3 days ago
- Business
- Malaysian Reserve
FSBM partners Australia's Monochrome to explore blockchain, digital asset ventures
FSBM Holdings Bhd, via wholly-owned unit FSBMI-Command Sdn Bhd, has entered into a collaboration agreement with Monochrome Corporation Pty Ltd, an Australian regulated financial services group specialising in digital asset infrastructure.
The partnership will explore new business models and opportunities in Web 3.0, blockchain platform services, and digital asset infrastructure development.
FSBM I-Command will serve as the technology solutions partner, while Monochrome will provide consulting and advisory services on regulated digital asset investment structures, exchange-traded fund (ETF) operations, and technology enablement for financial services.
Monochrome is the investment manager of the world's first and only two-way in-kind ETF, with assets under management of about A$180 million (RM497 million).
It is led by CEO Jeff Yew, former CEO and co-founder of Binance Australia.
The collaboration follows Malaysia's push to become 'ASEAN's blockchain powerhouse', as endorsed by the Ministry of Digital during Malaysia Blockchain Week 2025 in July.
A recent report estimates that Malaysia's tokenised asset market could reach US$43 billion (RM181.78 billion) by 2030.
'This collaboration represents not only a strategic milestone in our blockchain and digital systems road map, but also a key contribution to Malaysia's next-generation digital infrastructure,' said FSBM deputy executive chairman CK Cheong.
'Leveraging Monochrome's expertise in operating the world's first and only two-way in-kind ETF that directly holds Bitcoin, we look forward to combining our digital asset management expertise with FSBM's local market knowledge to jointly advance practical applications of asset tokenisation technology across the region,' Yew added.
As of mid-2025, FSBM has formed strategic alliances with six technology companies from China, Taiwan, Singapore and Malaysia for projects in intelligent systems development, platform implementation and integrated data solutions.
