ANNUAL REPORT 2023 27 Zetrix is positioned to transform MYEG into a global player with its array of services being targeted at regional and global markets, which would reduce MYEG’s dependence on any one country or any particular service segment. In relation to the home market, the Group, having secured extensions for its existing e-government services, sees an ongoing positive outlook for its concession services including JPJ and Immigration, alongside their related commercial services such as insurance and job matching. The addition of new services such as MYEG Drive Testing System (“MYDTS”) and the continuous growth of the worker accommodation service is expected to further contribute to the prospects for these segments. On the Group’s foreign worker dormitories business, construction of new projects in Penang, Selangor and Johor are targeted to commence later in 2024, with the requisite approvals in place. Once these projects are completed, these new facilities are expected to significantly expand MYEG’s presence in the foreign worker housing space. At the same time, the Group will continue to seek out suitable sites for more future projects. Regionally, aside from ongoing efforts to provide citizens of the Philippines with even more convenience by rolling out services for more government agencies, the Philippines is set to be among the pioneer markets (after Malaysia) to gain access to ZTrade for faster online processing of customs clearance for exports to China. The Group also views favourably the vast potential to be unlocked from the pioneering decentralised applications that deployed recently, such as verifiable digital credentials like driver licences for China nationals, as well as from solutions targeted to be rolled out in the near future in markets like Hong Kong. BUILDING UPON GLOBAL TRENDS These optimistic prospects for MYEG are a result of the Group’s constant cognisance of the rapidly-evolving technology landscape. The Group has long been observing and meticulously assessing the emergence of new innovations with an eye towards identifying technologies that not only have the potential to revolutionise our way of living, but also present genuine prospects for mass market and commercial adoption. It is for this reason that the Group has invested much time and resources into the blockchain sector for many years, having foreseen its trajectory to becoming a major disruptor on a global scale. With this in mind, the Group ventured into building its own Layer-1 blockchain platform, Zetrix, as it aspired to be an early mover in bringing Web3 technology to the masses, especially in this region. In short, with Zetrix, MYEG has access to cutting-edge technology and the capacity to roll out disruptive solutions that will not only ensure the Group continues to offer premium products and services that are highly valued by the marketplace, but also maintains its relevance and leadership amid an ever-evolving landscape while diversifying its income stream to the international market through Web3 services that cater to regional and global users. Financial considerations aside, the capability to offer the best and latest solutions will also enable MYEG to play an instrumental role in working with stakeholders (government, businesses and society as a whole) towards realising socio-economic developmental objectives locally and internationally. STRATEGIC PRIORITIES AND OPPORTUNITIES As mentioned, 2024 will see the Group focusing on strengthening Zetrix, especially as a major enabler of digitalisation within global supply chains. MYEG will leverage its early mover advantage to roll out applications and solutions that will not only set the Group apart, but also foster the development of a vibrant ecosystem. Once established and entrenched, a platform with a dynamic and vibrant ecosystem will undoubtedly prove extremely difficult to displace in the market. Part of the requirements of building a vibrant, expansive ecosystem would involve having the right strategic partners and collaborators participating in the Zetrix platform for mutual benefit. The Group looks forward to deepening its relationship with existing partners and also anticipates welcoming new partners from distinct geographies and industries, each adding their own unique value to the Zetrix ecosystem. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) PERFORMANCE
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