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Platforms Featured Southeast Asia

Gulf Energy announces establishment of digital asset exchange business with Binance

Bangkok, Thailand – Gulf Energy, a national electric power generation company, has announced that it has entered into a memorandum of understanding (MoU) with global cryptocurrency exchange Binance in establishing a digital asset exchange business.

As part of the MoU, Gulf Energy has also announced that it will be investing in Binance’s cryptocurrency coin BNB. The announcement by Gulf Energy to enter into the cryptocurrency business was made during the company’s recent regulatory filings with the Stock Exchange of Thailand (SET).

“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the Company to expand into other digital asset-related initiatives in the future,” Gulf Energy said in the regulatory filing.

In addition, Gulf Energy has announced that it has invested in a series seed preferred stock issued by BAM Trading Services Inc., the operator of a regulated digital asset exchange in the USA under the name Binance.US.

Gulf Energy’s venture into cryptocurrency is announced despite recent regulatory changes from the Thai government regarding the use of cryptocurrency and digital assets as means of payment.

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Platforms Featured Southeast Asia

MY fintech MX Global scores investment from Binance, Cuscapi 

Petaling Jaya, Malaysia – MX Global, a Malaysian-based fintech company, has scored an equity investment to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework. 

Said equity investment came from global cryptocurrency and blockchain ecosystem Binance and a Redeemable Convertible Preference Shares (RCPS) investment from digital business solutions provider Cuscapi Berhad.

MX Global is 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.

In addition, MX Global offers solutions for users to store and trade cryptocurrencies under compliant and safe cyber-security environments including a regulated local cryptocurrency exchange.

Dato’ Fadzli Shah, CEO of MX Global, said, “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.”

Meanwhile, 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.

Changpeng Zhao (CZ), founder and CEO of Binance, said, “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.”

Lastly, Datuk Jayakumar Panneer Selvam, executive chairman at Cuscapi Berhad, commented, “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.”