KUALA LUMPUR, Malaysia, Oct. 13, 2021 /PRNewswire/ -- MY E.G. Services Berhad (MYEG) today signed a Memorandum of Understanding (MoU) with Institute of Industrial Internet & IoT, China Academy of Information and Communications Technology (CAICT) of China for the international extension of China's national blockchain network, Xinghuo Blockchain Infrastructure and Facility ("Xinghuo BIF"), by introducing backbone and supernodes outside China to be known as Zetrix.
Countries and corporations especially in the Regional Comprehensive Economic Partnership (RCEP) regions can utilise Zetrix as a gateway to China's Xinghuo BIF network to maximise the potential of the free trade agreement by leveraging on blockchain technologies. Pilot applications in blockchain will power trade traceability, digital identity, supply chain management, smart financing and digital trade will enable a new wave of innovation and talent development towards a borderless future. RCEP is the world's largest free trade agreement, covering 30% of global GDP and 30% of the world population, with intra-regional trade among member countries amounting to some US$2.5 trillion annually.
The event was held in conjunction with the World Expo 2020 in Dubai, at the Malaysia Pavilion, with the signing ceremony witnessed by YB Dato' Sri Dr. Adham Bin Baba, Minister of Science, Technology & Innovation of Malaysia. Present in Kuala Lumpur, Malaysia were Datuk Zainal Abidin Bin Abu Hassan, Secretary General of Ministry of Science, Technology & Innovation, Malaysia, Dato' Dr. Norraesah Binti Haji Mohamad, Executive Chairman of MYEG and Mr. Wong Thean Soon, Group Managing Director of MYEG, while in China, participants included Ms. Wang Zhiqin, Deputy Director of CAICT, and Ms. Li Haihua, Deputy Director of Institute of Industrial Internet & Internet of Things (IoT), CAICT.
MYEG will work together with CAICT to establish Xinghuo BIF's international extension platform, Zetrix and construct backbone and supernodes around the world. Zetrix will also enable a gateway for public blockchains to integrate into Zetrix and Xinghuo BIF's permissioned blockchain environments, making the network compatible for smart contract developers and enterprises. The strong collaboration between MYEG and CAICT will allow global enterprises an accelerated opportunity for direct entry into Xinghuo BIF, allowing them to leverage China's new digital & blockchain infrastructure.
Xinghuo BIF is China's national scale blockchain infrastructure, and it aims to promote digital transformation in the country and add value to digital assets in the future by integrating blockchain, industrial internet and IOT, and building backbone and supernodes across the nation for safe, secure, and efficient data transfer and integration.
During his keynote address, YB Dato' Sri Dr. Adham Bin Baba welcomed the collaboration between CAICT and MYEG in constructing blockchain-based supernodes outside of China, which will promote technology innovation creation of high value jobs and increasing cross border commerce. It is a major step for Malaysia towards a digital future, in line with the agenda of Twelfth (12th) Malaysia Plan to digitalise the Malaysian economy. He further described Zetrix as a catalyst for blockchain technology adoption and innovation across all business sectors, which will allow and accelerate the adoption of 4IR technologies – Blockchain, Artificial Intelligence (AI), Internet of Things (IoT), advanced materials and technologies as well as cloud computing and big data analytics.
On the other hand, CAICT Deputy Director, Ms. Wang Zhiqin has reiterated that China is attaching great importance to blockchain technology and industrial development. In the "14th Five Year Plan for National Economic and Social Development of the People's Republic of China and the Outline of Long-term Objectives for 2035", blockchain is listed as one of the seven key industries of the digital economy. CAICT has officially launched Xinghuo BIF on August 30, 2020, taking the industrial internet as the main application scenario, taking the key digital resource of network identifier as the breakthrough, and promoting the innovative application development of blockchain by building a distributed, multi-party participated, common consensus trusted and interactive system.
Zetrix backbone and supernodes will be fully compatible with the Xinghuo BIF infrastructure, providing a competitive edge for local and regional companies trading with their Chinese counterparts and each other, to integrate smoothly and seamlessly with China's supply chain network on Xinghuo BIF. It increases administrative efficiency and at the same time enhances transparency and product traceability, which are key to provide added value for ever-increasing consumer awareness.
CAICT is a scientific research institute directly under the Ministry of Industry and Information Technology (MIIT) of China, while the Institute of Industrial Internet and Internet of Things in CAICT is responsible for the development, execution and implementation of Xinghuo BIF throughout the nation.
Countries around the world are continuously making breakthroughs in technologies. With this partnership, MYEG aims to be at the forefront of blockchain technology for a borderless future.
About MY E.G. Services Bhd ("MYEG")
MYEG is Malaysia's premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in Malaysia and elsewhere in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Committed to staying firmly at the forefront of the region's digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. Beyond Malaysia, MYEG has operations in other key regional markets such as the Philippines and Indonesia.
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