bernard, Chief Executive Officer and Founder of LuxTag
3. Encik Wan Ahmad Syatibi Wan Abd Manan, Chief Executive Officer of Dagang Net
4. Ms Jasbenderjit Kaur, Chief Technology Officer of DNeX
5. Encik Faeez M Noor, Chief Financial Officer and Founder of LuxTag