OMC GROUP READY TO ROLL WITH BLOCKCHAIN SOLUTIONS
OMC Group Sdn Bhd (“OMC Group” or “Company”), the blockchain arm and subsidiary of AIO Synergy Holdings Berhad (“AIO Synergy”), is set to offer more blockchain solutions to businesses, government and the community to help them operate in a world that is increasingly going digital.
OMC Group offers solutions through the Company’s own patented decentralised ledger technology (“DLT”) known as Authorised Proof of Capacity (“APoC”), which is the consensus mechanism used to run the OMChain. The APoC consensus mechanism is used for trust and verification purposes on the OMChain.
OMC Group was founded by Dato’ Jack Lee, who is also the CEO of the company. Lee is an entrepreneur active in e-commerce and also in cultural activities in his home state of Sarawak. Commenting on the value and importance of blockchain, he said: “We are in the midst of witnessing how technology has evolved and how businesses are conducted differently from the way it was. The move to doing business digitally paves the way for the business we are in as blockchain strongly encourages transparency and immutability.”
“For us, we are offering our blockchain solutions to serve merchants, which includes a decentralised ledger that is secure, trustworthy and transparent together with a community and ecosystem that we support through our hybrid Point of Sales (“POS”) devices that includes a mining feature rewarding users with points that can be used for transactions”.
OMC Group has integrated blockchain technology into a number of products and services, launching the second version of the hybrid POS device together with hot wallet in Malaysia in the second quarter of 2020 (“Q2 2020”) after launching sales of the POS devices and hot wallet in China in Q3 2019. The devices and hot wallet are now available in 11 countries in East Asia and Southeast Asia. In total, over 29,000 POS devices have been sold together with the hot wallet since it was made available.
In the pipeline is the launch of the Asia Blockchain Centre in Q3 2020, which will be a hub supporting blockchain startups through education, providing solutions for businesses, government and the community as well as offering solutions on the applications of blockchain technology. OMC Group will also be launching a debit card in Q4 2020. In tandem with the launch of the Company’s products and services, it will also be carrying out a series of campaigns to bring awareness on blockchain technology and its uses.
OMC Group also supports the OMC ecosystem comprising OmniChat, a text/video/picture messaging platform that has 20 million users worldwide; Omnipay, a peer-to-peer payment network that has a third-party payment license in China as well as more than 10,000 merchants on-boarded and; Omnity, a smart community management application that can securely store customer information and collect management fees with more than 48,000 daily active users.
The Company’s long-term plans include obtaining a license in Malaysia to enable it to operate financial services in 2021 such as cross-border payment services as well as expanding its footprint globally through offering its own patented DLT technology, APoC.
