After digital banking, CNAsia now eyes artificial intelligence

WITH success being illusive in its recent quest to make a fortune in the digital banking venture, CNAsia Corporation Bhd has turned its sight on yet another business journey – artificial intelligence (AI).

The company which is currently involved in the manufacturing of skid tanks has shown interest in Acme Holdings Bhd and the latter’s AI joint venture (JV) with Skymind Holdings Bhd.

Acme had on Nov 23 inked a joint venture agreement with Skymind and Java Multimedia Sdn Bhd (JMSB) to collaborate in the manufacturing of hardware devices required for AI solutions through a JV company Skymind Intelligent Systems Sdn Bhd (Skymind Project).

In a letter to ACME dated Jan 19, CNAsia’s executive director Tengku Shamsulbhari Tengku Azman Shah has expressed the latter’s interest to subscribe 20% private placement shares in Acme.

On the same note, he also highlighted CNAsia’s intention to embark on a JV project with ACME in its forthcoming Skymind Project.

“The Skymind Project will develop new advanced edge computing devices that will drive the country’s digital transformation through the innovative and widespread use of AI and data deployment,” Tengku Shamsulbhari pointed out.

“CNAsia would like to join ACME to provide funds for the Skymind Project as well as promoting and developing the business.”

It has been reported that the proposed initial shareholding of Skymind Project were ACME 30%, Skymind 49% and JMSB 21%.

An edge device is a device which provides an entry point into enterprise or service provider core networks. Examples include routers, routing switches, integrated access devices (IADs), multiplexers, and a variety of metropolitan area network (MAN) and wide area network (WAN) access devices.

Earlier this month, CNAsia had inked a memorandum of understanding (MoU) with Intcys Sdn Bhd under which it plans to invest RM400 mil to establish a consortium to provide digital banking services for women.

Under the proposed MyWeW (Women Empowering Women) Digital Bank, the company plans to offer services such as entrepreneurial financing, microloans, applications of debit and credit cards, and opening of digital bank accounts.

At the close of the morning session, CNAsia was down 3 sen or 1.97% to RM1.49 with 723,600 shares traded, thus valuing the company at RRM82 mil. On the contrary, Acme was up 1 sen or 3.28% at 31.5 sen with 1.67 million shares traded (market cap: RM97 mil). – Jan 21, 2021

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