(From left to right) Ella Ahmad (Director of Client Relations), Melvyn Ho (COO), Datuk Clifford Hii (CEO), and Kelvin Cheong (Director of Risk & Compliance, GamBit Group) at the launch of the GamBit
Digital asset services are rapidly gaining traction in Malaysia, reflecting a broader global trend towards the adoption of digital currencies and blockchain technology. For the average person, this means greater access to financial services, including easier and more secure ways to invest, save, and transfer money.
Digital wallets and cryptocurrencies are becoming more mainstream, offering convenience and new opportunities for wealth management. For businesses, the rise of digital asset services translates to enhanced efficiency, reduced transaction costs, and the potential to tap into new markets.
Companies can leverage blockchain for transparent and immutable record-keeping, while also exploring innovative financial products and services.
Digital asset services continue to gain ground in Malaysia – especially as a transaction method – with a projected revenue generation of US$312.1 million as of 2024. With a significant portion of these transactions driven by SMEs and local investors, the demand for secure and transparent platforms has never been more urgent. Enter GamBit Custody, a subsidiary arm of homegrown digital asset solutions provider GamBit Group and Malaysia’s first Token Crowdfunding wallet for issuers.
Recently approved by the Securities Commission as a Digital Asset Custodian (DAC), GamBit Custody is poised to provide the necessary security for these innovative fundraising models. Notably, GamBit Custody served as the custody wallet for BidNow, an e-auction company as they successfully closed Malaysia’s first-ever Token Crowdfunding two weeks ago. The campaign, hosted on the Initial Exchange Offering (IEO) platform PitchIN, raised RM10 million via utility tokens, shows growing investor confidence in token-based fundraising. In addition to BidNow, GamBit Custody also provides digital asset protection to Frac, a tokenisation enabler for enterprises in the luxury assets, NGO, and intellectual property sectors. Frac’s approach allows enterprises to go to market at one-tenth of the usual cost and one-third of the time needed.
“While many digital asset custodians globally serve crypto exchanges or institutions, we focus on catering our infrastructure to the unique needs of SMEs. We identified a gap in providing affordable digital asset wallets for enterprises without them burning through their finances, and we hope GamBit Custody will help bridge it by offering secure, cost-effective custodial solutions,” shared Datuk Clifford Hii, Founder and CEO of Gambit Group.
In line with these developments, GamBit Group has launched the RM100 million GamBit Growth Fund, aimed at fueling its expansion into the fiscal and digital asset sectors. The funds have been earmarked for growth and expansion purposes, specifically investing in new, emerging opportunities, and developing and improving in-house technologies. This allows GamBit Group to remain at the forefront of innovation within the fintech ecosystem. In doing so, they seek to curate a cross-asset management ecosystem which democratises access to financial services across the country.
A core focus of these efforts includes addressing the challenges local SMEs face in securing funding for growth and development, particularly the lack of access to reliable financing options. East Malaysia, in particular, stands out for its burgeoning economic potential and the unique challenges it faces in terms of accessibility. In line with this, GamBit Group is turning its focus back to Sarawak, the home base of its founder, Datuk Clifford Hii, and will be allocating up to RM20 million to support local SMEs in a bid to bridge this gap, helping them access essential government grants and resources.
“I believe the next decade of growth will emerge from Sarawak, thanks to the state government’s stability and openness to new technologies. What Sarawak’s SMEs need now is access to these emerging technologies, and this is where Gambit Group steps in. Our custodian infrastructure extends beyond cryptocurrency to include blockchain-verifiable certificates, carbon trading, and potentially even National ID systems. These are the innovations I am excited about, and I see this vision coming to life in Sarawak,” Datuk Clifford shared.
