OUR BUSINESS AND STRATEGY OUR BUSINESS MODEL AT WORK (cont’d) Convenience and affordability MYEG's business model reduces, if not eliminates, the need for travelling as well as waiting times. This increases efficiency and productivity and improves delivery of e-Government and commercial services to citizens and customers. Bridging the digital divide The use of digital mediums transcends physical and other boundaries, allowing much needed services to be delivered nationwide, thus reducing disparity between urban, semi-urban and rural populations. It promotes equality and equity with all demographics having equal access to services. Creation of jobs and entrepreneurship opportunities MYEG's business model promotes local entrepreneurship and job opportunities, with the provision of agency opportunities. This is especially evident in semi-urban and rural locations. Supporting Government’s aspirations for a digitally connected society One of the key aspirations on Malaysia's national agenda is a seamlessly digitally connected society. MYEG's successful delivery of e-Government and commercial services enables the progressive realisation of the digital aspirations and paves the way for the continued proliferation of technology in other areas i.e. blockchain and more. VALUES CREATED FROM THE BUSINESS MODEL ZETRIX Zetrix, a Layer-1 public blockchain platform, constitutes the main thrust of MYEG’s Web3 strategy. The platform serves the development and implementation of a wide range of cutting-edge innovations and decentralised applications, putting the Group at the forefront of the Web3 revolution in the region. 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 commercialisation 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. ZTrade, a full-suite of cross-border trade facilitation services from a first-of-its-kind Web3 + AI link between the People’s Republic of China (“PRC”) and its trading partners, including certificates of origin offered in collaboration with the GACC Supply chain financing solutions offered in collaboration with Chinese banks. A multi-chain wallet that enables seamless management and movement of digital assets across Zetrix, Xinghuo and Ethereum. Digital credentials service in collaboration with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd.. Allows Chinese nationals to digitalise their IDs and drivers’ licences as Verifiable Credentials which can then be presented abroad for verification. ANNUAL REPORT 2023 41
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