According to a recent job posting found online, it seems that Blade & Soul is being prepared for a launch in Southeast Asia. Garena is currently seeking a System Engineer who will work on Point Blank or Blade & Soul, and support the “most played games” in Southeast Asia or Taiwan. Seeing that NCsoft Taiwan is operating Blade & Soul, perhaps a Southeast Asia server for the game is really in the works.
Update 21st February: Garena has removed the game titles (Point Blank and Blade & Soul) from the job posting.