BINANCE AND CUSCAPI BERHAD TO TAKE STRATEGIC STAKES IN MX GLOBAL

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The strategic cooperation will help support sustainable digital asset growth in South-East Asia, and create opportunities for future partnerships in the region

PETALING JAYA, Malaysia, March 1, 2022 /PRNewswire/ — MX Global Sdn. Bhd. (MX Global) today announced an equity investment into the company from Binance, the world’s largest digital asset and blockchain ecosystem. In addition, MX Global also landed another investment for Redeemable Convertible Preference Shares (RCPS) into the company by Cuscapi Berhad, a pioneer digital business solutions provider in Malaysia.

Changpeng Zhao (CZ), Founder and CEO of Binance
Changpeng Zhao (CZ), Founder and CEO of Binance

 

Dato' Fadzli Shah, CEO of MX Global
Dato’ Fadzli Shah, CEO of MX Global

 

Datuk Jayakumar Panneer Selvam, Cuscapi Berhad Executive Chairman
Datuk Jayakumar Panneer Selvam, Cuscapi Berhad Executive Chairman

These new capital injections will allow MX Global, a licensed fintech company, to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework.

MX Global is one of the four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021 and complies with the standards and practices to uphold investor protection in conducting safe and secure trading of digital assets in the country. MX Global offers solutions for users to store and trade digital assets under compliant and safe cyber-security environments including a regulated local digital asset exchange.

CEO of MX Global, Dato’ Fadzli Shah said, “MX Global aspires to be the preferred liquidity platform for digital assets locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers.”

With this initial effort to support sustainable growth in the digital asset market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations.

Changpeng Zhao (CZ), Founder and CEO of Binance, said, “We see potential 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.”

Speaking on the investment from Cuscapi Berhad, Dato’  Fadzli Shah expressed his excitement in working together with the major digital business solutions provider that holds an extensive list of well-known clients.

“I believe that this cooperation will not only expand the potential services that MX Global can offer in the future, but it will also allow the company to innovate and revolutionize the payment system in Malaysia,” commented Dato’ Fadzli Shah.

Cuscapi Berhad Executive Chairman, Datuk Jayakumar Panneer Selvam stated, “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.”

The strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the market in Malaysia and South-East Asia. The investments from two major players, Binance and Cuscapi Berhad, will allow MX Global to venture into a much bigger clientele pool. This will also no doubt propel MX Global to become the major player in the industry.

ABOUT MX GLOBAL

MX Global is a Kuala Lumpur-based fintech company with a mission to create a highly accessible and secure digital asset trading platform that allows merchants, consumers, and traders to transact digital assets. MX Global envisions the MX Global trading platform to be the preferred liquidity platform for digital asset investors and issuers in Malaysia.

In light of the demand for digital assets, MX Global has created a user-friendly platform for users to begin trading in Bitcoin and Ethereum. MX Global offers end-to-end solutions in storing, buying and selling digital assets within its exchange and MX Global’s compliance management system reflects strong integration of cyber-security controls, giving you peace of mind.

Aside from that, MX Global has also appointed leading professional advisory and legal firms to provide support in the areas of advisory, legal, compliance, business operations and risk management design to continuously strive to be the leading example of best practices in the industry.

ABOUT BINANCE

Binance is the world’s leading blockchain and digital asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of digital products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. 

ABOUT CUSCAPI BERHAD

Cuscapi Berhad is a public listed company on the Main Board of the Stock Exchange.

Established in 1978 as DTS (Malaysia) Sdn Bhd, Cuscapi is recognized as a pioneer supplier in digital business solutions in Malaysia. It was listed on the ACE Market in 2004 and changed its name to Datascan Berhad and subsequently in 2007 to Cuscapi Berhad, as a public company.

Cuscapi offers business management solutions, information technology security solutions, consulting services and contact center outsourcing services for businesses across a variety of industries, including retail, hospitality, automotive, telecommunications, finance and public services.

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