alaysia ’ s leading digital services

( MYEG ), has entered into a strategic collaboration with MyDigital ID Solutions Sdn Bhd ( MYIDSSB ) to establish a Blockchainpowered national digital identity ecosystem , the MyDigital ID Superapp , marking a major advancement in the battle against online fraud .

This groundbreaking partnership between MYEG ’ s wholly owned subsidiary , MYEG Alternative Payment Services Sdn Bhd , and MYIDSSB underscores both organisations ’ commitment to driving technological innovation and enhancing Malaysia ’ s digital ecosystem .

The MyDigital ID Superapp is designed to provide a seamless , secure and scalable solution for integrating digital identity management for commercial service providers .

Built on the Malaysia Blockchain Infrastructure – a national initiative under the National Research and Development Agency MIMOS – the platform offers a comprehensive suite of tools , including an eWallet , news broadcasting , and an open innovation software development environment for businesses and service providers to leverage MyDigital ID .

This initiative comes amid increasing calls by thought leaders and policymakers at various China-ASEAN ministerial events for the establishment of interoperable digital standards and Blockchain-based identity verification systems to safeguard online security and combat fraud .

MYEG , through its Layer 1 public Blockchain network , Zetrix , offers a comprehensive global ID solution , supporting not only MyDigital ID but also digital IDs for Chinese nationals , business entities , and the World Network ’ s World ID .

Enabling businesses and commercial services

The MyDigital ID Superapp is said to open up a ‘ world of opportunities ’ for businesses and commercial service providers .

By leveraging the national MyDigital ID , companies can seamlessly integrate digital identity verification for direct logins into their existing mobile applications or offer their services as mini-apps within the Superapp . This integration eliminates the need for multiple authentication systems , streamlines onboarding processes , and enhances customer experiences – ultimately reducing costs and increasing operational efficiency .

Privacy and security at the core

A key feature of the MyDigital ID Superapp is its commitment to data privacy and security . The Superapp functions solely as an enabling platform and does not store or access any personal data in facilitating transactions . All data interactions occur directly between the user and the service provider , ensuring the highest standards of confidentiality and compliance with privacy regulations .

MYEG ’ s expertise in electronic payment solutions complements MYIDSSB ’ s specialisation in cybersecurity , authentication and certification . Together , this collaboration aims to deliver a secure and user-friendly system that prioritises both data protection and business flexibility – meeting the evolving needs of Malaysia ’ s digital economy .

Championing efforts to curb cybercrime

Scams continue to wreak financial and emotional havoc across Malaysia , with the recent State of Scam Report 2024 revealing staggering losses of RM54.02 billion ( US $ 12.8 billion ) over the past year . This figure , equivalent to 3 % of the nation ’ s GDP , highlights the urgent need for stronger countermeasures against fraud . Further afield , cyberscammers in Southeast Asia stole up to US $ 37 billion in 2023 , with a significant rise in AI-driven crimes .

By integrating the latest innovations in Blockchain and Artificial Intelligence with Malaysia ’ s National Digital ID initiative , this collaboration aims to enhance interoperability and strengthen protections for users across Malaysia ’ s economy and cross-border transactions .

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