MX Global Sdn. Bhd, a Malaysia-based fintech firm, announced Tuesday an equity investment into the company from Binance, the world’s largest cryptocurrency and blockchain ecosystem.
MX Global also landed another investment for Redeemable Convertible Preference Shares (RCPS) into the company by Cuscapi Berhad, a pioneer digital business solutions provider in Malaysia, MX Global said in a statement.
These new capital injections will allow MX Global, a licensed fintech company, to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework.
MX Global said that the strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the cryptocurrency market in Malaysia and South-East Asia.
The investments from two major players, Binance and Cuscapi Berhad, will not only allow MX Global to venture into a much bigger clientele pool, but also propel MX Global to become the major player in the industry.
“MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers,” said Fadzli Shah, Chief Executive Officer of MX Global.
With this initial effort to support sustainable growth in the cryptocurrency market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations.
“We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem,” said Changpeng Zhao (CZ), Founder and Chief Executive Officer of Binance.
Speaking on the investment from Cuscapi Berhad, Fadzli Shah expressed his excitement in working together with the major digital business solutions provider that holds an extensive list of well-known clients.
“I believe that this cooperation will not only expand the potential services that MX Global can offer in the future, but it will also allow the company to innovate and revolutionize the payment system in Malaysia,” he added.
Cuscapi Berhad Executive Chairman Jayakumar Panneer Selvam said that this historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential of the use of cryptocurrency to conduct commerce.
“With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive,” he said.
MX Global is a Kuala Lumpur-based fintech company with a mission to create a highly accessible and secure cryptocurrency trading platform that allows merchants, consumers, and traders to transact cryptocurrencies. It envisions the MX Global trading platform to be the preferred liquidity platform for cryptocurrency investors and token issuers in Malaysia.
In light of the demand for cryptocurrencies, the company has created a user-friendly platform for users to begin trading in Bitcoin and Ethereum. It offers end-to-end solutions in storing, buying and selling cryptocurrencies within its exchange and its compliance management system reflects strong integration of cyber-security controls.
Aside from that, it has also appointed leading professional advisory and legal firms to provide support in the areas of advisory, legal, compliance, business operations and risk management design to continuously strive to be the leading example of best practices in the industry.
MX Global is also one of the four Recognized Market Operator-Digital Asset Exchange (RMO- DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021 and complies with the standards and practices to uphold investor protection in conducting safe and secure trading of cryptocurrencies in the country.
Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, its platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
Cuscapi Berhad is a public listed company on the main board of the stock exchange in Malaysia. Established in 1978 as DTS (Malaysia) Sdn Bhd, Cuscapi is recognized as a pioneer supplier in digital business solutions in Malaysia. It was listed on the ACE Market in 2004 and changed its name to Datascan Berhad and subsequently in 2007 to Cuscapi Berhad, as a public company.
The company offers business management solutions, information technology security solutions, consulting services and contact center outsourcing services for businesses across a variety of industries, including retail, hospitality, automotive, telecommunications, finance and public services.