KUALA LUMPUR (July 4): Zetrix AI Bhd (KL:ZETRIX), formerly known as MyEG Services Bhd, could see substantial growth driven by new applications of verifiable credentials (VC) under Malaysia’s recently launched government-backed national blockchain project, said Maybank Investment Bank.

Maybank estimated in a note that Zetrix AI earned approximately RM5 million from VC authentication in the second quarter of 2025, and expects this to double in the third quarter. 

For the full financial year, it forecasts VC-related revenue to exceed RM40 million.

This national blockchain system, implemented through the country’s technology research centre, MIMOS, serves as a secure digital network designed to keep records tamper-proof. 

Within this system, a verifiable credential is a digital certificate that can be proven authentic through digital signatures.

Under this model, companies and government agencies looking to adopt VC systems would pay Zetrix AI fees to issue, verify, or store digital credentials on its blockchain network. 

Additional verification fees are charged when third parties, such as employers or banks, check the authenticity of these credentials.

Among the key applications already running on this network are MyDigital ID, a digital identity verification platform that enables secure online authentication, and MyGOV, a digital verification system for government records.

Currently, MyDigital ID is already generating revenue for Zetrix AI. The company earns about 40 sen per transaction from service providers, including government agencies such as the Immigration Department, social media companies, government-linked corporations, and start-ups like Masverse and CoKeeps.

Looking ahead, the research house anticipates further earnings upside for Zetrix AI with the launch of the My Superapp in July. The digital identity verification app will also offer payment and commercial services. 

Notably, it is expected to allow Malaysia’s roughly 40 million annual foreign visitors to digitally display their passports and driving licences for use within the country.

Zetrix AI plans to charge RM100 per application. While this service is optional, it could still generate significant revenue even if only a small percentage of visitors opt in for the added convenience.

Maybank maintained its 'buy' rating for Zetrix AI, with a 12-month target price of RM1.45. At Friday's midday break, the stock was trading at 99.5 sen, valuing the company at RM7.7 billion.

"Our current valuation peg is also better reflective of Zetrix AI’s move away from its business model as an exclusive government-to-government service provider to that of a national blockchain developer," added the house.