Malaysia wants to attract more blockchain tech professionals

Malaysia has launched a work visa program which targets tech freelancers. The aim is to address a demand for blockchain capable talents.

The Malaysia Digital Economy Corporation (MDEC) (a government-owned organization that oversees the tech sector), a blockchain organization and a job marketplace jointly launched the program.

The program seeks to attract foreign professionals who will have the right to stay in the country for up to 12 months to provide blockchain-related services or undergo training at a Malaysian company.

The MDEC growth ecosystem development vice-president stated that the program will be kicked off by starting with blockchain jobs. The number of visas to be issued depends on the projects that will be run by blockchain companies in Malaysia.

As previously reported, the blockchain organisation established its Blockchain Centre in a 10,000-square foot facility in the capital of Kuala Lumpur to serve as an accelerator, incubator and coworking space. The centre also houses the firm’s Innovation Lab, a headquarters for the research and development of the company’s platform.

In June 2018, a Malaysian government advisory committee, Majlis Perundingan Melayu signed a memorandum of understanding with South Korean blockchain lab for blockchain tech development permissible under Sharia law. The parties aim to develop a blockchain platform and a decentralized application that would meet the social requirements to be considered permissible by the Sharia Commission.

In September 2018, the government of Hong Kong announced an initiative that seeks to attract professionals in distributed ledger technology by simplifying the immigration policy. The move designated the government’s intention to support Hong Kong’s development as a high value-added and diversified economy.

OpenGov reported earlier on the use of blockchain in Malaysia. The nation is working to build the first blockchain-city in Asia, with the aim of using blockchain to make the city the leading tourist destination in Malaysia.

Malacca, the Malaysian city, will reportedly be turning 835 acres into a tourist blockchain-city of the future, with support of the government of China and several major corporations.

The Melaka Straits City will be constructed on a total of 635 acres of reclaimed land, where boutique hotels and about 100 villas with a beautiful sea view and private access to the beach will be built along the coastline, while another 200 acres of the marine area will be kept for building chalets, and water recreation facilities.

More recently, OpenGov Asia reported that Malaysia will use blockchain for securities borrowing and lending. The stock exchange of Malaysia will be working with bank stakeholders in developing Southeast Asia’s first blockchain proof-of-concept for securities borrowing and lending.

The project will explore the opportunities afforded by blockchain technology to develop greater transparency and to address other operational challenges associated with the SBL market in the country. The project aims to ramp up efficiency, speed, and capacity in securities lending supply and borrowing demand.

It is evident that Malaysia is steering the nation towards digital transformation at a rapid pace. OpenGov Asia covered how the Government is looking to secure more investments in high tech (for example, blockchain-based technology).

The investments are necessary for boosting the country’s growth. With its a business-friendly environment and policies fine-tuned to accommodate investors, Malaysia is the perfect place for high-tech investments, according to the Prime Minister.

As the nation now begins issuing work visas as part of the new program, it is expected that Malaysia will see another spike in blockchain innovations and new distributed ledger (DLT) technologies.