Malaysia: MYEG and Beitou IT Innovation Launch Digital Identity Verification on Zetrix Blockchain

MY E.G. Services Berhad (MYEG), Malaysia’s e-government service provider, has partnered with China’s Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. to develop an international digital identity credentials service using blockchain technology.

The collaboration was announced at the China-ASEAN Expo in Nanning and showcases a decentralized application that allows Chinese nationals to obtain a digital version of their driving licenses. These digital licenses are stored securely on the Zetrix blockchain as Verified Credentials, providing users with a globally recognized way to validate their identities.

Beitou IT Innovation Chairman Shuiping Lai highlighted the significance of the partnership, stating that by leveraging blockchain’s immutability and data security, cross-border communication between China and ASEAN countries can be enhanced while ensuring legal compliance.

TS Wong, Zetrix Founder and MYEG Group Managing Director, expressed his excitement about using blockchain technology to authenticate digital documents. He believes that these technologies will attract billions of users to Web3.

Digitalizing driving licenses on the blockchain offers immediate verification and a higher level of trustworthiness compared to physical documents, making it particularly relevant for know-your-customer (KYC) processes. The fraud-proof nature of blockchain ensures that these digital credentials can be verified in real-time, significantly reducing the risks of falsification.

The partnership aims to expand beyond driving licenses and digitize various documents that currently only exist in physical formats. The focus is on accuracy and authenticity, streamlining processes without compromising safety or security.

Zetrix, developed by MYEG, plays a foundational role in this initiative by facilitating cross-border issuance and verification of documents. This Layer-1 blockchain also hosts the international supernode of China’s Xinghuo Blockchain Infrastructure and Facility.

Beitou IT Innovation, a subsidiary of Guangxi Beibu Gulf Investment Group, manages the operations of the China-ASEAN Information Port Beitou Digital Technology Park.

Earlier this year, MYEG signed a significant deal with East Logistic-Link, a subsidiary of China’s General Administration of Customs, to provide cross-border trade facilitation services under the Zetrix umbrella called ZTrade. The platform has gained traction in Malaysia and the Philippines and has plans for further expansion in ASEAN countries.

Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it

What do you think?

363 Points
Upvote Downvote

Written by editorial

Leave a Reply

Your email address will not be published. Required fields are marked *

Visa and Currencycloud Launch Innovative Cross-Border Payments Solution

UK Businesses Continue to Expand Operations, Despite Challenging Economic Environment, Research by iwoca Reveals