Neurogine Sdn Bhd, a financial technology firm, has been selected by PT Pos Indonesia as its technology partner, effective March 15, 2024. This partnership is intended to enhance remittance transactions for Indonesian migrant workers in Malaysia, following a meeting between Neurogine and Bambang Wishnu Krisnamurthi, the Coordinator for the Minister Counsellor Information, Social, and Culture at the Embassy of the Republic of Indonesia in Kuala Lumpur on June 5.
Exploring Blockchain-Based Solutions
On May 20, Malayan Banking Bhd expressed formal interest in collaborating with Neurogine to develop a blockchain-based electronic channel for issuing and managing bank guarantees. Owen Chen, Neurogine’s CEO, mentioned that the company will create a proof of concept (PoC) to demonstrate the feasibility of a blockchain solution in a multi-bank and multi-party context. Neurogine will cover the development costs, and the project’s success will be evaluated based on criteria set by Malayan Banking, the Royal Malaysian Customs Department, and Neurogine.
Talent Development and Academic Collaboration
In addition to its financial technology initiatives, Neurogine is partnering with Universiti Malaysia Sabah (UMS) on the UMS Technology Talent Hub 2024 initiative, which focuses on developing blockchain talent. This initiative, fully funded by Neurogine, will be announced at the UMS Labuan International Campus on June 10, 2024, coinciding with UMS’s 30th anniversary. The program will be hosted by the UMS Labuan Faculty of International Finance, with Chen serving on the judging panel.
Driving Digital Transformation
Neurogine, licensed by the Labuan Financial Services Authority (Labuan FSA), operates as a digital transformation, technology, and service provider across the Asia Pacific region. Chen highlighted the profound impact of the digital economy in transitioning various life tools, financial services, public service tools, and social connections from offline to online. He emphasized the importance of efficient digital identification methods to facilitate seamless financial services, particularly for electronic account opening and public service data querying.
Addressing Digital Identity Challenges
Chen pointed out that current digital identity services are inadequate, leaving billions of global smartphone users struggling with personal authentication and mobile collaboration. He suggested that integrating government-issued digital IDs with enterprise digital identity services could enhance e-invoicing, e-payment, and e-governance services, thereby driving economic and social strategies. Neurogine’s research is focused on establishing a viable digital identification model that links existing enterprise digital identity services to government-citizen data, enabling smart account opening and targeted subsidy distribution.
Relevance in the 4th Industrial Revolution
Chen noted the particular relevance of this model in the era of the 4th Industrial Revolution, where smartphone penetration is high. He stated that the findings of Neurogine’s research have significant implications for social protection and labor programs, improving program equity, enhancing cash handling security, and integrating government service delivery. The research provides evidence on how Government-to-People (G2P) payment systems can impact the financial behaviors of marginalized citizens, especially in remote areas, and streamline administrative procedures for greater efficiency and transparency.
Future Prospects
Neurogine’s partnership with PT Pos Indonesia and its collaboration with Malayan Banking Bhd and UMS reflect its commitment to leveraging technology to enhance financial services and develop blockchain talent. These initiatives are expected to drive significant advancements in the digital economy, addressing critical challenges in digital identification and financial inclusion. By integrating innovative solutions and fostering academic collaboration, Neurogine aims to play a pivotal role in the ongoing digital transformation across the region.