MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) 30 Market prospects related to MYEG’s business segments are also posting a positive outlook for FY2022. In addition to the ever-growing healthcare sector worldwide, the global cryptocurrency market is also rapidly booming. A market capitalisation of USD2 trillion, as well as an intra-regional trade value of USD2.5 trillion annually among member countries of RCEP, form the prospective basis for the Group’s burgeoning initiatives in the digital assets space and the roll-out of Zetrix industrial blockchain applications respectively. MANAGING AND MITIGATING RISKS MYEG will continue leveraging its current business strengths and propositions to remain adaptable in an expectedly fluid operating environment in FY2022. The strong impetus to take advantage of emerging trends and introducing new services also brings its own set of potential risks for the Group. Notably, MYEG’s early-mover prospects into the blockchain sector in the region introduces a slew of unique challenges to face of which is regulatory compliance, as the regulatory environment remains under-developed given the newness of the blockchain and digital assets space. It is important for the regulatory framework to keep pace with the evolution of technology to support and foster constant innovation. The seamlessness of technology, which often entails cross-border collaboration and global market reach, may also pose challenges in complying with differing regulations across different countries. However, to the best of its ability, the Group continues to strive towards ensuring regulatory compliance. With regard to the healthcare sector, MYEG welcomes greater transparency from governments with regards to their plans to address the COVID-19 pandemic. Notably, with the recent announcement by the Malaysian government to gradually transition into the endemic phase of their national COVID-19 mitigation strategy in 2022, this provides government partners such as MYEG time and space to better formulate a pre-emptive strategy to enable a more effective response in combatting the pandemic alongside relevant government and industry players. Having ascertained its risks and developed appropriate mitigation plans, MYEG is confident of its ability to evolve accordingly to be competitive and to sustain value creation. CAPITALISING ON OPPORTUNITIES MYEG stands ready in FY2022 to meet the growing need for healthcare services across its operating markets. The Group intends to continue introducing innovative services by leveraging on new technologies in Malaysia as well as the countries in which it has a presence in, to drive organic growth. In view of this development, MYEG aims to facilitate this reopening through our various offerings for travellers such as COVID-19 testing (e.g. breath tests and more) for arriving travellers, insurance options, quarantine facilities, vaccine verification services, the facilitation of quarantine free travel as well as other related products and services via our online portal. These are in line with MYEG’s interest and capacity to pursue the facilitation of mass vaccine travel. Aside from healthcare, MYEG’s nascent but growing blockchain initiative also offers plenty of potential. The Group’s offerings within the realm of blockchain and digital assets are in line with the digital transformation agenda of the nation. This is towards realising a connected, digital based economy and society through the proliferation of smart solutions for all facets of everyday life. FY2022 shall see MYEG introduce more pioneering products, applications and service-based on blockchain technologies. The Group intends to explore other blockchain applications not only in DeFi, but also digital identification, NFT, transformation of global cross-border commerce through Zetrix and other future blockchain-based solutions. FY2022 is likely to see the emergence of new and pioneering business opportunities being unlocked through blockchain. MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF THE MACRO-OPERATING ENVIRONMENT (CONT’D)
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