MYEG teams up with Mimos to look into developing national public blockchain

KUALA LUMPUR (Oct 6): MY EG Services Bhd (MYEG) and Mimos Technology Solutions Sdn Bhd (MTSSB) have agreed to explore a collaboration on developing and operating the national Layer 1 public blockchain.

They plan to do this using Zetrix and Mimos blockchain technology as the components of the Malaysia Blockchain Infrastructure, which is a key element of the National Blockchain Roadmap that was launched by the government on Aug 9.

MTSSB is a commercial arm of MIMOS Bhd, Malaysia’s national Applied Research and Development Centre and a strategic agency under the Ministry of Science, Technology And Innovation (MOSTI).

In a statement, MYEG said the two parties have entered into a memorandum of understanding to bring next generation Web 3 applications to both government and commercial sectors, and thereby delivering the objectives as set out in the road map.

"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," said MTSSB chief executive officer Faisal Ahmad in the statement.

Zetrix is a Layer 1 blockchain that also serves as the backbone infrastructure and supernodes outside of China that connect to China's national network, Xinghuo Blockchain Infrastructure and Facility.

MYEG group managing director Wong Thean Soon said blockchain enablement of trade would unlock greater opportunities in technological revolution.

"The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce," he added.

Shares of MYEG closed 3.43% higher at 90.5 sen on Thursday (Oct 6), giving the group a market capitalisation of RM6.73 billion.