MIMOS Partners MYEG’s Zetrix towards the National Public Blockchain for the Malaysia Blockchain Infrastructure
- MYEG and MIMOS Technology Solutions enter into an MOU to jointly develop and operate the national layer 1 public blockchain using Zetrix and MIMOS blockchain technology, as the components of the Malaysia Blockchain Infrastructure (MBI).
- Zetrix TradeFi will facilitate trade in line with the Regional Comprehensive Economic Partnership (RCEP).
06 October 2022
(KUALA LUMPUR) MY E.G. Services Berhad (“MYEG”) entered into a Memorandum of Understanding (MOU) with MIMOS Technology Solutions Sdn Bhd (“MTSSB”) to jointly develop and work towards operating the national layer 1 public blockchain using Zetrix and MIMOS blockchain technology, as the components of the Malaysia Blockchain Infrastructure (MBI).
The MOU was witnessed by Prime Minister Datuk Seri Ismail Sabri Yaakob, Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba and EPU Minister Datuk Seri Mustapa Mohamed.
The MOU signifies a landmark collaboration between the leading proprietary solutions development company for the public sector and Malaysia’s largest digital services provider to bring next generation Web 3 applications to both government and commercial sectors in the country that will propel Malaysia as a leading technology innovator nation, and deliver the objectives as set out in Malaysia’s National Blockchain Roadmap.
The MBI is a key element of the National Blockchain Roadmap that was launched by the Ministry of Science, Technology and Innovation (MOSTI) on 9th August 2022.
Faisal Ahmad, CEO of MTSSB, commented, “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.”
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 (Xinghuo BIF). Zetrix’s Layer-1 infrastructure hosts applications, protocols and networks deployed on top of its proprietary smart contracts and environmentally responsible Proof-of-Stake (PoS) consensus mechanism.
Zetrix, which was launched into Mainnet on 15th April 2022, currently hosts decentralised applications, or DApps, such as NFT Marketplace NFTPangolin and Blockchain Identifier service Zidentity.
Zetrix’s latest service, a blockchain based supply chain financing solution named Zetrix TradeFi, was also introduced during the ceremony. The platform leverages the immutability of the blockchain and document digitisation to enhance the credit management and disbursements involved in cross border trade, saving time and minimising human error or intervention.
Mr. Wong Thean Soon, Group Managing Director of MYEG commented: “We are honoured to be able to contribute to Malaysia’s national blockchain roadmap and firmly believe that the blockchain enablement of trade will unlock greater opportunities and use cases to establish this as a true technological revolution, departing away from speculative tokenomics. The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce.”