Blockchain developers from Malaysia will be working with Chinese colleagues to utilize artificial intelligence (AI) in foreign trade. The collaboration, which is part of a China-led international research program, aims to speed up cross-border transactions.
Malaysia and China to Conduct AI Research for Trade Applications of Blockchain Technology
Zetrix, Malaysia’s public blockchain platform developer, and the country’s leading research university, Universiti Malaya (UM), will be joining forces with the China Academy of Information and Communications Technology (CAICT) on implementing AI technology that can improve trade transactions.
In a press release, Zetrix said that a project called “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications” has been selected as part of the intergovernmental collaboration on science, technology and innovation between Malaysia and the People’s Republic.
Initiated by China’s Ministry of Science and Technology, the purpose of the collaboration is to foster research partnerships between the Chinese and other governments. Malaysia is among 14 nations participating in the program.
The joint research will be focused on leveraging AI to streamline and optimize cross-border trade processes. The main goal is to reduce inefficiencies, simplify and speed of cross-border transactions, participants said. TS Wong, managing director of MYEG Services, the company behind Zetrix, commented:
Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution technologies to transform cross-border trade and settlement.
China and Malaysia have been stepping up cooperation in various areas. In early April, Malaysian Prime Minister Anwar Ibrahim unveiled that Beijing is ready to discuss Kuala Lumpur’s proposal for the establishment of an Asian Monetary Fund.
Such organization could allow Asian nations to cut dependence on the International Monetary Fund and reduce reliance on the U.S. dollar, now when China is promoting its own fiat for global use. Ibrahim also revealed that Malaysia’s central bank is working to enable bilateral trade in the national currencies of two countries, the ringgit and the yuan.
Do you expect AI and blockchain technologies to significantly improve cross-border trade transactions? Share your thoughts on the subject in the comments section below.
