OMC Group ready to roll with blockchain solution

By Edil Corneille

OMC Group, the blockchain arm of AIO Synergy, has announced that it is set to offer more blockchain solutions to businesses, government and the community, as companies are increasingly adopting digital methods to carry out business activities.

OMC Group offers solutions through its own patented decentralised ledger technology (DLT) known as Authorised Proof of Capacity (APoC), which is the consensus mechanism used to run the OMChain for trust and verification purposes.

The second version of the company’s hybrid POS device together with hot wallet was launched in Malaysia in Q2 2020 following sales of the devices in China in Q3 2019. The devices are now available in 11 countries in East and Southeast Asia. Over 29,000 POS devices have been sold together with the hot wallet.

Jack Lee, CEO of the company said, “We are in the midst of witnessing how technology has evolved and how businesses are conducted differently from the way it was. The move to doing business digitally paves the way for the business we are in as blockchain strongly encourages transparency and immutability.”

“We are offering our blockchain solutions to serve merchants, which includes a decentralised ledger that is secure, trustworthy and transparent together with a community and ecosystem that we support through our hybrid Point of Sales (“POS”) devices that includes a mining feature rewarding users with points that can be used for transactions.”

In the pipeline is the launch of the Asia Blockchain Centre in Q3 2020. It is a hub supporting blockchain startups through education; providing solutions for businesses, government and the community as well as offering solutions on the applications of blockchain technology. The company Wii launch a debit card in Q4 2020 while a series of awareness campaigns on blockchain will be held.

The OMC ecosystem comprises OmniChat, which is a text, video, and a picture messaging platform that has 20 million users worldwide; Omnipay, a peer-to-peer payment network with third-party payment license in China as well as more than 10,000 merchants on-boarded and; Omnity, a smart community management application that can securely store customer information and collect management fees with more than 48,000 daily active users.

OMC Group has revealed that its long-term plans include obtaining a license in Malaysia to operate financial services in 2021 including cross-border payment services and offering its own patented DLT technology – APoC.