KUALA LUMPUR (Oct 3): MyEG Services Bhd (KL:MYEG) said its blockchain developer, Zetrix, has come out with a digital identification (ID) verification service for Chinese nationals on the ZCert service.

Through the ZCert service, Zetrix now simplifies and facilitates electronic "know your customer" (KYC) processes for entities outside of China wishing to verify the authenticity of information contained in the digital IDs presented to them by Chinese nationals.

MyEG’s Zetrix is the international super node for China's national blockchain, Xinghuo BIF.

MyEG, in a statement, said Chinese nationals can choose to publish their digital IDs on Xinghuo BIF, and verifying entities outside of China can access this data through ZCert.

This digital ID marks the latest enhancement to the ZCert platform, following the introduction of a service earlier this year that allows for the digitization and international verification of Chinese driving licences, the statement read.

“We are truly excited about the introduction of this cross-border digital ID service as it enables a new wave of services powered by smart contracts. KYC processes can now be a simplified and automated process. Furthermore, user data is retained by users at all times and only critical information is shared in an encrypted manner,” said MyEG managing director TS Wong, who is also the co-founder of Zetrix.

“Payments on Web3 platforms can now be executed fully in compliance with existing rules. Our Chinese digital ID application combined with Malaysia’s national ID and world ID and future sovereign IDs make ZCert the most comprehensive global digital ID solution,” he added.

MyEG has reported a net profit of RM165.42 million for the second quarter ended June 30, 2024, on a revenue of RM242.28 million, marking its record high earnings.

Investment analysts covering the stock had previously stated that Zetrix could potentially take over the overall income from e-government services, which currently serve as the core earnings contributor for MyEG. The Zetrix blockchain platform includes services such as ZCert, digital ID registration and transactions, as well as the sale of Zetrix tokens.

Shares of MyEG closed down one sen or 1.12% at 88 sen on Thursday, giving the company a market capitalisation of RM6.7 billion.