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MYEG collaborates with MyDigital ID Solutions to jointly build Malaysia's digital identity ecos

梦中人 2025-04-23 21:05:58 链资讯已有人查阅

导读On January 25, 2025, Malaysia's leading digital services company MY E.G. Services Berhad (MYEG) is pleased t...

On January 25, 2025, Malaysia's leading digital services company MY E.G. Services Berhad (MYEG) is pleased to announce a strategic partnership with MyDigital ID Solutions Sdn Bhd (MYIDSSB) to jointly establish a blockchain powered national digital identity ecosystem - the MyDigital ID super application, marking significant progress in the fight against online fraud.

The groundbreaking collaboration between MYEG's wholly-owned subsidiary MYEG Alternative Payment Services Sdn Bhd and MYIDSSB highlights the commitment of both companies to driving technological innovation and strengthening Malaysia's digital ecosystem.

The MyDigital ID super application will integrate digital identity management for business service providers, providing a seamless, secure, and scalable solution. The platform is built on top of Malaysia's blockchain infrastructure, which is a national project managed by MIMOS (Malaysian Institute of Microelectronics and Systems), the national research and development institution of Malaysia. The MyDigital ID super application can provide a comprehensive range of tools, including electronic wallets, news broadcasts, and an open and innovative software development environment for businesses and service providers to leverage MyDigital ID.

More importantly, this measure is very timely, as at various China ASEAN ministerial meetings, thought leaders and policy makers are increasingly calling for the establishment of interoperable digital standards and blockchain based identity verification systems to ensure network security and combat fraud.

Through its first layer public blockchain network Zetrix, MYEG can provide the most comprehensive global ID solution, supporting not only MyDigital ID but also digital identities of Chinese citizens and business entities, as well as World ID on the World network.

Supporting businesses and commercial services

The MyDigital ID super application can open up a world full of opportunities for businesses and commercial service providers. By utilizing the national MyDigital ID, companies can seamlessly integrate digital authentication into their existing mobile applications, enabling direct login or providing their services in the form of mini programs within super applications. This integration eliminates the need for multiple authentication systems, simplifies the user registration process, enhances customer experience, ultimately reduces costs and improves operational efficiency.

Focus on core privacy and security issues

A key feature of the MyDigital ID super application is its commitment to data privacy and security. This super application only serves as an empowering platform and does not store or access any personal data when facilitating transactions. All data exchange takes place directly between users and service providers, ensuring the highest standards of confidentiality and compliance with privacy regulations.

MYEG's expertise in electronic payment solutions complements MYIDSSB's expertise in network security, identity verification, and authentication. The cooperation between both parties ensures that the system is both secure and user-friendly, while prioritizing data protection and business flexibility to meet the evolving needs of Malaysia's digital economy.

Leading the work of combating cybercrime

Fraud continues to cause significant economic and emotional damage in Malaysia, with the recent "2024 Fraud Status Report" stating that fraud losses in the past year amounted to RM54.02 billion (approximately USD 12.8 billion). This figure is equivalent to 3% of the country's Gross Domestic Product (GDP), highlighting the urgent need for stronger anti fraud measures. In a broader region, online fraudsters in Southeast Asia stole up to $37 billion in funds in 2023, with a significant increase in crime driven by artificial intelligence (AI).

By combining the latest innovations in blockchain and artificial intelligence with Malaysia's National Digital ID Program, this collaboration aims to expand interoperability and provide affordable protection for users in Malaysia's economy and cross-border transactions.

This collaboration reflects the shared vision of both parties to modernize Malaysia's digital infrastructure without compromising existing systems. Both MYEG and MYIDSSB are committed to adopting a phased approach to ensure the successful deployment of this future oriented platform.

Zetrix co-founder Datuk Fadzli Shah said, "The collaboration between MYEG and MyDigital ID Solutions marks an important step forward in Malaysia's digital field, meeting the demand 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 also enable businesses to unlock new opportunities and streamline their operations in the digital age

The development and concept validation of the MyDigital ID super application are scheduled to be completed in the first quarter of 2025, with scalability and future readiness being core priorities. This collaboration demonstrates the potential of public-private partnerships to drive Malaysia's digital transformation goals.

Introduction to MY E.G. Services Berhad (MYEG)

MYEG is Malaysia's leading digital services company. Since its inception in 2000, MYEG, as a flagship enterprise in e-government services, has continued to play a leading role in driving technological change in the region, providing a diverse and comprehensive range of innovative services, covering various commercial services from online provision of major government services to immigration, automotive, financial services, and more. MYEG is committed to always staying at the forefront of the global digital revolution, actively embracing the potential of blockchain technology to improve all aspects of life, and promoting the application of blockchain technology in the region through its first layer platform Zetrix. In addition to the local market, MYEG's business has also expanded to other important regional markets, such as Chinese Mainland, the Philippines and Hong Kong.

Introduction to MyDigital ID Solutions Sdn Bhd

MyDigital ID Solutions Sdn Bhd is a pioneering digital identity solution provider dedicated to changing the way individuals and organizations securely manage and verify their identities in the digital age. The company provides comprehensive modules including authorization, authentication, verification, and certification bodies to innovate and scale services, enhancing trust and security in online and offline interactions.

As a wholly-owned subsidiary of MIMOS Berhad, MyDigital ID Solutions Sdn Bhd is committed to supporting Malaysia's digital transformation agenda by achieving seamless integration of digital identity technology between the public and private sectors. The company adheres to the philosophy of pursuing excellence, prioritizing user centered solutions, robust security frameworks, and cutting-edge technology to empower individuals, businesses, and governments.