MyEG To Offer DeFi Products To Malaysians, Including Cryptocurrency Services

Alex Cheong Pui Yin

9th August 2021 - 2 min read

MyEG Services has revealed that it will be rolling out decentralised finance (DeFi) products for the Malaysian public soon. This includes providing cryptocurrency services to investors who currently carry out their transactions on digital asset exchanges (DAX) that are licenced as recognised market operators locally and abroad.

According to a statement by MyEG, the new service will allow cryptocurrency investors to tap into smart contracts when they wish to borrow cryptocurrency or lend against their cryptocurrency assets. To clarify, smart contracts are “digital” agreements that are embedded within a blockchain (in the form of computer codes), which will self-execute once predetermined conditions are met.

“As digital assets become increasingly mainstream and more widely-used, DeFi services will allow holders of cryptocurrency assets to maximise the returns on their investments. Leveraging on proven financial technology platform, DeFi uses blockchain technology – in particular, cryptocurrencies and smart contracts – to enable the provision and settlement of transactions such as borrowing and lending without the need for conventional intermediaries,” explained MyEG.

Additionally, MyEG said that it may soon introduce more pioneering products and services that rely on blockchain technologies, in line with Malaysia’s digital agenda. This is because it believes that all types of assets will eventually be digitalised on a decentralised or multi-centred platform.

“Blockchain technology is especially suited to government services as it provides immutability and enables tracking and verification, thus ushering in the next generation of public service delivery,” the government’s digital service provider further said.

For context, there are currently four recognised market operators for DAX that are registered with Securities Commission Malaysia, namely Luno Malaysia, SINEGY Technologies, Tokenize Technology, and MX Global.

(Source: The Edge Markets)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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