|COVID–19 NEWS||Owners of premises in buildings allowed to determine protocol on wearing of face mask at their venue - Johor Exco | Italy greenlights Omicron-adapted COVID-19 booster shots | New COVID-19 cases down 16.9 pct last week | Japan to simplify COVID-19 airport quarantine procedures | EMA endorses Omicron-adapted COVID-19 vaccines ||
LABUAN, Sept 28 -- Technology firm Neurogine Sdn Bhd has launched the Neurogine nTrade® Mobile for its corporate and retail users to solve liquidity and financial access issues plaguing the industry.
Neurogine chief executive officer Owen Chen said the Neurogine nTrade® platform is currently experiencing transactions of approximately RM2 million per week.
“With the release of a dedicated mobile version of Neurogine nTrade®, which offers access anywhere, anytime from any smart device or smartphone, we anticipate both the value and volume of transactions to increase significantly and potentially exceed RM10 million per week.
”We understand the Forex and Securities financial markets are highly established and streamlined, with fiat/digital fiat pairing and transactions highly fragmented,” he said in a statement to Bernama today.
He said there were massive price disparities across exchanges which are caused by existing limitations where each exchange operates in a silo and this effectively limits their offerings and subsequently, rates.
Chen said a direct route pairing of USD/ETH in Exchange A could have a different value in Exchange B, and subsequently, a multi-route, multi pairing approach across multiple exchanges could lead to extremely significant price improvements.
“Such efforts are resource-intensive, but the main differentiator in Neurogine nTrade® Mobile lies in its Artificial Intelligence (AI) engine and unique algorithms, which is fully capable to ascertain and mine multiple rates from multiple exchanges in a fraction of time.
“Then, depending on the authority from the user, to lock in those rates or release it,” he said.
He also noted that two-factor authentication (2FA), which is used to verify user identity, is used to strengthen access security.
Chen said it has taken Neurogine, which specialises in mobile banking platforms, mobile payment platforms and AI-driven money broking platforms, two years to refine the Neurogine nTrade® Mobile and about six months to completely develop the platform, which is fully engineered and designed by Malaysian talent, unlike others.
He said this was indeed a significant milestone for Neurogine and reflects Malaysia’s focus to be an innovation-driven nation.
Chen said the commercial roll-out of Neurogine nTrade® Mobile has been tasked to Neurogine Capital (L) Ltd, which is fully licensed and regulated by the Labuan Financial Services Authority (LFSA) to operate a Labuan money broking business and recently approved to operate a Labuan payment system operator (PSO) business.
He said the corporate version of Neurogine nTrade® Mobile is positioned as a white-label solution for banks, financial institutions and licensed money services businesses, which can have the application customised and rebranded as their own, with minimal capital expenditure.
“We can complete the customised version within three months to help accelerate their digitalisation plans and retain their account holders, while still complying with know-your-customer (KYC) processes, customer due diligence procedures, anti-money laundering and counter finance terrorism requirements,” he said.