24 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) In December 2023, MYEG, together with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. launched ZCert, a blockchain-based cross-border digital verified qualification document system. This milestone leverages the Zetrix and Xinghuo blockchains for the issuance and verification of qualification documents, including cross-border digital identities. As the first global W3C-compliant Verifiable Credential (“VC”) service, ZCert will be offered to domestic Chinese nationals who can digitalise their National IDs or driving licences on the blockchain as VCs, which can then be presented overseas to be authenticated by any verifier. In view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine. Beyond immediate commercial use-cases introduced on the Zetrix platform, research and development is equally important to MYEG. In this respect, the Group entered in a research collaboration with UM and CAICT. Initiated in February 2023, the collaborative project entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications”, was selected as part of the intergovernmental collaboration between Malaysia and the People’s Republic of China in the field of Science, Technology and Innovation. The scope of the research was subsequently expanded to incorporate Artificial Intelligence (“AI”), focussing on the ability of AI to further streamline and optimize the cross-border trade processes. Having already placed down markers on the Web3 map in China, Hong Kong, Philippines and Malaysia, MYEG is committed to further expanding its presence through the rest of the region, particularly across the Association of Southeast Asian Nations (“ASEAN”) region and the Regional Comprehensive Economic Partnership (“RCEP”) region. Zetrix’s infrastructure can be introduced to multiple industries in order to connect governments, businesses and their citizens to a global blockchain-based ecosystem The cross-border and cross-chain integration capabilities positions Zetrix to serve as a blockchain gateway that facilitates global trade and transactions. Since the unveiling of Zetrix, the Group’s new and historic developments have been providing a notable uplift to its financial performance and blockchain looks well-poised to continue driving meaning growth in the years to come as the Web3 revolution gathers pace. CONCESSIONS AND OTHER COMMERCIAL SERVICES Blockchain ventures aside, MYEG also notched important advancements in 2023 across its long-running e-government concession and related commercial services offerings as well as other initiatives, both in the Malaysian market and overseas. In Malaysia, these were some of the key developments during the previous year and into the early months of 2024: Ź In June 2023, MYEG entered into a MOU with Oyika Green Technologies Sdn Bhd to collaborate on the use of electric motorcycles and placement of battery swapping stations at designated locations for a trial period. This is in line with MYEG’s ongoing efforts to reduce carbon emissions as part of its overarching commitment to reaching net zero by 2050. Ź On 16 October 2023, MYEG received confirmation from the Ministry of Home Affairs Malaysia of a two-year extension for the provision of online renewal of work permits, or Pas Lawatan Kerja Sementara (“PLKS”), for foreign workers. Although there was a pause in the acceptance of PLKS renewal submissions in late 2023 pending the completion of a system enhancement, the service was restored shortly after, ensuring users could continue to avail themselves to the convenient and hassle-free renewal service. Ź The same month, the Group also received a letter from the Road Transport Department of Malaysia, confirm its appointment as collection agents for the provision of vehicle registration services, driver and vehicle licensing and electronic payment of summon services for a further three years. Ź In another Road Transport Department-related development, in November 2023, MYEG received approval from the Department to proceed with the implementation of the pilot phase of MyEG Drive Testing System involving actual driving test candidates, further widening the range of motor vehicle-related services offered by the Group in Malaysia. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) I D b MYEG h ihChi ’ d G i B i IT I i T h l I
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