OMC Group set to offer more blockchain solutions

KUALA LUMPUR: OMC Group Sdn Bhd, the blockchain arm and unit of AIO Synergy Holdings Bhd, 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 founder and chief executive officer Datuk Jack Lee said Malaysians 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,” he said in a statement today.

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 this year (Q2 2020) after launching sales of the POS devices and hot wallet in China in the third quarter of 2019 (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 licence 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 licence 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.

OMC Group Sdn Bhd was incorporated to research and develop blockchain technology under AIO Synergy Holdings Bhd, a company founded in 2014 and specialising in software development services including web and mobile applications, social trading, affiliate marketing and games solutions. – Bernama