Complementing this announcement in the same month was Zetrix AI’s signing of an agreement with Beitou IT Innovation to jointly set up the Malaysia-China AI Innovation and Cooperation Centre as the flagship ASEAN China AI Lab, toward realising the vision of the Governments of Malaysia and China to collaborate on AI. The one-of-a-kind Government-to-Government (“G2G”) lab, located at Zetrix Tower (formerly MYEG Tower) in Petaling Jaya, brings together leading AI companies from China and ASEAN to jointly develop localised AI products and to power cross-border applications. Spearheaded by Zetrix AI, the Lab will also see the participation of leaders in their respective fields such as China’s DeepSeek, robotics and drone companies DJI and Leju Robot, Huawei Technologies, Alibaba Group as well as Malaysian IT services provider HeiTech Padu, among others. These cross-border application-related developments in blockchain and AI culminated in Zetrix AI announcing, together with MIMOS Berhad, the operationalisation of the MBI, a neutral and trusted platform for digital services and innovation across sectors. MBI fosters an environment where developers and innovators can explore and build cutting-edge blockchain applications that drive value and transformation across industries. The establishment of the MBI stands as a pivotal catalyst for the nation’s digital advancement, purposefully developed to foster sustainable digital integration and support the creation of a cohesive, future-ready national digital infrastructure. Towards this end, November 2025 saw PayMe Sdn. Bhd., a sub-subsidiary of Zetrix AI, enter into a Subscription Agreement and Shareholders’ Agreement with MIMOS Holdings Sdn. Bhd. (“MIMOS Holdings”), the strategic commercialisation arm of MIMOS Berhad, for the establishment of My Blockchain Infrastructure Sdn. Bhd. (“MBISB”). MBISB’s role is to design, develop, market, operate and, where necessary, vary and upgrade the MBI and its related applications, as well as the applications to be built and run on the MBI. The MBI also plays a vital role in streamlining a wide range of digital assets, including MyDigital ID verifiable credentials, non-fungible tokens (“NFTs”), and decentralised finance (“DeFi”) applications, increasing accessibility to blockchain technology by simplifying the user experience and enabling broader participation for non-technical users. In May 2025, Zetrix AI entered into an MOU with SGTraDex, which is Singapore’s digital infrastructure for trade data exchange, to establish a framework for strategic cooperation to enable both parties to collaboratively facilitate seamless, digital cross-border trade between Malaysia and Singapore, setting a new standard for digital trade connectivity in the ASEAN region. Signed at the ASEAN-GCC-China CEO Roundtable hosted by the ASEAN Business Advisory Council (“ASEAN-BAC”), the MOU promotes Zetrix AI and SGTraDex to explore together the technical integration of their respective platforms to enable a secure and interoperable channel for the exchange of trade-related data. The collaboration aims to catalyse the transition from paper-based to digital trade flows, including the use of verifiable electronic records, aligned with the region’s push for trade facilitation and supply chain resilience. The same month also saw Zetrix AI launch NurAI, the world’s first Shariah-aligned Islamic values-based LLM, which offers guidance consistent with Shariah rulings on a comprehensive spectrum of subject matters ranging from contemporary topics, such as law, healthcare and finance, to classical Islamic themes that include history, Islamic philosophy and Quranic studies, which is based on Islamic principles and reflective of the Global South worldview. Separately, Zetrix AI in August 2025 signed a teaming agreement with Indonesia’s PT Royal Solusi Investasi for the establishment of the ASEAN China AI Lab in Indonesia, making it the second such centre after the opening of the G2G-endorsed project’s flagship in Malaysia earlier this year. Similar to the Malaysian lab, the ASEAN China AI Lab focuses on accelerating the convergence of blockchain, generative AI and robotics technologies in the region by bringing together leading technology companies from China and ASEAN to jointly develop cross-border applications and customisation of AI services according to local culture and values. The emphasis of the Indonesian lab will be on replicating and localising AI projects that have already been implemented in other markets to serve the market in Indonesia. In August 2025, Zetrix AI received a notification letter from MOF on its proposed implementation and utilisation of digital bank guarantees (“e-Bank Guarantee”) on the Zetrix Layer-1 blockchain. MOF acknowledged Zetrix’s initiative as a third-party platform provider to financial institutions to provide an end-to-end solution for digital bank guarantees encompassing the issuance, amendments and claims on bank guarantees. In this respect, financial institutions may implement the e-Bank Guarantee in accordance with their respective requirements. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 26
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