At the heart of Malaysia’s push for a unified blockchain framework has been the escalating adoption of the MBI and related applications, which became fully operational in 2025. MBI is designed to address ecosystem fragmentation, enabling interoperability across public and private chains, and anchoring applications such as digital identity, supply chain verification, and asset tokenisation. Zetrix AI expects to reap the benefits of these implementations significantly in the coming years as nationwide and region-wide deployment of AI and blockchain services drive recurring and ancillary revenue streams. In fact, the recently-established My Blockchain Infrastructure Sdn. Bhd., which is involved in the design, development, marketing, operations and relevant upgrading of MBI, is intended to play a pivotal role in the country’s digital transformation and the streamlining of a wide range of digital assets, including MyDigital ID verifiable credentials. Complementing the MBI, which uses Zetrix as its core chain, collaboration on the establishment of a Superapp as a robust digital ID ecosystem represents a key step in battling online fraud and cybercrime. These successful developments prove Zetrix AI’s excellence in leveraging its first-mover advantage and unique ecosystem-building capabilities honed through the years, translating into steadily improving financial performance. Remaining attuned to future-focused technological advancements has been instrumental for the Group, with a clear emphasis on harnessing the transformative potential of the intersection of Web3 and AI. Zetrix AI therefore remains well-positioned to maintain its competitive edge and continue driving the future of technological transformation in the region. While the Web3 business retained strong traction in FY2025, Zetrix AI’s long-running Malaysian digital government services also remained a resilient performer, continuing to contribute consistently to overall Group revenue. The Group’s success in evolving its business model, while combining its proven expertise towards harnessing Web3 technologies to deliver innovative solutions for governments, businesses, and individuals alike, continues to firmly position Zetrix AI as a pioneer and leader in shaping the future of digital governance and transactions. It was also notable that Malaysia’s stable political environment during the year ensured continuity in the implementation of government policies, projects and programmes, including ongoing digitalisation initiatives. This provided a supportive operating environment for e-government service providers such as Zetrix AI, enabling continued collaboration with Government agencies and investment in innovation. While there were changes in certain Government concessions, including foreign worker permit renewal processes, the Group maintained and, in some areas, enhanced its role through the early rollout of innovative solutions, reinforcing its position as a key technology partner to the government, as observed through the deployment of the National Integrated Immigration System (“NIISe”) project. At the regional level, the deepening of economic and trade cooperation among ASEAN governments and with China, coupled with a greater push towards digitalisation to facilitate international trade, is lending ever greater relevance to Zetrix AI’s services in enabling secure and efficient cross-border transactions. In this regard, the potential of Zetrix AI’s technology to profoundly transform digital public infrastructure services not only in Malaysia, but across the ASEAN region and broader emerging markets, culminated with a resounding endorsement from the World Bank Group. The recent USD40 million investment by the World Bank Group’s private sector arm, the International Finance Corporation (“IFC”), underscores the scalability and development impact of Zetrix AI’s blockchain-powered applications, which are designed to improve verification of digital identities, digitalisation of trade processes and tokenisation of real-world assets within secure, and interoperable ecosystems. While still-evolving legal and regulatory landscape for AI and blockchain globally may present challenges for innovators due to uneven policy development and a lack of standardisation, Malaysia has made encouraging progress through initiatives such as the Digital Asset Innovation Hub. This is where Zetrix AI’s long-standing position as an innovation leader in Malaysia, supported by close and continuous engagement with government stakeholders, has enabled the Group to effectively navigate regulatory and operational uncertainties associated with the deployment of disruptive technologies. This is demonstrated by key milestones such as the launch of the JMYR stablecoin on the Zetrix platform and the Government’s consent for the Group to proceed with the implementation of digital bank guarantees, underscoring confidence in the Group’s technological capabilities and governance framework. Against this backdrop, Zetrix AI’s early-mover advantage and its portfolio of first-of-their-kind solutions favourably cement the Group as a leading Web3 + AI ecosystem in the region. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 20
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