ACO TECH, MARII AND GENO SIGN MEMORANDUM TO ACCELERATE MALAYSIA’S EV ECOSYSTEM DEVELOPMENT

Cyberjaya, 19 February 2024 – Smart mobility provider, ACO Tech, has formalised a Memorandum of Collaboration (MoC) with Geno and the Malaysia Automotive, Robotics & IoT Institute (MARii) to explore the use of blockchain solutions for Malaysia’s Electric Vehicle (EV) infrastructure.

Among the blockchain solutions being explored are smart contracts, digital traceability management of supply chain, tokenomics solutions and privacy protection technologies to complement ACO Tech’s solutions for E-Mobility Service Platform (EMSP). This initiative can ensure data privacy and ownership, enable data monetization, and ultimately benefit strategic investors through long-term sustainable investments. The EMSP is the foundational layer of the Government’s overarching Connected Mobility Vision, which will help accelerate development of EV infrastructure in the country.

The collaborative expertise and capabilities by ACO Tech, Geno, and MARii will effectively address concerns associated with owning an EV such as the scarcity of charging ports and inconsistent charging rates. The utilisation of blockchain technology solution empowers EV manufacturers, service providers and owners/users to engage more interactively through a tamper-proof decentralised ledger system. This approach aims to reduce costs, enhance user experience and confidence, and establish seamless tracking and maintenance records. Additionally, it facilitates peer-to-peer energy and charger-sharing, ensuring transparency throughout the entire lifecycle of products and services.

This groundbreaking alliance is in line with the New Industrial Master Plan (NIMP) 2030, as well as the National Energy Transition Roadmap (NETR). The Government aims to achieve 20% of Electrified Vehicles (xEV) by 2030, 50% by 2040 and 80% by 2050. This agreement paves the way for the sector to become the first to leverage blockchain technology on an industry-wide scale in Malaysia. It will also assist the Government in realising the National Automotive Policy (NAP) 2020 by laying a solid foundation for the industry to be able to scale through development of Next Generation Vehicles (NxGV), including EVs. It will also help in creating a national EV-ready infrastructure through Mobility as a Service (MaaS) and blockchain as a service (BaaS).

Present at the MoC signing were ACO Tech Chief Executive Officer Mr. Li Pu, MARii Chief Executive Officer Mr. Azrul Reza Aziz, and Geno Chief Executive Officer Mr. Zhang Yi Ian.

ACO Tech CEO Mr. Li Pu stated, “We are excited at the growth prospects of the mobility sector in Malaysia thanks to the Government’s support and progressive national policies. As a leading smart mobility solutions provider, ACO Tech is ready to share our knowledge and expertise as well as support all stakeholders in achieving national goals. We are confident collaborations such as ours with MARii and Geno are the way forward in accelerating and expediting a comprehensive and conducive EV ecosystem for Malaysia, with an emphasis on security. By addressing challenges and capitalising on opportunities, Malaysia can position itself as a leader in the EV revolution in Southeast Asia.”

MARii CEO Mr. Azrul Reza Aziz expressed their commitment, stating, “Our collaboration with ACO Tech, a joint venture between PROTON, ECARX and Altel Communications, and Geno, marks a significant step forward in shaping the future of Malaysia’s EV ecosystem. By exploring blockchain solutions, we are not only addressing current challenges in the EV sector but also laying the groundwork for a secure and scalable infrastructure aligned with the National Automotive Policy 2020. By synergising our capabilities, we aspire to set new industry standards, promoting sustainable practices and user-centric innovations.”

Geno CEO Mr. Zhang Yi Ian expressed pride in the contributions of the Geno team to the project. “This initiative signifies the first industrial-grade application of a blockchain solution. The primary goal is to facilitate a transformative shift for participating enterprises towards a service-focused model. This strategic move is aimed at enhancing engagement with end-user customers, enabling earlier, deeper, and more enduring interactions,” he said.

ACO Tech, Geno, and MARii are committed to the active exploration of viable technologies towards the national Connected Mobility vision.