PERFORMANCE Nonetheless, the Group is pleased to have contributed in the fight against the COVID-19 pandemic, and understands that while the importance of healthcare services has now lessened given that nations and economies have entered the endemic stage of the COVID-19 pandemic, MYEG remains well prepared and in a strong position to leverage on all the experience and expertise cultivated during the last few years to deliver much-needed solutions within the healthcare space if such needs arise in future. OTHER MALAYSIA BUSINESS HIGHLIGHTS AND ACHIEVEMENTS Going beyond the mainstay concession and related commercial services as well as the blockchain and healthcarerelated services, MYEG also continued to sustain key progress across many of its other services and business ventures. FY2022 also saw one of the Group’s investee companies Agmo, gain a listing on the ACE Market of Bursa Securities subsequent to its initial public offering (“IPO”) exercise. The IPO translated into the recognition of significant one-off fair value gains for MYEG arising from the post-listing revaluation of the Group’s interest in Agmo to multiple times the value of its original investment costs. The Group has been actively investing in innovative technology-centric companies in Malaysia and overseas in the past years, recognising the promising prospects of these companies becoming leaders in their respective fields. Having journeyed closely with these investee companies over the years, the Group understands what they are capable of. Therefore, such as in the case of Agmo, any eventual IPO of these companies in the coming years would potentially generate meaningful gains for the Group going forward. The Group’s BELI e-Mart continued to carve a niche space within a highly-competitive marketspace. BELI e-Mart’s competitive ability is buoyed by several inherent advantages such as being able to leverage on free delivery services provided for eligible purchases. BELI leverages on MYEG’s delivery expertise to ensure that deliveries are optimised, efficient and cost-effective. OVERSEAS BUSINESS HIGHLIGHTS AND ACHIEVEMENTS In June 2022, the Group announced that through MYEG Philippines, it had entered into a Memorandum of Agreement (MOA) with TIEZA to provide its payment channels for the collection of travel taxes through TIEZA’s Online Travel Tax Services System OTTSS, an online payment portal designed to provide a more convenient, faster and hassle-free way of paying for travel taxes. This will allow Filipino citizens to have multiple options to pay for travel tax online anytime and anywhere using their e-wallets, credit / debit cards, online bank transfers and more. This comes at an opportune time where travel restrictions have eased up, and thus TIEZA is managing the travel surge by providing outbound Filipino citizens a more convenient way of paying their travel taxes online. MYEG also worked to enable the activation of e-wallet payment facilities for payments to more than 800 government agencies under the Landbank Linkbiz Portal. The Group also formalised an agreement with the DOH-MMCHD to enable online payments for permits, licenses, accreditation, authorisation, registration, certification, clearances, violations and other DOH-MMCHD transactions. MYEG also signed a tripartite agreement with the SBMA and InterCommerce Network Services, Inc. for the acceptance and processing of online payment on SBMA’s eBPS. The Group managed to successfully secure an extension of its existing services for the Philippines’ National Bureau of Investigation for another 3 years. These partnerships continue the close collaboration MYEG Philippines has established with the Philippines government since MYEG Philippines’ inception in 2017. In FY2022, MYEG delivered another year of robust growth in the Philippines as the value of annual transactions handled surged over three-fold to a new high of some PHP5 billion (USD91 million). These favourable developments translated into MYEG Philippines turning in an improved performance in FY2022. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 25
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