Neurogine Sdn Bhd
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| ISIN | 🆔 |
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| Founded 📆 | |
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| Headquarters 🏙️ | 3rd Floor, Block C, Sunway Nexis Business Suite, 1 Jalan PJU 5/11, , Malaysia |
Area served 🗺️ | |
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| Products 📟 | |
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| 🌐 Website | neurogine.com |
| 📇 Address | |
| 📞 telephone | |
Neurogine Sdn Bhd is a Malaysian banking platform and financial technology provider. It has offices in Petaling Jaya, Selangor and Labuan, Malaysia; Phnom Penh, Cambodia; and Hong Kong. It has developed a payment eco-system for banks, financial institutions, licensed entities including licensed Money Services Business and corporations.
It operates three regulated financial activities, money broking,[1] credit token[2] and payment system,[3] licensed by Labuan Financial Services Authority (Labuan FSA). Labuan FSA currently regulates a total of 11 financial activities. It defines licensed Labuan money brokers as "mediators that matches clients with counterparties in money or foreign exchange markets, facilitating transactions and earning brokerage or commission fees"[4] and in licensed credit token operators[5] includes, "digital tokens created in a blockchain ecosystem for use with digital assets in relation to real estate investments, purchase of goods or services provided by participating merchants".
University Malaysia Sabah and Neurogine is expected to jointly research the suitability of digital assets for the agriculture industry soon. This comes after both parties started collaborating in Feb 2020 to train new talent in the digital financial services industry.[6][7][8]
The Ministry of Finance Malaysia approved Neurogine's application as a certified Information Communication Technology supplier for Software/System Development/ Customisation and Maintenance sector (Industry Code: 210104),[9] in April 2022. Those with this certification are eligible to participate in Government projects, tenders and contracts.
Universal Serviced Offices and Management Ltd or USO is said to be the first Labuan-based serviced office company to accept cryptocurrency payments starting April 2022.[10][11] USO announced it has access and capability to accept three conventional fiat currencies; US dollar, Euro and British pound; 2 stablecoins, USDT and USDC; and 10 digital assets via Neurogine nTrade, the online money broking service operatied by Neurogine.[12]
Myanmar Payment Union (MPU) in March 2022 approved the integration of Neurogine nCard®, a Near Field Communication (NFC) and token service payment platform, on its National Payment Switching system which operated by Myanmar Payment Union Public Co Ltd. This means Myanmar banks using this technology can expand and offer contactless digital payment transactions in Myanmar, and help improve economic activity in the country. The World Bank's Myanmar Economic Monitor[13] released in January 2022 only projected a 1% growth in the year to September 2022[14] and reported that such a bleak outlook is attributed to the ongoing impacts of the military coup, and the surge in Myanmar's COVID-19 cases in 2021. One of Myanmar's oldest and largest commercial bank, Co Operative Bank Ltd or CB Bank,[15][16] contracted Neurogine to enable its mobile card payment application, CB Card+, to be certified and use Visa Token Service or VTS. This is a new Visa security technology which uses a token - a unique digital identifier - to replace private account information like the 16-digit card or account number. This additional security offered by VTS is appealing to CB Card+ users in Myanmar's context, and they can now make payments without exposing actual account details.
National Bank of Cambodia or NBC, the central bank of Cambodia, has approved Neurogine nPay® for use on its Bakong Payment System, a common platform for banks, microfinance institutions (MFIs) and payment service providers (PSPs) in Cambodia. This platform would enable banks, merchants and individual account holders to use e-wallets and money transfer services, transacting with businesses and each other, without the need for a bank account. This is aimed at addressing the large unbanked gap in Cambodia.[17] NBC Assistant Governor and Director General Chea Serey[18] clarified that Bakong Payment System is not a Central Bank Digital Currency. The System is built on a Hyperledger Iroha closed-loop permissioned based distributed ledger technology or DLT and allows mobile app-enabled payments using QR code, make peer-to-peer fund transfers - even if the user does not have a traditional account with the bank. Bakong is said to be developed by Japanese blockchain company Soramitsu and counts more than 200,000 previously unbanked Cambodians as users of Bakong e-wallet. This represents a fraction of the more than 70% of Cambodia's 17 million population estimated to be unbanked, who never or rarely use a bank.[19] The World Bank forecasts Cambodia's real gross domestic product (GDP) to grow 2.2 percent due to a resurgence of COVID-19 cases.[20]
Revised guidelines [21] recently issued by Labuan FSA highlights the need to have stricter measures for licensees involved with digital assets, such as those licensed to operate money broking and credit token operations. There has been a constant stream of negativity concerning digital assets in the Malaysian media.[22][23][24] Asian Banking School, a specialised provider of banking training programmes in ASEAN, is training Neurogine to be more adept at detecting financial crimes like money laundering and relevant countermeasures as this company is participating with digital asset transactions. The Asian Institute of Chartered Bankers or AICB, also provide exams and certification for those who have passed its courses like Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer or CAMCO and Certified Anti-Money Laundering & Counter Financing of Terrorism Executive or CAMEX. AICB is a professional banking body in the region, affiliated with Chartered Bankers.
The Malaysian Government in attempting to control the spread of COVID-19, has restricted movement and issued lockdowns,[25][26] affecting Neurogine's bottomline. Despite such setbacks, Neurogine continues to receive support, namely Malaysian Investment Development Authority or MIDA.[27] MIDA's Domestic Investment Coordination Platform (DICP) helped seal an agreement between Hadigy Ltd, a UK-based investment holding company, and Neurogine in March 2021 where Hadigy proposed acquiring 30% equity in Neurogine for US$10 million[28] or 1.93 million ordinary shares.[29] In 2019, Japanese conglomerate Broadleaf Co Ltd, invested US$1 million for 10% equity in Neurogine using its Labuan investment vehicle. Broadleaf provides industry-specific business applications through the network, maintenance services and supplies.[30][31]
References[edit]
- ↑ "List of Labuan Money Brokers". Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 14 May 2022.
