Zetrix (formerly MyEG) Silent Revolution: A Hidden Goldmine or a Missed Opportunity?

[i4value]

Over the past five years, MyEG has evolved from a government service provider into a regional tech-driven digital solutions company, diversifying revenue beyond government contracts.

2019-2021: Foundation & Pandemic Boost
MyEG built its business around e-Government services like road tax renewals and summons payments. The COVID-19 pandemic accelerated growth, as MyEG adapted by offering health screening and quarantine solutions.

2022: A Strategic Shift
To reduce reliance on government contracts, MyEG expanded into commercial services like car insurance, financing, and online marketplaces. These higher-margin businesses helped sustain profits despite the decline in pandemic-related revenue.

2023-2024: The Game Changer
MyEG entered the blockchain and Web3 space, launching Zetrix, a blockchain platform enabling cross-border trade and digital identity verification. This unlocked new revenue streams and expanded MyEG’s footprint into China and Southeast Asia.

Stock Price vs. Business Growth: A Gap?
The company’s revenue and earnings have grown steadily, but stock price volatility over the past three years raises questions.

As seen in the Fundamental Mapper, MyEG is borderline between the Gem and Goldmine quadrants. If business performance continues to improve while the stock price remains unchanged, it could shift into the Goldmine quadrant, signaling better investment potential.

Will the market eventually catch up with MyEG’s transformation?

[weijian]

In the BN era, MyEG was the stock that pundits love to trade, as a proxy to the Msian Gov activities. It seemed to have changed much in the Anwar era that the company is pivoting via a name change. Is a name change to the "tune of the day" a red flag for a start?

MyEG (or Zetrix AG) was also once named in the court charges against one of the 2 current DPMs of Malaysia, not as an accomplice though.

Zetrix AI to file judicial review against Bursa over announcement breach penalty

PETALING JAYA: Zetrix AI Bhd, formerly known as MyEG Services Bhd, will seek a judicial review against Bursa Malaysia Securities Bhd over a penalty imposed on its seven directors in relation to three company announcements made two years ago.

Yesterday, Bursa fined Zetrix AI’s seven directors RM150,000 each for failing to ensure that three company announcements in 2023 were factual and accurate, breaching the main market listing requirements.

Bursa said Zetrix AI announced on July 7, 2023, among others, that a notification letter dated July 4, 2023 from the home ministry confirmed the finance ministry’s approval of the company’s appointment as the government revenue collection agent and extended its role as the provider of online services for the immigration department.

Bursa however said that the July 7 announcement was inaccurate, false and misleading as it was inconsistent with the contents of the July 4 letter.

https://www.freemalaysiatoday.com/catego...ch-penalty

[i4value]

Bursa Malaysia has had a number of companies that had their fortune tied to the prevailing administration. The challenge has always been whether they used the base to build a more sustainable business that is not dependent on the "initial-govt-linked" initiative. Zetrix move to blockchain and AI should be seen in this context.

[weijian]

Bursa Malaysia has had a number of companies that had their fortune tied to the prevailing administration. The challenge has always been whether they used the base to build a more sustainable business that is not dependent on the "initial-govt-linked" initiative. Zetrix move to blockchain and AI should be seen in this context.

hi i4value,

Did the shareholders (especially the majority or the proxy owners) or the company itself had their fortunes tied to the prevailing administration? I think there is a critical difference.

Folks who benefitted from the prevailing administration and knew it wasn't sustainable in the longer run, may choose to diversify their "administration derived and dependent wealth" Daim style. For all we know, they are now in wealth preservation mode and not wealth creation mode.

There are plenty of towkays who made their own transitions much earlier. Matter of fact, all our Msian Godfathers were at one time, dependent on been friendly to the dominant administration at that point of time.

As for our dear Zetrix AI fellas, what track record do they have? Or are they just bidding their time for a return to more favorable times?

[i4value]

Zetrix, formerly known as MyEG is a Malaysian digital services company that connects government, businesses, and consumers through its online platforms. Originally focused on e-Government services, it has since expanded into commercial digital offerings, from bill payments to insurance renewals.

Today, the company is pushing into blockchain with its Zetrix platform, enabling cross-border trade, digital credentials, and next-generation decentralized services.

In April 2025, MyEG and its Chinese allies established the China‑ASEAN AI Innovation Cooperation Centre at its Zetrix Tower. This government-backed lab will develop a national AI model, generative AI tools, robotics solutions, and AI-powered cross‑border ID systems.

Zetrix AI aims to integrate blockchain + AI + robotics, establishing itself as a digital tech leader bridging government and commercial sectors across the region.

While it is too early to see the impact of this AI push, it is instructive to note that its revenue in 2024 jumped up 31 %. PAT also increased substantially by 46 %. This surge was primarily driven by the rapid growth of its Web3 services, especially revenues from sales of digital assets via its Zetrix blockchain platform, layered on top of its traditional e-government and commercial digital platforms.

The company is trading today at about an Acquirer’s Multiple of 10 falling into the boarder of the Gem and Goldmine quadrants on the Fundamental Mapper.

Unfortunately Zetrix is a unique hybrid of e-Government digital services, commercial digital transactions, and new blockchain/Web3 ventures. As such there is no realy global peers. But if you look at other digital infrastructure and fintech businesses (Paytm of India, Ant Group of China, Indra Sistemas of Spain and Sopra Steria of France), the Acquirer’s Multiple ranged from 5 to 12.

Given that Zetrix’s revenue jump was driven by its blockchain platform, while its AI initiative is still at an early lab stage, the current valuation at 10x Acquirer’s Multiple likely reflects market caution on near-term earnings contributions from AI.

As Zetrix moves from proofs-of-concept to monetized AI applications, we would expect the market to reprice, provided execution risks tied to multi-jurisdiction operations and geopolitical partnerships are well managed.