
Zetrix AI Emerging As Key Driver In Nation's Blockchain Push
The Malaysia Blockchain Infrastructure (MBI), launched on June 28, 2025, is a key driver for Zetrix AI's growth. Jointly developed by Zetrix AI and MIMOS, MBI is designed to support both public and private sector applications. Built on Zetrix AI's proprietary Layer-1 blockchain, it aims to serve as a 'national backbone' for critical functions such as verifiable credentials (VC), supply-chain traceability, and asset tokenization. Among its applications, MyDigital ID (for digital identity verification) and MyGov (for digital decentralization/notarization of government records) are already live on the platform, with MyDigital ID alone boasting 2.5 million active users.
MyDigital ID is already generating revenue for Zetrix AI. The company earns MYR0.40 per transaction from service providers who utilize MyDigital ID for credential authentication. These service providers span various sectors, including government agencies (such as the Immigration Department), social media companies, government-linked companies (GLCs), and even startups like Masverse, iTrace, and Cokeeps. Maybank Research estimates that Zetrix AI accrued approximately MYR5 million in revenue from VC authentication in the second quarter of 2025, a figure projected to double in the third quarter. For the full fiscal year 2025, VC-related revenue is forecast to reach MYR40 million, already imputed in the research firm's earnings estimates.
Revenue accretion is expected to snowball further with the anticipated launch of My Superapp later this month. This new application will enable Malaysia's estimated 40 million annual foreign visitors to digitize their passports and driving licenses for use within the country. Zetrix AI plans to charge MYR100 per application. Despite being an optional service, the revenue potential is substantial, even if only a fraction of foreign visitors subscribe for the added convenience.
Maybank Research highlights that this strategic shift from an exclusive government-to-government (G2G) service provider to a broader national blockchain developer underpins Zetrix AI's long-term growth trajectory, despite the recalibrated valuation. Related
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BusinessToday
a day ago
- BusinessToday
Zetrix AI Emerging As Key Driver In Nation's Blockchain Push
Zetrix AI is poised for significant revenue growth driven by its involvement in Malaysia's government-mandated national blockchain platform, as highlighted by Maybank Research. While the research firm has maintained its earnings forecasts for FY25-27E, it has adjusted Zetrix AI's target price lower to MYR1.45 (from MYR2.00), pegged to 15x FY26E Price-to-Earnings Ratio (PER) to better reflect the company's evolving business model as a national blockchain developer. The Malaysia Blockchain Infrastructure (MBI), launched on June 28, 2025, is a key driver for Zetrix AI's growth. Jointly developed by Zetrix AI and MIMOS, MBI is designed to support both public and private sector applications. Built on Zetrix AI's proprietary Layer-1 blockchain, it aims to serve as a 'national backbone' for critical functions such as verifiable credentials (VC), supply-chain traceability, and asset tokenization. Among its applications, MyDigital ID (for digital identity verification) and MyGov (for digital decentralization/notarization of government records) are already live on the platform, with MyDigital ID alone boasting 2.5 million active users. MyDigital ID is already generating revenue for Zetrix AI. The company earns MYR0.40 per transaction from service providers who utilize MyDigital ID for credential authentication. These service providers span various sectors, including government agencies (such as the Immigration Department), social media companies, government-linked companies (GLCs), and even startups like Masverse, iTrace, and Cokeeps. Maybank Research estimates that Zetrix AI accrued approximately MYR5 million in revenue from VC authentication in the second quarter of 2025, a figure projected to double in the third quarter. For the full fiscal year 2025, VC-related revenue is forecast to reach MYR40 million, already imputed in the research firm's earnings estimates. Revenue accretion is expected to snowball further with the anticipated launch of My Superapp later this month. This new application will enable Malaysia's estimated 40 million annual foreign visitors to digitize their passports and driving licenses for use within the country. Zetrix AI plans to charge MYR100 per application. Despite being an optional service, the revenue potential is substantial, even if only a fraction of foreign visitors subscribe for the added convenience. Maybank Research highlights that this strategic shift from an exclusive government-to-government (G2G) service provider to a broader national blockchain developer underpins Zetrix AI's long-term growth trajectory, despite the recalibrated valuation. Related


New Straits Times
3 days ago
- New Straits Times
Zetrix AI set for revenue boost from MyDigital ID
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is poised for robust revenue growth due to its expanding suite of verifiable credential (VC) applications under Malaysia's national blockchain initiative. Maybank Investment Bank Bhd (MaybankIB) said MyDigital ID is already generating revenue for Zetrix AI, with 40 sen per transaction attributable to the company from service providers that use MyDigital ID to authenticate credentials. The firm said these service providers include government agencies such as the Immigration Department, social media companies, government-linked companies, and even start-ups like Masverse, iTrace, and Cokeeps. "We estimate that Zetrix AI accrued about RM5 million in revenue from VC authentication in the second quarter (Q2) 2025 – a figure we expect to double in Q3 2025. "For FY25, we forecast VC-related revenue to top RM40 million (imputed in our earnings)," it said. Meanwhile, MaybankIB expects revenue to increase further once the My Superapp goes live later this month. It said the app will allow Malaysia's about 40 million annual foreign visitors to digitise their passports and driving licences for use in the country. "Zetrix AI plans to charge RM100 per application, and despite being optional, revenue potential could be substantial even if a fraction of foreign visitors subscribes for the convenience," it said. Overall, MaybankIB has maintained its financial year 2025 (FY25) to FY27 earnings forecasts. "We maintained "Buy" on the stocks with a lower target price of RM1.45 from RM2.00 previously. "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," it added.


New Straits Times
5 days ago
- New Straits Times
MBI: Shah Alam Stadium demolition completed ahead of schedule
KLANG: The demolition of Shah Alam Stadium was completed several days ahead of schedule, said Selangor Menteri Besar Incorporated (MBI) group chief executive officer Datuk Saipolyazan M. Yusop. Dismissing the claim that the process was delayed, he said that, under the original contract, the demolition work was scheduled to be completed by June 30, 2025, but was successfully finished ahead of the deadline. "Although the stadium may appear to have been entirely demolished only last week, the demolition was carried out in phases according to a detailed plan and hoarding installation around the project site has now begun. "The demolition process involved more than what could be seen from outside, as it also included the removal of substructures such as pilings and pile caps, which were completely demolished four days ahead of schedule," he said. Saipolyazan told this to reporters at the launch of the Sungai Klang Waste Separation Facility here today. He said the demolition debris, such as concrete rubble, was reused to fill and elevate the stadium site by three to four metres above the original ground level. He said construction work for Phase 1 of Kompleks Sukan Shah Alam (KSSA) is expected to begin in October, once the design process is completed. "Recently, we signed an agreement with the main developer, Malaysian Resources Corporation Bhd (MRCB), to redevelop the stadium, which includes the construction of the stadium, parking bays, open spaces and the Jubilee Park recreational area," he said. Saipolyazan added that preliminary work involving the marking of construction boundaries was underway. Meanwhile, he said MBI and MRCB have decided to use the conventional construction method instead of the Industrialised Building System (IBS), primarily to reduce the overall construction costs. The KSSA development project, comprising three phases, is expected to be completed by 2029.