ANNUAL REPORT 2023 81 MATERIALITY MATTERS (cont’d) BUSINESS MODEL GOVERNMENT CONCESSIONAIRE As a government concessionaire, MYEG operates at the intersection of technology and governance, committed to advancing national economic development objectives. Through the deployment of cutting-edge technologies, the Group endeavours to streamline transactions and processes, both domestically and across borders. By pioneering the adoption of innovative solutions, MYEG plays a pivotal role in propelling countries where it operates the value chain, thereby fostering sustainable economic growth and prosperity. Notably, MYEG has invested heavily in developing Web3 capabilities that it aims to deploy across the region, in collaboration principally with the governments of the region, focusing especially on making regional cross border supply chain and trading (export/import) faster, more efficient and secure. Besides financial investment, the Group has engaged deeply in dialogues and collaborative projects with governments to realise economic development objectives through the use of blockchain technology (e.g. China customs processing solutions for cross-border trade and the Malaysian National Blockchain Infrastructure project). MYEG is also collaborating with other leading institutions and organisations to accelerate blockchain deployments in the region (e.g. CAICT China, Universiti Malaya, Web3Labs in Hong Kong). Web3 investment aligns with MYEG’s mission and responsibility of being a close technology partner to governments. It means that the Group remains committed to working closely with governments to carry out national economic development objectives through the deployment of relevant technologies that can ease transactions and processes (domestically and cross border). In addition, the Group always aims to lead the way in the adoption of cutting-edge innovations that can catalyse the path up the value chain for the countries in which it is present. However, operating as a government concessionaire, MYEG recognises the inherent susceptibility to fluctuations induced by political dynamics and policy shifts. Political going-ons and such occurrences may impact financial and non-financial value creation capabilities to a certain extent. In response to such challenges, MYEG adopts a proactive approach, extending its reach into blockchain solutions and commercial sectors. This strategic diversification not only mitigates risks associated with government-related uncertainties but also fortifies resilience in the face of evolving economic landscapes. FY2023 saw new and ongoing developments in various sectors that MYEG has services in, and more can be found in the Management Discussion and Analysis section of this report. SUSTAINABILITY STATEMENT
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