Kuala Lumpur-based fintech company MX Global Sdn Bhd (“the Group") has acquired new capital injections through an equity investment from blockchain and digital asset ecosystem Binance and Redeemable Convertible Preference Shares (RCPS) subscribed by Cuscapi Berhad, a Malaysian digital business solutions provider.
The strategic collaboration will go into building MX Capital's brand awareness, hire more high-quality talent and develop new features within Malaysia's regulatory framework. Additionally, this objective will help boost sustainable digital asset growth in Southeast Asia and create opportunities for future partnerships in the region.
CEO of MX Global, Dato' Fadzli Shah stated in a press release that not will Binance's cooperation further help MX Capital's plans to be the preferred liquidity platform for digital assets globally but also provide the most capital-efficient opportunity for them to match other global players in the industry.
Providing solutions to store and trade digital assets through a regulated local digital asset exchange, MX Global is one of four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021.
Changpeng Zhao, Founder and CEO of Binance also spoke on the potential their group see in Malaysia given its respected and innovative digital asset 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 digital asset and blockchain ecosystem."
"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 digital assets to conduct commerce. With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive," added Cuscapi Berhad Executive Chairman, Datuk Jayakumar Panneer Selvam.
The strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the market in Malaysia and Southeast Asia.