KUALA LUMPUR, June 26 — Energy market solutions provider Asia Gas Hub (AGH) today signed a memorandum of understanding (MoU) with Malaysia’s national applied research and development centre, Mimos Berhad, to develop a digitised gas trading platform for regional stakeholders.

Dubbed the Malaysia Gas Xchange (MGX), the platform is meant to create a seamless, transparent, and cost-effective environment for gas trading, thereby enhancing Malaysia’s energy security over the long term and improving new investment into gas infrastructure and supply.

AGH chief executive Faris Mustaffa said the collaboration is also aimed at establishing Malaysia as a regional hub for gas trading through the leveraging of Mimos’ complementary expertise and resources.

"We are grateful for Mimos’ expertise and support in our efforts to transform the Malaysia gas market, improve access to imported liquified natural gas (LNG) and provide transparent and competitive market prices through the platform,” he said in a statement here.

"MGX also holds the potential to drive economic growth, attract foreign investment and contribute to Malaysia’s economic diversification and global competitiveness,” he said in statement.

Mimos chief executive Iskandar Samad welcomed the signing and said AGH’s efforts were in line with the liberalisation of the gas marketplace in view of long-term energy security for the nation.

"This collaboration provides an opportunity to explore the use of local technology options in big data analytics, the Internet of Things (IoT) metering and blockchain-based smart contracts to deliver its objectives,” he said.