KUALA LUMPUR, Feb 14 – MY E.G. Services Bhd’s (MYEG) blockchain infrastructure Zetrix has been selected by the Chinese government as a component of its government-to-government collaborative research programme leading to commercialisation.
In a filing with Bursa Malaysia, it said that Zetrix, a layer-1 public platform developed by MYEG, is the international super node for China’s national blockchain Xinghuo and is fully compatible with it.
It said that the collaboration which includes Universiti Malaya (UM) and the China Academy of Information and Communications Technology (CAICT) as strategic partners would strengthen Malaysia-China trade and data interoperability, and further propel Malaysia into the Web3 era.
MYEG said that UM and CAICT’s project entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” was selected as part of the intergovernmental collaboration between Malaysia and China in the field of science, technology and innovation.
“Initiated by the Ministry of Science and Technology of China, Malaysia is one of the 14 countries participating in the programme.
“The China-Malaysia government-to-government cooperation covers four sectors, namely public health such as vaccine research and development, artificial intelligence, information and communications technology (blockchain, big data, and others) as well as space remote sensing technology,” it said.
MYEG said that the research would involve proposing a system that could prevent fraud in supply chain processes using blockchain technology for cross-border trade.
“The system comprises smart contracts collaboration supported across the multiple parties involved in China-Malaysia trade including the Belt and Road Initiative countries.
“The system should enable all stakeholders to collaborate in cross-organisational information exchanges, all backed by a secure, unalterable audit trail,” it said.
Zetrix’s co-founder Wong Thean Soon has expressed confidence that the commercialisation of blockchain through this platform would bring many benefits to Malaysia.
“This strategic cooperation will further strengthen Malaysia-China trade and investment relations, including through the Regional Comprehensive Economic Partnership (RCEP), which is the main driving force in integrating the regional economy with the use of the Fourth Industrial Revolution (4IR) technology as well as cloud computing technology and big data analysis,” he said.
This project would spur talent exchanges between China and Malaysia, such as sharing knowledge and expertise via study visits and other intellectual exchanges, the company said.
