Neurogine Group of Companies, a digital transformation, technology and service provider in Southeast Asia, has collaborated with Universiti Malaysia Sabah (UMS) to establish a living technological laboratory in Labuan.

The initiative, known as the "UMS Asian Centre of Excellence for Financial Blockchain" (UMS ACoE), aims to create an innovation cluster focused on blockchain technology, particularly in financial applications and platforms addressing food security.

It said the joint effort would involve talent consolidation from Sabah, Sarawak, Brunei, Indonesia, and East Asia, positioning UMS ACoE as a Financial blockchain innovation hub.

Neurogine chairman Chen Chee Peng said the decision was reached following the Board of Advisors' 2024 Annual Meeting held for the first time in Labuan.

He said that the board had visited the UMS Labuan International Campus (LIC) earlier and inspected potential locations, favouring two for their size and resources.

Chen further stressed the current shortage of talent in blockchain technology despite its growing importance, highlighting the centre's role in attracting and Additionally, Chen expected the centre to play a crucial role in the rise of central bank digital currencies across Asia, emphasising the demand for talent in this evolving landscape.

As such, the initiative would not only create job opportunities but also attract foreign investments to Labuan, potentially transforming commerce and social aspects in the region, he said.

Furthermore, he said the company aims to nurture youth talents via the centre, advocating for the digitalisation agenda to benefit Labuan's communities, especially with the impending relocation of Indonesia's capital city.

Chen expressed optimism that the collaboration with UMS would yield positive economic, technological, and social growth in Labuan.

The proposed UMS ACoE will seek suitable talent and provide a dedicated platform for them to showcase and demonstrate their financial blockchain application and solutions.

"We propose close cooperation with the two faculties at UMS LIC, namely Labuan International Finance Faculty and Computing and Informatics Faculty, as both are in the right position to develop talent in this field, which combines technology and finance," he said.