Artroniq Berhad has received a letter of intent via its wholly-owned subsidiary, EA Global Integrated Sdn. Bhd. from Panda Commercial Bank PLC based in Cambodia to support its blockchain ambition.
The strategic partnership is premised on the business relationship between EAISB and Panda Commercial Bank for the appointment of EAISB to provide services and consultations in the research and development of blockchain-based financial services for Panda Commercial Bank.
Panda Commercial Bank is a New Age Digital Bank based in Cambodia that officially opened for business in 2020, it engages primarily in the general banking business and the provision of related financial services. It obtained a banking license in 2019 and has plans to open another two branches in Phnom Penh by the last quarter of 2022.
The total investment by Panda Commercial Bank PLC for the research and development of financial services with blockchain technology is approximately USD 10 million which will be for an investment period of 2 years. Scope of work includes compiling documentation and requirement, research and development of smart contracts for blockchain financial services such as assets management, payment, remittance, insurance solutions, consultation services, and maintenance services upon product launching.
Artroniq views the collaboration to further strengthen and expand market penetration in Cambodia and allows the business to venture into a new source of income.
