PERFORMANCE EFFECTIVE RISK MANAGEMENT OF PROSPECTS The Group will continue to leverage its strong business fundamentals and propositions amidst a possibly everchanging operating environment in FY2023. This would also involve taking advantage of emerging trends and prospects to introduce new services. The Group however remains cognisant of the existing and potential risks arising from undertaking ventures like this. Notably, MYEG’s early championing of blockchain adoption in the region may entail risks in navigating a changing regulatory landscape in view of regulations related to blockchain, cryptocurrency and digital assets still remaining in their early development stages. Understandably, the rapid pace of technological evolution has seen many nations including Malaysia contending with the fair and transparent formulation of regulatory policies and rules within their own countries. The cross-border collaboration and global market reach of digital revolution, especially Web3 technology, also adds an additional layer of risk that involves the process of fully complying with various countries’ specific regulations. Amidst these risks, MYEG remains determined in ensuring that the Group garners and maintains full regulatory compliance at all times. While there is a receding importance of MYEG’s healthcare services as the Group moves back into pre-pandemic normalcy, the Group has shown through these services that it possesses the ability to mitigate risks to itself from volatile disruptive events by strategically pivoting its platform. This was evidenced by the quick launches of new COVID-19 healthcare services as well as redirecting existing services appropriately. MYEG remains confident of its capacity to evolve and sustain value creation while remaining competitive as it has identified its risks and developed fitting mitigation plans. CAPITALISING ON OPPORTUNITIES MYEG will remain continually vigilant about how else it can evolve moving forward. The Group is always ready to respond to changes in the operating landscape in order to rapidly introduce solutions of genuine need and utility in any scenario. This vigilance is paired with MYEG’s readiness to meet the growing demand for its services across its operating markets by continuing to introduce innovative services that take advantage of new technologies to drive organic growth in its markets. In particular, MYEG views the Web3 space as a primary growth driver to sustain the Group’s progress for many years to come. With the Government lifting restrictions put in place during the pandemic, MYEG is more determined than ever to bring blockchain to the forefront via its Layer-1 blockchain platform, Zetrix. MYEG is also keen to further collaborate with its partners to start introducing blockchain-based commercial services, which can be used globally. The Group expects these services to be well received by the market. Future professional collaborations with the Government to realise the Government’s blockchain objectives will continue to strengthen, more so after being given the honour and responsibility to jointly develop and operate Malaysia’s national blockchain infrastructure. The Group intends to introduce blockchain services and applications that ultimately meet the objectives set out in Malaysia’s National Blockchain Roadmap and propel Malaysia into becoming a leading technology innovator. Aligning the Group’s blockchain and digital assets with the country’s digital transformation agenda is also important going forward to forge a connected, digital-based economy and society via providing day-to-day smart solutions to users. Therefore, in tandem with building upon existing applications and partnerships in the blockchain realm such as DeFi, crypto-wallets, NFTs, decentralised identifiers and worldwide cross-border commerce, FY2023 will also see the Group continue to pioneer new opportunities to leverage on the power of Web3 application. In achieving this ambition, MYEG will remain on the lookout in forming key synergistic and strategic partnerships that can facilitate win-win solutions to elevate the Group’s dominance in the digital space to ultimately benefit communities and businesses everywhere. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 27
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