I’ve had good luck recently with a very similar unidentified cut of meat doing this:
I coated it with seasoned flour & browned it in a castiron skillet. Then I added some water & onions, beef bouillon paste and some sherry, covered it in foil, and put it under the broiler. Beware, it cooked MUCH faster than I expected; but it was still falling-apart moist and good. The cut I used had no fat at all.
I can’t quite tell from that picture what it is. It looks too fatty to be round. I’d guess it’s some odd butchered cut from the chuck or shank. Stew or braise and you’ll be fine.
BTW, stewing meat is not necessarily supposed to be very fatty. Sure, there should be some fat, but what it does have is a lot of connective tissue – it’s this connective tissue that breaks down into gelatin and gives the meat its soft fall-apart texture after hours of slow cooking.
Beef for Boiling is usually salted and prepared as corned beef. It is probably a silverside cut.
That would be the equivalent of bottom round in the US. I don’t think I’ve ever seen anything called silverside over here, though it may vary by region. Typically, we use brisket for corned beef, although you will occasionally find some made from round/silverside as well.
Hrm…how about smoking it into jerky? 
Beef rendang recipes usually involve either simmering or out-and-out boiling the meat for 1 to 3 hours. It’s meltingly tender when done. There’s many variations to the prep and the spices. Here’s one.