SophiaTX Blockchain To Advance National Automotive Industry with MAI
(Pic caption, far right: Choo Kok Weng, APAC Regional Director of SophiaTX, (2nd from right) How Tze Koh, Co-founder of CVM, (3rd from right) Dato’ Madani Sahari, CEO of MAI and (4th from right) Effendy Zulkifly, Co-founder of CVM)
Malaysia Automotive Institute (MAI), an agency under the Ministry of International Trade and Industry (MITI), today signed a Memorandum of Agreement (MoA) with Crypto Valley Malaysia (CVM), a Hybrid Exponential Technologies research and innovation centre, to roll out blockchain technologies and initiatives aimed at pushing forward the national Industry4WRD policy.
Speaking on the occasion, Dato’ Madani Sahari, CEO of Malaysia Automotive Institute (MAI) said, “As the industry begins to recognise the immense potential of blockchain and how it can redefine the automotive industry, it is essential for governments and businesses alike to adapt as technology evolves through strategic partnerships to make transportation more efficient, affordable, accessible, safer and greener. This is what we would like to advance together with CVM and we’re pleased to be part of this collaboration.”
The partnership roadmap focuses on improving supply chain efficiency and transforming after sales and service sector through reputation economy 2.0 by integrating the SophiaTX blockchain with enterprise applications, such as SAP, and other new technologies to accelerate the industries of the future ecosystem.
“Through the deployment of SophiaTX blockchain, we aim to deliver greater efficiencies, enable higher collaboration along the value chain and reimagine new business models, especially when it comes to ownership and use of shared assets,” said Co-founder of CVM, Effendy Zulkifly.
Both organisations will use the SophiaTX blockchain to address common automotive challenges, including the opaque end-to-end supply chain visibility with insights on planned and current demand, traceability of critical items and inventory, limitations of supply at any desired level of the product hierarchy, and improper management of changes to placed orders. The use of blockchain-based applications in supply chain management streamlines sharing of data and ensures both the accuracy and availability of information among parties in multi-tier supply ecosystems.
“Since our inception in 2017, we have been working on SophiaTX blockchain to ensure that it has the capabilities to compete in the industry 4.0 era. Now we are finally seeing the results and are ready to take our blockchain to the national automotive and mobility space to drive greater transparency of accurate information between various parties, improving timely logistics, validating authenticity of spare parts, and reducing erroneous orders,” said Choo Kok Weng, APAC Regional Director of SophiaTX.
As an industry player, SophiaTX is committed to embracing integrated blockchain innovations to enable the industrialisation of the businesses that will lead to higher and significant productivity impact. With years of local and global experience and commitment from its leadership, SophiaTX continues to make progress with its transformation journey through collaboration with its extensive network of partners and industry experts across the integrated value chain. For more information, please visit www.sophiatx.com
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About SophiaTX
SophiaTX is a blockchain platform and marketplace tailored for extending traditional applications like ERP, SCM, CRM, and many others with its robust collaborative and decentralized blockchain capabilities. It is based on a high-speed, secure, and business suitable blockchain protocol and contains open integration API’s to SAP, smart devices, IoT, and other leading enterprise applications. For more information, please visit www.sophiatx.com
About Malaysia Automotive Institute (MAI)
Malaysia Automotive Institute (MAI), is an agency under the Ministry of International Trade and Industry (MITI). Serving as the focal point, coordination centre and think tank for the nation’s automotive industry, it functions to enhance technology, human capital, supply chain, market outreach and aftersales capabilities of all automotive stakeholders and ecosystems. For more information, please visit http://mai.org.my/
About Crypto Valley Malaysia
Crypto Valley Malaysia (CVM) is an independent organisation aimed at developing Hybrid Exponential Technologies – such as Blockchain, Big Data, Artificial Intelligence, Machine Learning, Singularity Technologies and many more – to solve the real-world government and business challenges. CVM’s core mission is to build Asia’s leading ecosystem for blockchain and cryptographic technologies. For more information, please visit https://cryptovalley.my/