23 Mar 2025
MYEG Partners with MyDigital ID Solutions to Establish Malaysia's Digital Identity Ecosystem
PETALING JAYA - 2 months ago on January 25 2025, Malaysia's leading digital services company MY E.G. Services Berhad ("MYEG") announced a strategic collaboration with MyDigital ID Solutions Sdn Bhd ("MYIDSSB") to establish a blockchain powered national digital identity ecosystem, the MyDigital ID Superapp.
The Web 3 Platform will be built on Malaysia Blockchain Infrastructure, and is expected to mark a major advancement in the battle against online fraud.
The Malaysia Blockchain Infrastructure — a national initiative under the National research & development agency, MIMOS — is believed to be able to safeguard online security and combat fraud.
This is especially important to a country like Malaysia, where scams continue to wreak financial and emotional havoc across the country. In fact, the recent State of Scam Report 2024 revealed staggering losses of RM54.02 billion (US$12.8 billion) over the past year. This figure, equivalent to 3% of the nation's GDP, underscores the pressing need for stronger countermeasures against fraud.
It has also become a regional problem. Further afield, cyber scammers in Southeast Asia stole up to $37 billion in 2023, with a significant rise in AI-driven crimes. This has led to increasing calls by thought leaders and policymakers at various China-ASEAN ministerial events for the establishment of interoperable digital standards and blockchain-based identity verification systems to safeguard online security and combat fraud as well.
MYEG believes that it is well-placed to handle this. Through its Layer 1 public blockchain network Zetrix, it believes it offers the most comprehensive global ID solution, providing support for not only MyDigital ID, but also digital IDs of Chinese nationals and business entities as well as the World network's World ID.
Its confidence has led the MyDigital ID Superapp to be a platform that offers a comprehensive suite of tools, including an ewallet, news broadcasting, and an open innovation software development environment for businesses and service providers to leverage MyDigital ID.
By leveraging the national MyDigital ID, companies can seamlessly integrate digital identity verification for direct logins into their existing mobile applications or offer their services as miniapps within the Superapp. This integration eliminates the need for multiple authentication systems, streamlines onboarding processes, and enhances customer experiences, ultimately reducing costs and increasing operational efficiency.
Critics are still doubtful whether it can deliver on the promise - data leaks has been a constant in Malaysia, with the occasional news that another local telco has found its consumer details shared on the Dark Web in some forum or the other.
They question the timing of the exercise, noting that a lot more needs to be done to tie up the existing loose ends in data security in Malaysia in the first place.
Adding to the mix the fear of many Malaysians that online transactions are rarely safe, and local banks famous for scam-like practices themselves, there is a concern that adoption by Malaysians will not be as positive as it is being hoped for.
Zetrix co-founder Dato' Fadzli Shah is undeterred. He believes in blockchain technology being able to manage security issues due to its inherent technologically complex safeguards.
In the press release issued then, he stated: "MYEG's collaboration with MyDigital ID Solutions marks an important step forward in enhancing Malaysia's digital landscape and meeting the need for interoperable national digital IDs. This platform will simplify access to digital services while maintaining the highest standards of data security and user privacy. At the same time, it will enable businesses to unlock new opportunities and streamline their operations in the digital age."
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