MyEG’s shares up on plan to introduce DeFi service in Malaysia

KUALA LUMPUR: MyEG Services Bhd’s shares on Bursa Malaysia rose in the early session today after the company announced its plan to introduce decentralised finance (DeFi) product last Friday.

At 9.53am, its share price went up 3.0 sen to RM1.62 with 1.07 million shares traded.

In a news report, MyEG said the DeFi service will provide cryptocurrency services to users of digital asset exchanges which are licensed as recognised market operators in Malaysia and abroad.

MyEG said the service will enable holders of cryptocurrency to enter into smart contracts for the purposes of borrowing cryptocurrency or lending against their cryptocurrency assets.

“As digital assets become increasingly mainstream and more widely-used, DeFi services will allow holders of cryptocurrency assets to maximise the returns on their investments.

“Leveraging a proven financial technology (fintech) platform, DeFi uses blockchain technology — in particular, cryptocurrencies and smart contracts — to enable the provision and settlement of transactions such as borrowing and lending without the need for conventional intermediaries,” it said. – Bernama