By TMR / Pic by TMR FILE PIX

MY E.G. Services Bhd introduced decentralised finance (DeFi), leveraging on the power of blockchain technology, to bring accessible affordable and efficient cryptocurrency services.

In a filing to Bursa Malaysia today MYEG said it will offer its DeFi products to users of Digital Asset Exchanges (DAXs) which are licensed as Recognised Market Operators in Malaysia and abroad. 

DAXs operate platforms for the trading of various cryptocurrency assets, including Bitcoin and Ethereum.

“This pioneering service by MYEG will enable holders of cryptocurrencies to enter into smart contracts for the purposes of borrowing cryptocurrency or lending against their cryptocurrency assets. These DeFi offerings, along with more information, can be accessed at https://www.myeg.com.my/defi,” said MYEG.

It added digital assets have become increasingly mainstream and more widely-used.

“Leveraging on a 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,” the company noted.

MYEG expects to introduce more pioneering products and services based on blockchain technologies.

“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,” it added.