MyAngkasa inks deal to push usage of gold-backed instruments in Asean

MyAngkasa inks deal to push usage of gold-backed instruments in Asean

PETALING JAYA: MyAngkasa Holdings Sdn Bhd, a wholly owned-subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd (ANGKASA), is optimistic that its new gold-investment package will help push the usage of gold-backed instruments in Asean.

The agency, earlier today signed into a collaboration with Asean Cooperative Organization (ACO) and Quantum Metal Sdn Bhd, aims to focus on utilizing the use of gold as a medium of transaction.

“MyAngkasa has been appointed as the project manager company (PMC) by ACO in this new venture.

“We intend to use technology infrastructure to facilitate real time transactions and keep gold owners up-to-date and informed of the value of gold they have in their safekeeping or in the vaults managed by banks or appointed vault operators,” said ANGKASA president Datuk Abdul Fattah Abdullah at the signing this morning.

Quantum Metal is currently one of the country’s largest gold bullion distributor and is also the exclusive distributor of Perth Mint, Australia’s official bullion mint, in Malaysia.

Founded in 2012, Quantum Metal, with a paid-up capital of RM10 million, has also developed an integral system enabling real time transactions to and from Australia.

“ACO had chosen to work with Quantum Metal because it is the exclusive distributor of Perth Mint here in Malaysia,” said Fattah, who is also the president of ACO.

“As such, it our hope that this initiative will heighten and facilitate gold-backed investments and trade among intra-Asean cooperatives, as to help cushion themselves against currency volatility and uncertainties.”

Fattah said MyAngkasa will also look at establishing its own vaults for gold storage business at local airports, if the initial gold packages investments are met with strong interest.

“We are looking at establishing these vaults for gold storage sometime in 2019 as this will help us cut down some cost after importing the gold from Australia,” he said.

For the time being, MyAngkasa alongside Quantum Metal will launch its new gold investment package to cooperative members by the end of this month.

By the third quarter, gold wafers of various weights will be made available at all participating Ar-Rahnu Cooperatives outlets.

Formed in 2007, ACO was set up to lead and improve the strategic relations between cooperative movements in ASEAN countries which will help in the implementation of a wide range of activities that benefit all cooperatives.