Malaysia-headquartered property developer Hatten Land Ltd. is teaming up with Singaporean proptech startup FundPlaces Pte. Ltd. to launch StayCay, which will become Southeast Asia's first hospitality blockchain platform.
Under the partnership, Hatten Land and FundPlaces will operate StayCay through an 85/15 joint venture. FundPlaces will develop the StayCay platform that will be used by the Singapore-listed real estate company to offer digital utility tokens for guests staying at Hatten Land-managed hotels. Guests will be able to exchange the tokens for discounts on hotel packages and services, as well as at retail shops.
The initial roll out of the platform will be integrated into Hatten Land's over 3,400 hotel rooms and 5,000 retail shops in Malaysia's Melaka state, with plans to expand its operations to other states in the country and across Southeast Asia.
Edwin Tan, executive director and deputy managing director of Hatten Land, said embracing technology is crucial to Hatten Land's future growth as it is disrupting how companies do their business.
StayCay is expected to go live by December.
