The founder of Country Heights Holdings Bhd, Lee Kim Yew, has established Golden Horse Investment Bank to ensure that Malaysia can ride on China’s economic trend and act as a convergent point between China and Western countries.
He said China had gone through 40 years of reform and had successfully transitioned to smart manufacturing.
“The country has also done a good job in the prevention and control of the recent Covid-19 pandemic. This shows that China’s people-oriented socialist economic route is successful,” he said in a recent statement.
Adding that China’s RMB is moving towards digitalisation, he said it is expected that the digital RMB will become a mainstream currency in the future.
“The bank will create a more forward-looking change in the financial system which allows people to move from the traditional world of fiat money to the world of cryptocurrency,” he said.
Lee said blockchain technology could provide unprecedented liquidity for assets such as cash, stocks, property, and antique collections.
“Blockchain technology is not only to provide solid digital currency, but also to chain and connect various industries to form a more efficient, transparent and equitable trading market that can propel the market economy towards a mature capitalism,” he said.
He also said the cryptographic features of blockchain technology, with its immutability and traceability, were more reliable from an accounting perspective.