OUR BUSINESS AND STRATEGY STRATEGIES TO SUSTAIN VALUE CREATION Continual Roll-out of Market Driven Services Leveraging Blockchain Continued Pivot to ESG Driven Projects / Opportunities (Foreign Workers’ Accommodation) Raising Capital for Business Development Expenditure Investing in Promising Start-up Ventures CONTINUAL ROLL-OUT OF MARKET DRIVEN SERVICES As in previous years, MYEG will continue to ensure commercial relevance through the continued development of indemand services and solutions, in tandem with the evolving needs of market sentiments. In FY2023, the Group commenced the pilot phase of the MYEG Drive Testing System (“MYDTS”) and following its successful implementation, JPJ subsequently gave the green light for the full commercial launch of automated driving tests, or e-Testing, to commence from April 2024. MYDTS further expands the comprehensive suite of motor vehicle related services that MYEG offers, accentuating its position as a market leader for such services, and in delivering a one-stop solution for customers. Abroad, MYEG continued to strengthen its market presence, not only in the Philippines, where the Group has been actively operating since 2017 and continues to onboard more government agencies as partners, but also in new jurisdictions such as Hong Kong, where partnerships were established with prominent Web3 players to position Zetrix as the preferred platform to propel the Special Administrative Region’s blockchain ambitions. These regional milestones are in addition to various pioneering digital services powered by the Zetrix blockchain platform that the Group has embarked upon, such as projects carried in collaboration with Xinghuo BIF, GACC, China Beitou IT and CAICT in China, and the Philippines Bureau of Customs and Cargo Data Exchange Center in the Philippines. In demonstrating its agility to adapt to changing market dynamics, MYEG continues to re-strategise its offerings from time to time where necessary to ensure it remains relevant and competitive, as seen in the Beli platform’s pivot towards a Business-to-Business (“B2B”) focus going forward. LEVERAGING BLOCKCHAIN MYEG’s Web3 focus is a principal strategy in accelerating the Group’s ongoing shift towards becoming a marketagnostic global business, progressively becoming decoupled to any specific geographical location. The Web3 strategy, driven by the Group’s Zetrix blockchain capabilities, is designed to provide services across regional and global markets and thus firmly entrench MYEG as a global player. Zetrix’s unique positioning as a Layer-1 blockchain platform and the first to be integrated into China’s national blockchain network further accentuates its commercial appeal and viability. This makes it highly viable for the development and rollout of a myriad of applications, notably applications related to global cross-border trade and supply chain activities and digitalisation of government-issued credentials. ANNUAL REPORT 2023 49
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