PERFORMANCE While Malaysia has already entered the endemic phase of the country’s COVID-19 mitigation plan since April 2022, the habit of digital channels being used for various activities and as the preferred transactional medium has since been strongly inculcated into society. Digital usage thus remains a significant day-to-day aspect of many citizens’ lives beyond the pandemic situation, with MYEG still seeing strong online transaction volumes for the Group’s concession and commercial services, which include motor vehicle road tax renewal, online motor insurance renewal and online driving license renewal. MYEG’s nimble business model has enabled swift adaptation to the shifting trends in the Group’s operating environments. By leveraging on partnerships, proprietary technologies, internal systems and platforms to introduce new services while maintaining and expanding existing offerings, MYEG is proactively and constantly attuned to changing market forces. BLOCKCHAIN TECHNOLOGY Beginning in FY2021 and cascading into FY2022 onwards, MYEG’s pioneering entry into the Web3 space through the introduction of a number of innovative decentralised solutions has seen the Group chart a new blockchain-powered path in providing new, accessible, affordable, efficient and secure digital services to customers. Blockchain technology, also known as Web3, is set to revolutionise the way governments, businesses and society transact and interact by enabling much-needed solutions that were not technically possible before in a Web2 world. MYEG’s entry into blockchain is part of a push to promote greater digital asset adoption by users as well as to harness and apply transformative blockchain technology. The Group is cognisant of complying with all principal regulations related to these blockchain services’ development and usability, and thus will also engage with regulatory authorities when needed. March 2022 saw MYEG announce its official entry into the NFT space with the launch of NFT Pangolin, a global NFT marketplace that supports the issuance and trading of NFTs. Later in April 2022, the foundational development for Zetrix’s Layer-1 blockchain functionalities was completed and the blockchain’s mainnet was launched. This marked the completion of the first phase of Zetrix’s journey towards being a leading platform for decentralised applications, such as industrial use cases like customs clearance, supply chain traceability and financing. NFT Pangolin was one of the first applications to be hosted on Zetrix, thus enabling the introduction of Zetrix-minted NFTs on the platform. To commemorate Zetrix’s mainnet launch and the first-ever minting of NFTs on the Zetrix blockchain, users of the ‘Compare by MYEG’ service would receive free, limited-edition commemorative NFTs to kickstart their digital assets journey. In May 2022, Zetrix announced the launch of an innovative NFT-based insurance product, Covinsure, which will provide insurance using blockchain technology and cryptocurrency as a payment method. The only requirements one needs to be insured are having a passport and a Zetrix wallet. In July 2022, Zetrix, alongside CAICT-owned Xinghuo BIF, jointly introduced the BID / VC and blockchain-based e-signing services to international markets, a major milestone in further enabling cross-border business with China on the blockchain. Xinghuo BIF is a China initiated international blockchain infrastructure supported by all levels of the Chinese government. MYEG, via its Zetrix blockchain, runs the International Supernode of Xinghuo BIF to connect entities outside China to the Xinghuo BIF. Xinghuo BIF resolves at least 100 million identifiers daily, placing it as the most actively used platform and validates this use case in real world applications. The BID, officially listed in the DID Specification Registry of World Wide Web Consortium (“W3C”), is a new approach to realise decentralised identity. The initial phase of the BID rollout includes the introduction of Chineserelated credentials, agreements and the corresponding legal frameworks that would serve as the foundation for the establishment of such agreements. Zetrix’s blockchain-based E-signing services will provide support for multiple signing templates and user-defined transactions, verification of an individual’s or product’s documents / credentials, and inquiry of documents or credentials. The combination of the BID and VC services will enable a host of varied use cases, from simple issuance of certificates to smart product authenticity documents with ownership history and programmable government-issued credentials. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 23
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