Tijarah, Palawan Edc Sign Mou To Boost Blockchain-driven Logistics, Digital Payment

By Jailani Hasan

LABUAN, June 1 (Bernama) -- Tijarah Holding Ltd, a Labuan-based leading Islamic digital asset service provider, has signed a Memorandum of Understanding (MoU) with the Palawan Economic Development Council (Pedco) today. 

This strategic partnership aims to develop and implement blockchain-powered solutions to optimise transshipment logistics and introduce a secure and efficient digital payment system for seamless transactions along the trade route.

The MoU also promotes the Labuan Blockchain Hub as a centre for innovation and Islamic finance-compliant digital asset solutions. 

The signing event was the highlight of a two-day visit by Pedco to Labuan, organised by the Labuan Chamber of Commerce to explore investment opportunities in Labuan.

Tijarah Holding chief executive officer John Pellegrini said the MoU would serve as a springboard for cross-border cooperation in the Islamic digital asset space. 

"By harnessing the power of Maal blockchain technology, we anticipate the Labuan Blockchain Hub to become a key driver of economic growth and innovation, not just for Labuan but for the entire region," Pellegrini said to Bernama today.

At the MoU signing, Pellegrini signed on behalf of Tijarah Holding while Pedco was represented by its president Alex Paglumotan.

Pellegrini emphasised that the blockchain technology and digital settlement introduced by this initiative are expected to enhance efficiency and ensure data integrity through blockchain's immutable nature. 

He said this digital settlement process is projected to facilitate cross-border trade in the region, speeding up transactions and reducing the high costs associated with transshipment operations, thus positioning Labuan as a leading blockchain hub globally.

Pedco, a government agency, is tasked with promoting the economic growth and development in the province of Palawan in the Philippines. Its focus is on attracting investments, creating jobs, and fostering a competitive business environment.

Pellegrini noted that the MoU aligns seamlessly with the broader vision for Malaysia’s technological innovation and economic growth as emphasised by Prime Minister Datuk Seri Anwar Ibrahim in his keynote address at the recent Global Forum on Islamic Economics and Finance (GFIEF) 2024.

-- BERNAMA