Prague, 14 February 2022 - Royal investment fund in Malaysia, The Royal Invest Fund of Kelantan (RIFK) is finalising preparations for a unique fintech project focused on e-money. The platform is designed to operate via unique and highly secure decentralised blockchain technology.
The project is being developed on an international scale within the framework of The Royal Invest Fund of Kelantan, which was founded by the Malaysian royal family, headed by the current king Muhammad V of Kelantan.
The project is preparing a digital hybrid financial institution, currently within Malaysian territory. Over time, it will also incorporate the project's counterparts in and outside the EU. The result will then enable clients to make use of features such as cross-border digital payment services, use stable e-money and other unique online financial services. The project is part of the prestigious investment platform The Royal Capital Club (RCC) and is managed by the international consultancy group IC Group.
“Our technology will ensure the highest possible security standards. The project for an e-money institution in the territory of Malaysia is the umbrella project for the entire future platform, which will eventually include, among other things, a digital depository, for example,” said IC Group specialist Zuzana Stehlíková.
“Our projects will enable our investors to take advantage of the hybrid environment with no restrictions as regards time or place. We will thus be moving investment into the highly anticipated regulated digital environment of the third millennium,” added IC Group spokesperson Tereza Chvojková.
“The RCC’s clientele is based around a number of prominent royal and investor families and investment entities running business in Malaysia or at the international level,” explains Tereza Chvojková.
What exactly will the solution offer?
The new technology will enable financial transactions to be more quick, secure and less expensive. With this solution transactions can be executed within a matter of seconds, regardless of where in the world they are initiated. In the future this technology will create an alternative to currently used correspondent banks for cross-border transactions, which presently results in transactions taking tens of hours and sometimes even days.
One thing that makes the decentralised blockchain technology unique is that transaction records cannot be deleted or edited, so clients have a transparent overview of the entire transaction history at any time, immediately.
The solution under the platform we are developing is designed to be slim-line, i.e. instead of high street branches it will prefer the use of the on-line environment, through which all transaction-related operations will be possible, including services such as opening an account, the card issuing and related payment transactions. The solution also eliminates all intermediaries, meaning the service works out less expensive in the end.
“We trust this project to be a success and we plan to expand and interconnect the territory of Asia with Europe, with Czech Republic to be one of the firsts. In the future, services such as a depository, security house, brokers or insurance may operate on the same technological basis within the framework of our platform,” adds Zuzana Stehlíková.