KUALA LUMPUR , MALAYSIA, November 15, 2021 /EINPresswire.com/ — Malaysia’s Ministry of Science, Technology, and Innovation have selected ProximaX as an Innovation Acceleration Network partner for its National Technology and Innovation Sandbox.
The National Technology and Innovation Sandbox, launched by Malaysia’s Prime Minister in 2020, is a program that enables researchers, innovators, and entrepreneurs to test their products and services in a live environment and qualify for grants to bring those products and services to market.
Amongst established industry players, the ministry placed ProximaX under three categories:
Technology: Infrastructure and tools.
Market access: Go-to-market facilitation.
Subject matter: Technology advisory.
As a partner, ProximaX can become a frontrunner for working with sandbox participants using its ProximaX Sirius blockchain infrastructure and development platform to power solutions for digital identity, carbon credits, digital securities, mobile payments, supply chain management, and many more.
ProximaX will work closely with the ministry and its partners to champion local innovation and create a smoother pathway for Malaysian companies to successfully launch disruptive products for mainstream adoption.
ProximaX is a blockchain-based infrastructure and development platform project that combines blockchain technology with distributed service layers. It integrates blockchain with distributed and decentralized storage, streaming, database, and Supercontract (enhanced smart contract) service layers to create an all-in-one, easy-to-use platform. ProximaX is built for scalability and can include more services in the future without compromising on performance. It is a unique enterprise-grade platform developed on proven technologies and is available in a private, public, and hybrid network configuration.
ProximaX’s extensive utility and flexibility can be used for a wide range of use cases that include, but are not limited to, W3C compliant digital identity, KYC, video streaming and chat, IoT and robotics, big data and AI, records and reporting, business continuity, legal and notary services, medical records, land registry, capital markets, e-payments and core banking, and supply chain management.
The National Technology and Innovation Sandbox (NTIS) was first announced as part of the Short-Term Recovery Plan (PENJANA) in June 2020 and subsequently launched on 19 August, 2020 by the Prime Minister. A programme that allows researchers, innovators and entrepreneurs to test their products and services in a live environment and qualify for grants to bring those products and services to market. NTIS relaxes certain regulatory requirements to accelerate the development of innovation from the R&D stage to being commercially ready. With an RM100 million allocation, it was tasked with fast-tracking the nation’s aspiration to become an innovation-driven economy.
Spearheaded by the Ministry of Science, Technology and Innovation (MOSTI), with MaGIC as the lead secretariat, NTIS aims to create high-skilled job opportunities to increase Gross Domestic Product (GDP), Gross National Income (GNI) and social inclusion, as well as to enhance the participation, investment and collaboration in research by the private sector.
The vision of NTIS was first conceived with two goals. First is to champion local innovation and to create a smoother pathway for Malaysian technology to get to market. Second, is to use NTIS as a testbed for disruptive technologies that would enable Malaysia to solve some of our grand challenges that have been exacerbated by the pandemic.