Artronic in blockchain R&D with Cambodia’s Panda Commercial Bank

ARTRONIQ Bhd’s wholly owned subsidiary, EA Global Integrated Sdn Bhd, has entered into a letter of intent to provide services and consultation to Cambodia’s Panda Commercial Bank PLC in the research and development of blockchain financial services.

Artroniq told Bursa Malaysia today that the total investment by Panda for the research and development (R&D) of financial services with blockchain technology is about US$10 million (RM45.9 million) spread over two years.

The investment will include the compiling of documentation and requirement, R&D of smart contracts for blockchain financial services such as assets management, payment, remittance and insurance solutions, consultation services and maintenance services upon product launching.

“The proposed collaboration is to further strengthen and expand market penetration in Cambodia. The proposed collaboration is also intended to venture into new source of business income to the group,” said Artroniq.

Panda Commercial Bank is a new age digital banker which officially opened for business on Feb 29, 2020, and engages primarily in general banking business and the provision of related financial services. — TMR / pic AFP