Catalist-listed property developer Hatten Land and proptech start-up FundPlaces will form an 85:15 joint venture to operate a blockchain platform for hotels and malls.
Hatten Land said StayCay will be South-east Asia's first hospitality blockchain platform.
The platform will allow the Malaysia-headquartered company to issue "hotel tokens" that can be exchanged for discounted packages at the hotels managed by Hatten Land and major shareholder Hatten Group conglomerate.
StayCay will also operate a blockchain-based rewards programme in which points can be used in Hatten Group's retail, food and beverage, and wellness or hospitality outlets.
The platform is expected to go live by December, with more than the 3,400 hotel rooms and 5,000 retail outlets by Hatten Land and Hatten Group.
The aim is to boost brand loyalty and expand to include third-party hotels and retail merchants in Malaysia as well as across South-east Asia, said Hatten Land.
Its executive chairman and managing director Colin Tan said the initiative is a strategic shift by Hatten Land to use technology and open new frontiers in hospitality, retail and e-commerce.
Yesterday, Hatten Land also announced the incorporation of a new, wholly owned, indirect subsidiary called Hatten Technology, which will be involved in the development of software, programming activities and e-commerce applications.
The company earlier this month launched a mall management arm to complement its core property development business and drive recurring revenue. Hatten Land has two completed malls in Melaka - Elements Mall and Vedro by the River. It is building three other malls in the Malaysian city.