MyEG Services Bhd, through its blockchain subsidiary Zetrix, has launched a new digital identification (ID) verification service targeting Chinese nationals. The ZCert service, developed by Zetrix, aims to streamline the “know your customer” (KYC) processes for organizations and businesses outside of China that need to authenticate the digital IDs presented by Chinese citizens. This service represents the latest step in Zetrix’s ongoing efforts to enhance cross-border digital verification solutions.
Zetrix serves as the international super node for China’s national blockchain network, Xinghuo Blockchain Infrastructure Framework (Xinghuo BIF). Through the newly launched service, Chinese nationals can choose to publish their digital IDs on Xinghuo BIF, making them accessible to external entities that need to verify the authenticity of this information. By leveraging blockchain technology, the ZCert service enables faster, more reliable, and secure KYC processes across borders, facilitating seamless interactions between Chinese nationals and international institutions.
Enhancing ZCert Platform with Digital ID Verification
The introduction of digital ID verification marks a significant enhancement to Zetrix’s ZCert platform. Earlier in the year, the platform introduced a service that allows for the digitization and international verification of Chinese driving licenses. This expansion into digital IDs strengthens the platform’s ability to support a wide range of verification services. Zetrix’s use of blockchain technology ensures that data is securely encrypted and only the necessary information is shared, keeping user privacy intact throughout the process.
Zetrix’s managing director, TS Wong, who is also the co-founder of Zetrix, shared the company’s enthusiasm about the introduction of this new service. He emphasized that the cross-border digital ID verification will enable a new wave of services powered by smart contracts, making KYC processes simpler and more automated. Wong highlighted that the service not only ensures user data remains under the user’s control but also allows for the encrypted sharing of critical information, enhancing both privacy and security.
This new development also opens doors for compliant payments on Web3 platforms. The digital ID application is designed to be fully compatible with existing regulatory frameworks, enabling secure transactions on blockchain platforms. Additionally, by combining Chinese digital IDs with Malaysia’s national ID, World ID, and potential future sovereign IDs, Zetrix aims to position ZCert as a comprehensive global digital ID solution, expanding its appeal to a wider audience.
Zetrix’s Role in MyEG’s Future Growth
The successful launch of the digital ID verification service comes at a time of strong financial performance for MyEG. The company recently reported a net profit of RM165.42 million for the second quarter ending June 30, 2024, supported by revenues of RM242.28 million. These record-high earnings demonstrate MyEG’s continued growth, driven by its e-government services and now bolstered by its blockchain initiatives through Zetrix.
Market analysts have pointed out the potential for Zetrix to play an increasingly important role in MyEG’s overall revenue stream. As Zetrix expands its suite of services, which includes digital ID registration, ZCert transactions, and the sale of Zetrix tokens, there is speculation that its contributions could eventually surpass those of MyEG’s traditional e-government services, which currently serve as the company’s main income driver.
The launch of ZCert’s digital ID verification is just one example of the innovative solutions being developed on the Zetrix blockchain platform. These advancements align with the company’s long-term vision of positioning blockchain technology as a vital component of future digital infrastructure. As blockchain becomes more integrated into global financial systems and everyday transactions, Zetrix’s offerings could become even more essential for cross-border business activities and personal identification.
Zetrix’s Expanding Ecosystem of Blockchain Services
Zetrix’s growing ecosystem includes a variety of blockchain-based services that cater to both governmental and commercial needs. By providing secure, fast, and reliable solutions for digital ID verification, Zetrix is helping to advance the adoption of blockchain technology on a global scale. The ZCert platform’s capabilities are not only limited to digital ID and driving license verification but also extend to other use cases such as digital asset registration and transactions.
Looking ahead, Zetrix plans to continue expanding its blockchain services, exploring new ways to utilize smart contracts and decentralized technologies for both individuals and organizations. This forward-thinking approach positions Zetrix as a key player in the evolving blockchain landscape, with the potential to redefine how digital identities and assets are managed and verified across borders.
Conclusion: A Milestone for Cross-Border Digital Identity
The launch of Zetrix’s digital ID verification service for Chinese nationals marks a significant milestone in cross-border digital identity management. By leveraging the power of blockchain through the ZCert platform, Zetrix is simplifying and enhancing KYC processes for businesses and institutions worldwide. As Zetrix continues to innovate and expand its offerings, it is poised to become a leading force in the digital identity and blockchain space, contributing to the future of secure, efficient, and decentralized systems for global transactions and verification.
