GamBit Custody, recently approved by Malaysia’s Securities Commission as a Digital Asset Custodian, is driving secure and affordable digital asset solutions for SMEs, including the country’s first Token Crowdfunding wallet. GamBit Group has also launched a RM100 million fund to fuel its expansion, focusing on supporting regional SMEs, especially in Sarawak, to access emerging financial technologies.
6 September 2024 – As digital asset services continue to grow in Malaysia, particularly in transactional usage, the industry is projected to generate US$312.1 million in revenue by 2024. Small and medium-sized enterprises (SMEs) and local investors have been at the forefront of this surge, fueling demand for secure and transparent platforms. GamBit Custody, a subsidiary of the Malaysian digital asset solutions provider GamBit Group, has emerged as a key player in this sector, offering the country’s first Token Crowdfunding wallet for issuers.
Recently approved by the Securities Commission as a Digital Asset Custodian (DAC), GamBit Custody is set to provide crucial security infrastructure for innovative fundraising methods. One of its notable achievements includes acting as the custody wallet for BidNow, an e-auction company, during Malaysia’s first Token Crowdfunding campaign, which raised RM10 million through utility tokens via the Initial Exchange Offering (IEO) platform, PitchIN. This milestone reflects increasing investor confidence in token-based financing. GamBit Custody also protects digital assets for Frac, a tokenization enabler for enterprises involved in luxury assets, NGOs, and intellectual property, helping these businesses enter the market at a fraction of the usual cost and time.
According to Datuk Clifford Hii, Founder and CEO of GamBit Group, the company aims to address a gap in providing affordable and secure digital asset wallets tailored to SMEs. “While many global digital asset custodians focus on serving crypto exchanges or institutions, we are dedicated to providing cost-effective custodial solutions for enterprises,” said Hii.
To further strengthen its position, GamBit Group has launched the RM100 million GamBit Growth Fund to support expansion into digital and fiscal asset sectors. These funds will be used to invest in emerging opportunities, develop in-house technologies, and create a cross-asset management ecosystem that democratizes access to financial services across Malaysia.
A key component of GamBit’s strategy includes addressing the funding challenges faced by SMEs, particularly in Sarawak, where Datuk Clifford Hii is focusing on regional development. The company plans to allocate RM20 million to help local businesses secure government grants and access innovative financial solutions.
Looking ahead, Hii envisions Sarawak as a key growth hub, driven by its government’s progressive stance on technology. He highlighted the potential for GamBit’s custodian services to expand beyond cryptocurrency into blockchain-verifiable certificates, carbon trading, and even National ID systems, positioning Sarawak as a hub for digital finance innovation.
