Malaysia-listed digital services company MY E.G. Services Berhad announced a strategic collaboration with MyDigital ID Solutions Sdn Bhd to establish a blockchain-powered national digital identity ecosystem, the MyDigital ID Superapp, marking a major advancement in the battle against online fraud.

This partnership between MYEG’s wholly-owned subsidiary MYEG Alternative Payment Services Sdn Bhd and MYIDSSB underscores both organizations’ commitment to driving technological innovation and enhancing the digital ecosystem in Malaysia, according to a statement on Friday.

The MyDigital ID Superapp will provide a seamless, secure, and scalable solution for integrating digital identity management for commercial service providers.

Built on the Malaysia Blockchain Infrastructure—a national initiative under the National research & development agency, MIMOS—the platform offers a comprehensive suite of tools, including an ewallet, news broadcasting, and an open innovation software development environment for businesses and service providers to leverage MyDigital ID.

More importantly, this initiative is timely as it comes amid increasing calls by thought leaders and policymakers at various China-ASEAN ministerial events for the establishment of interoperable digital standards and blockchain-based identity verification systems to safeguard online security and combat fraud.

MYEG, through its Layer 1 public blockchain network Zetrix, offers the most comprehensive global ID solution, providing support for not only MyDigital ID, but also digital IDs of Chinese nationals and business entities as well as the World network’s World ID.

The MyDigital ID Superapp opens up a world of opportunities for businesses and commercial service providers.

By leveraging the national MyDigital ID, companies can seamlessly integrate digital identity verification for direct logins into their existing mobile applications or offer their services as miniapps within the Superapp.

This integration eliminates the need for multiple authentication systems, streamlines onboarding processes, and enhances customer experiences, ultimately reducing costs and increasing operational efficiency.

A key feature of the MyDigital ID Superapp is its commitment to data privacy and security. The Superapp functions solely as an enabling platform and does not store or access any personal data in facilitating transactions.

All data interactions are conducted directly between the user and the service provider, ensuring the highest standards of confidentiality and compliance with privacy regulations.

MYEG’s expertise in electronic payment solutions complements MYIDSSB’s specialization in cybersecurity, authentication, and certification. Together, this collaboration ensures a secure and user-friendly system that prioritizes both data protection and business flexibility, meeting the evolving needs of Malaysia’s digital economy.

Scams continue to wreak financial and emotional havoc across Malaysia, with the recent State of Scam Report 2024 revealing staggering losses of MYR54.02 billion ($12.8 billion) over the past year. This figure, equivalent to 3 percent of the nation’s GDP, underscores the pressing need for stronger countermeasures against fraud. Further afield, Cyber scammers in Southeast Asia stole up to $37 billion in 2023, with a significant rise in AI-driven crimes.

By bringing together the latest innovations in Blockchain and Artificial Intelligence with Malaysia’s National Digital ID initiative, this collaboration intends to extend interoperability and the protections afforded to users across Malaysia’s economy and cross-border transactions, the company said.

Both MYEG and MYIDSSB are committed to adopting a phased approach to ensure the successful implementation of this future-ready platform.

Zetrix co-founder Fadzli Shah stated, “MYEG’s collaboration with MyDigital ID Solutions marks an important step forward in enhancing Malaysia’s digital landscape and meeting the need for interoperable national digital IDs.”

The development and proof of concept for the MyDigital ID Superapp are set for completion by the first quarter of 2025, with scalability and future readiness as core priorities.

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