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MYEG-Beitou IT Innovation collaboration catalyst for Malaysia to become exporter of new technology - Ahmad Zahid

Publish date: Sun, 10 Dec 2023, 05:40 PM

KUALA LUMPUR: The collaboration between MYEG and Beitou IT Innovation is set to be a catalyst to realise Malaysia's vision to be a major exporter of new technology, simultaneously enhancing investor confidence in the country's digital services, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

He said that this aligns with the Malaysia MADANI vision through the National Industrial Revolution Policy and Digital Economic Action Framework, which are crucial for the country to provide core services such as Cross-Border Digital Verified Qualification Documents to propel its future.

"I believe that efforts through such collaborations can accelerate the adoption of innovation and digital services in both the public and private sectors.

"Furthermore, when this collaboration can stimulate and drive cross-border economic effects that are felt by the people and users," he said during the launch of Z-Cert: Cross-Border Digital Verified Qualification Document System on the Zetrix-Xinghuo blockchain platform here today.

He noted that the MYEG and Beitou IT Innovation collaboration will leverage the Zetrix and Xinghuo blockchain for the issuance and verification of qualification documents, including cross-border digital identities.

He stated that this technology is a fundamental component and driver for the digitization of cross-border trade, online commerce, and decentralised applications.

Currently, the technology can be used to check and verify driving licences from China, and it is expected to be a catalyst for more security documents, subsequently boosting the potential for collaboration between the two countries.

Ahmad Zahid added that the Cabinet has agreed in principle to implement the proposal to digitalise existing licences by the Ministry of Transport.

"With the collaboration between MYEG and Beitou IT Innovation, it shows that they can potentially become a supplier for this (digital licence) system... of course, we want something better for the people of Malaysia, especially our drivers.

"I see the system has many advantages, especially in terms of digital documents issued on blockchain that cannot be falsified, and certainly, the verification of these documents can be used without doubt," he said.

In the vision of Malaysia MADANI, Ahmad Zahid said the government agrees to realise industries that adhere to innovation and digitalisation, making Malaysia a regional hub to expand the use of new technologies that benefit businesses and empower the people.

He highlighted that in the era of the rapidly advancing Digital Economy and Industrial Revolution, Malaysia must look to high-tech technologies that will shape new competitiveness in an economy that is not only global but truly borderless.

He expressed excitement that MYEG, a listed company on Bursa Malaysia, has become a partner in several initiatives with Beitou IT Innovation, a prestigious Chinese company listed in the China 500.


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