- Aims to bring next-gen Web 3 applications to Malaysia
- MoU will propel M’sia to deliver its National Blockchain Roadmap objectives
MY E.G. Services Berhad (MyEG) has entered into a memorandum of understanding (MoU) with Mimos Technology Solutions Sdn Bhd (MTSSB) to jointly develop and work towards operating the national layer 1 public blockchain using Zetrix and Mimos’s blockchain technology, as the components of the Malaysia Blockchain Infrastructure (MBI).
In a statement, MyEg said this MoU signifies a landmark collaboration between the leading proprietary solutions development company for the public sector and Malaysia’s largest digital services provider to bring next generation Web 3 applications to both government and commercial sectors in the country.
It said this will propel Malaysia as a leading technology innovator nation, and deliver the objectives as set out in Malaysia’s National Blockchain Roadmap.
The MBI is a key element of the National Blockchain Roadmap that was launched by the ministry of science, technology and innovation (Mosti) on Aug 9.
Faisal Ahmad, chief executive of MTSSB, said this collaboration will accelerate the development, deployment and take-up of blockchain related applications and services in both the public and private sectors.
“As a trading nation, Malaysia, and Malaysian companies, can greatly benefit from use of blockchain applications and services,” he said.
According to MyEg, Zetrix is a layer-1 blockchain that also serves as the backbone infrastructure and supernodes outside of China that connect to the country’s national network, Xinghuo Blockchain Infrastructure and Facility.
Zetrix’s Layer-1 infrastructure hosts applications, protocols and networks deployed on top of its proprietary smart contracts and environmentally responsible Proof-of-Stake (PoS) consensus mechanism, it said.
Zetrix, which was launched into Mainnet on Apr 15, currently hosts decentralised applications, or DApps, such as NFT Marketplace NFTPangolin and blockchain identifier service Zidentity, it added.
MyEg said Zetrix’s latest service, a blockchain based supply chain financing solution named Zetrix TradeFi, was also introduced during the ceremony.
The platform leverages the immutability of the blockchain and document digitisation to enhance the credit management and disbursements involved in cross border trade, saving time and minimising human error or intervention, it added.
Wong Thean Soon, group managing director, MyEG said the firm is honoured to be able to contribute to Malaysia’s national blockchain roadmap.
“We firmly believe that the blockchain enablement of trade will unlock greater opportunities and use cases to establish this as a true technological revolution, departing from speculative tokenomics.
“The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce,” said Wong.