22 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) HIGHLIGHTS AND ACHIEVEMENTS MYEG has been consistent in delivering a sterling financial performance as the Group extended its growth trajectory with another set of record earnings in FY2023. This was underpinned primarily by the increasing contribution from Web3 services as the Group continued to leverage on its proprietary Layer-1 Zetrix blockchain platform. Armed with a firm focus on deploying a variety of cutting-edge decentralised applications, the Group is poised to reinforce its leadership in the region’s Web3 revolution. MYEG, through Zetrix, has positioned itself as a major Web3 service provider, transcending numerous industry applications and powering transactions across the region. The Group is already an early mover, having established significant collaborations and applications that are powering a variety of use cases from facilitating cross-border customs clearances and supply chain financing to digitalisation of identity credentials. As demonstrated by the Group’s considerably stronger financial results in 2023, this Web3-oriented strategy is already bearing fruit. Meanwhile, within the ongoing Malaysian e-government segment, the Group’s performance remains generally steady, bolstered by consistently robust demand for MYEG’s array of services comprising both concession and related commercial offerings. Deployed over the past years, these services have long been regarded as essential in serving the wide spectrum of needs of the country’s Government, individuals and businesses. As in previous years, Immigration remained an important contributor as related service offerings ranging from foreign worker work permit renewals and insurance to foreign worker recruitment and job matching continued to draw firm interest from customers. Furthermore, the provision of the Immigration related services was extended by the Government in 2023 for another two years paving the way for MYEG to continue playing its role as the nation’s preferred channel to meet the varied needs of the market relating to the employment foreign workers. The Group’s existing foreign worker dormitories in Selangor and Melaka continued to see strong demand, reaching full occupancy in 2023. This underscores the growing need for quality, well-equipped, well-managed and competitivelypriced accommodation solutions for foreign workers in Malaysia amidst increasing recognition among stakeholders of the importance of continuously improving the living conditions of workers. The Group is currently embarking on the construction of 5 more dormitories in Penang, Selangor and Johor. The year 2023 also saw the Government pushing its digitalisation agenda further with the introduction of digital driving license and road tax on the MyJPJ application. The Group welcomes the initiative to provide motor vehicle owners and drivers with the option of choosing to physically display or not their respective documents. Notwithstanding the change, users still continued to turn to MYEG, recognising the unique value proposition that the Group has to offer in providing the most comprehensive range of services related to the motor vehicle needs of the public. These include the option of having their physical road tax and drivers’ licences delivered directly to their premises, along with other value-added products and services such as motor insurance, a variety of payment options, and roadside assistance. With the Government granting in 2023 an additional 3-year extension to the Group for the provision of the Road Transport Department-related online services, users can rest assured that they will continue to enjoy the convenience of having the services required available at their fingertips. As an advocate of digital transformation in government services, the Group is heartened by the commitment of government departments towards digitalisation. In fact, MYEG stands ready to help them make a quantum leap forward through the adoption of Web3 technology to fully unlock its benefits such as fast, efficient, and secure service delivery along with the resultant cost savings and convenience for the public. BLOCKCHAIN TECHNOLOGY In fact, as far as blockchain is concerned, Web3 technology is fast gaining momentum and attracting the attention of stakeholders both in the public and private sectors. Leading the Web3 revolution in Malaysia and the rest of the region is MYEG’s Zetrix, a Layer-1 public blockchain infrastructure that facilitates smart contracts and delivers privacy, security and scalability. Zetrix is making significant headway. Starting with a strategic tie-up with Xinghuo BIF since 2022, MYEG has gone on to deploy essential building blocks and subsequently impactful decentralised applications – all fundamental ingredients towards fostering a vibrant ecosystem on Zetrix. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d)
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