ZETRIX x MYEG - Transforming to Digitalization

What is Zetrix?
It is a Layer-1 public blockchain infrastructure that is an interoperable, decentralized, blockchain network designed to facilitate smart contracts while providing privacy, security, and scalability.

In FY2023, Zetrix leveraged its unique connectivity with China’s national blockchain infrastructure Xinghuo BIF to successfully deploy several pioneering applications with real-world practicality and commercialization potential. Services introduced on Zetrix include ZTrade offered in association with GACC, supply chain financing solutions in partnership with regional banks, a digital verifiable credentials service in collaboration with China’s state-owned Guangxi Beitou, and a multi-chain digital asset wallet.

Why need Zetrix?
The major 3 objectives of the launching of Zetrix are to resolve the issue of (1) lack of trust as Zetrix provides the use of self-sovereign identity (SSI) and verifiable credentials (VC). (2) Ineffective in the supply chain as Zetrix streamlines the complexity of the operation, making it more transparent and efficient. (3) demand from corporations as Zetrix provides enterprise-ready solutions since the majority of the existing blockchains are still in the experimental process and do not meet the enterprise-grade applications standard.

Zetrix contributed to the increment of revenue of MYEG in FY 2023
As of 2023, MYEG recorded a new high of revenue of RM774.26M as compared with RM651.11 million in the previous financial year, while profit after tax (“PAT”) reached a record RM486.84 million, a 21.59% increase from the previous year (FY2022: RM400.40 million). The increment of PAT was primarily contributed from the sale of Zetrix as well as the Initial Exchange Offering of Zetrix tokens on Coinstore, a Singapore-based cryptocurrency exchange, in October 2023. There are three major global digital asset exchanges; contribution from the existing concession and commercial services; and an increase in foreign worker job matching services due to the uplifting of a freeze on foreign worker recruitment.

Future Outlook on Zetrix
The group is optimistic about looking forward to the Group’s next phase of earnings expansion, as evidenced by the uptrend in its financial position recorded for FY2023. In addition, Zetrix is poised to emerge as a vibrant Web3 ecosystem, with the usage of the platform continuing to broaden and deepen as it leads the way in the digitalization of cross-border transactions.

Summary
-MYEG is a digital service provider, commencing its operation in 2000.
-MYEG cooperates with the Road Transport Department (“JPJ”) and the Immigration Department (“JIM”) in Malaysia, the National Bureau of Investigation (“NBI”), etc.
-The latest introduction of Zetrix has created additional profit for the group.
-As of 31 May 2024, MYEG was closed four sen higher at RM1.10