- ↑ "List of Labuan Digital Financial Services Provider". Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 14 May 2022.
- ↑ "Labuan FSA Financial Services - Digital Financial Services". Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 15 May 2022.
- ↑ "Labuan FSA Financial Services - Money Broking". Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 15 May 2022.
- ↑ "Labuan FSA Financial Services - Credit Token". Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 15 May 2022.
- ↑ Hasan, Jailani (27 Feb 2020). "Neurogine, UMSKL team up to groom financial services talent". BERNAMA. Malaysian National News Agency. BERNAMA. Retrieved 16 May 2022.
- ↑ "Local fintech firm to help groom talent for global market". Focus Malaysia. Focus Malaysia Sdn Bhd. 27 Feb 2020. Retrieved 16 May 2022.
- ↑ "FKAL jalin kerjasama pintar dengan Neurogine Group dan SMK Rancha-Rancha". Universiti Malaysia Sabah. Universiti Malaysia Sabah. Retrieved 16 May 2022.
- ↑ "Panduan Pendaftaran Akaun Asas dan Syarikat Bagi Perolehan Bekalan dan Perkhidmatan" (PDF). Ministry of Finance Malaysia. Ministry of Finance Malaysia. Retrieved 14 May 2022.
- ↑ "USO Labuan tawar kaedah bayaran kripto". Media Permata. Media Permata. 15 April 2022. Retrieved 15 May 2022.
- ↑ Hasan, Jailani (April 15, 2022). "Labuan's USO offers crypto payment options". BERNAMA. BERNAMA. Retrieved 14 May 2022.
- ↑ "Labuan's USO offers crypto payment option". Daily Express. BERNAMA. April 16, 2022. Retrieved 14 May 2022.
- ↑ "Myanmar Economic Monitor January 2022: Contending with Constraints". The World Bank. The World Bank. Retrieved 15 May 2022.
- ↑ "Economic Activity in Myanmar to Remain at Low Levels, with the Overall Outlook Bleak". The World Bank. The World Bank. Retrieved 15 May 2022.
- ↑ "Neurogine ready to help enhance mobile banking". Borneotoday. Borneotoday Sdn Bhd. 2 Dec 2019. Retrieved 15 May 2022.
- ↑ "Neurogine bantu tingkatkan kapasiti perbankan mudah alih". BERNAMA. Pertubuhan Berita Nasional Malaysia. 2 Dec 2019. Retrieved 15 May 2022.
- ↑ Chandran, Rina (22 Dec 2021). "Cambodia aims hybrid digital currency on blockchain at unbanked". Cambodia Daily. Reuters. Retrieved 15 May 2022.
- ↑ "Cambodia's Serey clarifies: "Bakong is not a digital currency"". The Asian Banker Radio Finance. The Asian Banker. Retrieved 15 May 2022.
- ↑ "NBC - National Financial Inclusion Strategy 2019 to 2025" (PDF). National Bank of Cambodia. National Bank of Cambodia. Retrieved 15 May 2022.
- ↑ "Cambodia Country Economic Update, December 2021: Living with COVID-19". The World Bank. The World Bank. Retrieved 15 May 2022.
- ↑ "Guidelines on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions For Labuan Key Reporting Institutions (AML/CFT and TFS For Labuan KRIs)" (PDF). Labuan Financial Services Authority. Labuan Financial Services Authority. Retrieved 14 May 2022.
- ↑ Saieed, Zunaira (14 May 2022). "Crypto meltdown". The Star. The Star. Retrieved 14 May 2022.
- ↑ John, Alun; Howcroft, Elizabeth (13 May 2022). "Bitcoin set for record losing streak after 'stablecoin' collapse". The Edge. The Edge. Reuters. Retrieved 14 May 2022.
- ↑ Browne, Ryan (12 May 2022). "More than $200 billion erased from entire crypto market in a day as sell-off intensifies". CNBC. CNBC. CNBC. Retrieved 12 May 2022.
- ↑ Tan, Wei Liang. "Covid 19: Malaysian Government imposes harder lockdown measures". Skrine. Skrine. Retrieved 14 May 2022.
- ↑ Tan, Wei Liang; Tai, Kean Lynn. "Malaysia: Covid 19: Malaysian Government Imposes Harder Lockdown Measures". Mondaq. Mondaq. Retrieved 14 May 2022.
- ↑ "Hadigy to acquire 30 pct in Neurogine for US$10 mln". Malaysian Investment Development Authority. Malaysian Investment Development Authority. Retrieved 14 May 2022.
- ↑ "Mida bridges Malaysian fintech start-up with UK firm". The Star (FINTECH NEWS). BERNAMA. March 10, 2021. Retrieved 14 May 2022.
- ↑ Hasan, Jailani (March 8, 2021). "Hadigy to acquire 30pct in Neuroginefor US$10 mln". BERNAMA. BERNAMA. Retrieved 14 May 2022.
- ↑ "Broadleaf Co Ltd". Reuters. Reuters. Retrieved 15 May 2022.
- ↑ "Broadleaf Co. Ltd. Japan: Tokyo". Barron's. Barron's. Retrieved 15 May 2022.
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