ANNUAL REPORT 2021 51 OUR BUSINESS OPERATING ENVIRONMENT (CONT’D) EXTERNAL FACTOR DESCRIPTION IMPACT ON MYEG / BUSINESS MODEL IMPACTED CAPITALS RISKS OPPORTUNITIES SOCIAL Changing consumer behaviour towards a greater propensity to use digital channels for business or personal transactions as well as to purchase goods and services. The change has also been accelerated by the COVID-19 pandemic. The growth among consumers and businesses to move online supports the launch of more digital services. Relationship / Social Financial Manufactured Failure to deliver on customer experience through lack of system optimisation and server inability to handle large influx of users As consumers continue to “live” more online, it provides additional opportunities to offer a whole range of new products. Tapping blockchain, MYEG can bring to market new customer oriented innovation that offer seamless lifestyle experiences. While vaccination has enabled a degree of normalcy, COVID-19 continues to affect businesses, individuals and almost all facets of everyday life. Despite its debilitating impacts, the pandemic has catalysed the development of new government and commercial products. It has enabled MYEG to play a role combatting COVID-19. This has led to significant improvements in brand appeal and credibility, which has entrenched the Group as a tech leader and also as a responsible corporate citizen. Financial Human Social Legal Natural disasters Noncompliance with laws and legislation Health and safety status of employees and citizens The pandemic presents opportunities to further develop new customer-oriented offerings and to increase existing collaborations with governments. TECHNOLOGICAL New and emerging technologies present opportunities as well as risks. Blockchain, Internet of Things, Industry 4.0, machine learning, AI are technologies that are reshaping the industry. Data security breaches as well as any attacks such as a cyberterrorist attack or security breach also present material issues. With the pandemic at the forefront of the macro-operating environment, slow technological development and adaptation may lead to an obsolescence in MYEG’s operations if the Group doesn’t adequately respond. Intellectual Manufactured Natural Technology performance Cyberthreat Leading the way in developing and implementing new healthcarerelated services by leveraging existing platforms, systems and governmentsanctioned collaborations to reach mass distribution and usage to help in the fight against the COVID-19 pandemic. Existing investment into start-up companies involved in AR, block chain and other new technologies will allow MYEG to develop its expertise and knowledge base in these fields to shorten its learning curve and time to market.
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