19 PERFORMANCE MANAGEMENT DISCUSSION AND ANALYSIS REVIEWING THE MACRO-OPERATING ENVIRONMENT 2024 was a year that saw businesses worldwide having to contend with pockets of elevated inflation in many FDPOPNJFT DPODFSOT PWFS USBEF QSPUFDUJPOJTN BOE FDPOPNJD QPMJDZ VODFSUBJOUJFT PXJOH UP QPMJUJDBM DIBOHFT JO TPNF regions and geopolitical tensions amidst prolonged conflict in Ukraine and in the Middle East. "NJETU UIFTF DPOEJUJPOT .BMBZTJB T FDPOPNZ TIPXFE SFTJMJFODF XJUI PWFSBMM (%1 HSPXUI GPS DPNJOH JO BU driven by stronger household spending as well as a rebound in exports. Inflation moderated at 1.8% while net exports GPS UIF ZFBS HSFX XJUI UPUBM FYQPSUT PG HPPET BOE TFSWJDFT SJTJOH 5IF VOFNQMPZNFOU SBUF SFNBJOFE MPX BU 3.2% by the end of 2024. MYEG IN FY2024 The positive Malaysian economic performance in FY2024 set the stage for the country to advance further in its USBOTGPSNBUJPO JOUP B MFBEJOH EJHJUBM FDPOPNZ JO UVSO QSPWJEJOH UIF DPOEVDJWF CBDLESPQ OFFEFE GPS .:&( UP DPOUJOVF investing in and bringing to the market its suite of innovative digital e-Government and commercial services. FY2024 brought with it a fair share of headwinds that the business community had to navigate strategically. While macroeconomic factors such as global supply chain issues and a tighter labour market may have dampened business PQQPSUVOJUJFT JO DFSUBJO BSFBT PO UIF XIPMF DPOEJUJPOT BDSPTT àOBODJBM NBSLFUT XFSF HFOFSBMMZ QPTJUJWF QBSUJDVMBSMZ within the blockchain and digital assets space. This proved favourable for MYEG as the Group pressed on undeterred in realising its intentions to be a global pioneer and leader in unlocking the transformative power of Web3 technology. )BWJOH SFTPMVUFMZ MBJE UIF GPVOEBUJPO GPS JUT 8FC BTQJSBUJPOT JO QSFWJPVT ZFBST UIF (SPVQ TBX UIFTF POHPJOH FGGPSUT CFHJO UP DPNF UP GSVJUJPO JO ': XJUI UIF SPMM PVU PG B OVNCFS PG SFBM XPSME EFDFOUSBMJTFE BQQMJDBUJPOT NBOZ PG XIJDI BSF UIF àSTU PG UIFJS LJOE PO B HMPCBM TDBMF BOE FYDMVTJWF UP ;FUSJY UIF -BZFS QVCMJD CMPDLDIBJO QMBUGPSN developed by MYEG. 0G SFDFOU OPUF UIF DMPTF FOHBHFNFOUT GPTUFSFE BOE TVTUBJOFE XJUI HPWFSONFOUT BOE SFMBUFE BHFODJFT JO QBSUJDVMBS UIPTF PG .BMBZTJB BOE $IJOB SFTVMUFE JO UIF TVDDFTTGVM MBVODI EVSJOH UIF ZFBS PG B NBKPS TFSWJDF PO ;FUSJY LOPXO BT ;5SBEF ;5SBEF XIJDI IBT CFFO MJWF TJODF UIF FOE PG +VOF GPMMPXJOH UIF BDUJWBUJPO PG DPOOFDUJWJUZ UP ("$$ T 4JOHMF 8JOEPX 1MBUGPSN JT B DSPTT CPSEFS USBEF GBDJMJUBUJPO TFSWJDF CFUXFFO .BMBZTJB BOE $IJOB UIBU QSPWJEFT WFSJàDBUJPO BOE FYDIBOHF PG EJHJUJTFE USBEF EPDVNFOUT FOBCMJOH VTFST UP FOKPZ HSFFO MBOF BDDFTT GPS GBTUFS USBEF QSPDFTTJOH BOE DMFBSBODF .FBOXIJMF UIF (SPVQ T QBSUOFSTIJQ XJUI .*.04 #FSIBE .BMBZTJB T OBUJPOBM "QQMJFE 3FTFBSDI BOE %FWFMPQNFOU $FOUSF BMTP ZJFMEFE TJHOJàDBOU PVUDPNFT JO ': QBSUJDVMBSMZ SFMBUJOH UP UIF development and implementation of digital ID credential applications as well as the Malaysia Blockchain Infrastructure (“MBI”). "U UIF DPOTVNFS MFWFM UIF HFOFSBMMZ DPOTUSVDUJWF FDPOPNJD MBOETDBQF JO ': BMTP TVTUBJOFE IFBMUIZ TQFOEJOH USFOET XJUI UIF IBCJU PG USBOTBDUJOH POMJOF UIBOLT UP JUT DPOWFOJFODF BOE BDDFTTJCJMJUZ CFDPNJOH FWFS NPSF QSFWBMFOU JO TPDJFUZ *O UIJT SFTQFDU SJTJOH VTFS DPOTDJPVTOFTT BCPVU POMJOF TFDVSJUZ BOE TBGFUZ CPEFT XFMM GPS DPOUJOVFE HSPXUI JO UIF NBTT BEPQUJPO PG 8FC UFDIOPMPHZ XJEFMZ SFDPHOJTFE CZ FYQFSUT BOE SFOPXOFE JOUFSOBUJPOBM PSHBOJTBUJPOT GPS its superior capability to ensure greater security and privacy protection compared with existing conventional protocols. This is where MYEG’s first-mover advantage and distinct capability in establishing a vibrant ecosystem have been instrumental. The Group’s position as the preferred platform in powering innovations and transactions in the region VOEFSQJOOFE DPOTJTUFOU CVTJOFTT NPNFOUVN UISPVHIPVU ': ESJWJOH JNQSPWFE àOBODJBM QFSGPSNBODF *O BEEJUJPO significant steps forward were made during the year in expanding MYEG’s footprint in the technology space at IPNF BOE HMPCBMMZ OPU MFBTU UISPVHI JNQPSUBOU DPMMBCPSBUJPOT UIBU IBWF VOMPDLFE OFX PQQPSUVOJUJFT GPS UIF (SPVQ 5IFTF JODMVEF B TUSBUFHJD QBSUOFSTIJQ XJUI )FJUFDI 1BEV #FSIBE XIJDI IBT HPOF PO UP XJO NBKPS QSPKFDUT GSPN UIF HPWFSONFOU JO BOE UIF DPNNFODFNFOU PG BO BMMJBODF XJUI UIF 8PSME /FUXPSL PO B XJEF SBOHF PG JOJUJBUJWFT including bringing its proof-of-personhood verification to Malaysia. #FJOH B àSTU NPWFS BMTP NFBOT IBWJOH B àOHFS PO UIF QVMTF PG GVUVSF GPSXBSE UFDIOPMPHJDBM JOOPWBUJPO XIJDI JT XIZ MYEG has remained focused on harnessing the potent innovations in artificial intelligence (“AI”) and blockchain to catalyse productivity and efficiency gains besides enhancing data security and privacy in the region’s economies.
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