Malaysia and China collaborate on AI to improve cross border transactions
Malaysia’s public blockchain platform developer Zetrix and Universiti Malaya (UM) are partnering with China Academy of Information and Communications Technology (CAICT) to develop cutting-edge Artificial Intelligence (AI) technology as part of their ongoing intergovernmental research collaboration.
The project, titled “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications,” aims to leverage AI to streamline and optimize cross-border trade processes, with the ultimate goal of reducing inefficiencies and improving the overall ease and speed of cross-border transactions.
The collaboration is part of the intergovernmental collaboration between Malaysia and China in the field of Science, Technology, and Innovation, which is designed to foster research partnerships between the Chinese government and overseas governments. Malaysia is one of the 14 countries participating in this program.
TS Wong, Group Managing Director of MYEG Services Bhd, which owns and develops Zetrix, expressed his enthusiasm for the expanded research focus. He believes that AI and Web 3 are the two key complementary technologies that will disrupt the whole spectrum of digital services. Web3 provides the architecture that supports the deployment of AI functionalities on authenticated digital assets. Wong added, “Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution (4IR) technologies to transform cross border trade and settlement.”
The lead researcher at UM, Dr Saaidal Razalli Azzuhri, highlighted the potential benefits of the expanded research initiative. “The incorporation of AI into our ongoing research work opens up a whole new realm of possibilities,” Dr Azzuhri said. “We expect that the synergistic combination of AI and blockchain technology will lead to breakthroughs that greatly enhance the efficiency and security of cross-border trade.The addition of AI to the scope of this tri-partite collaboration is timely and comes even as Zetrix continues to lead the way in the deployment of services that are at the intersection of blockchain and AI.”
Last month, Zetrix successfully deployed its Digital Identity Service, a W3C-compliant pioneering decentralized identity service that enables online engagements with real humans to be verified and distinguished from those with AI agents.
This collaboration between Zetrix, UM, and CAICT marks yet another significant stride towards international cooperation in AI research. It also recognizes the importance of international cooperation and knowledge-sharing in realizing the full potential of AI in advancing cross-border trade, which helps forge a path towards a more connected, efficient, and prosperous world economy.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd [MYEG], the cross-border and cross-chain integration with China Blockchain enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).