Zetrix, the layer-1 blockchain structure based in Malaysia, signed on October 6, 2022, a memorandum of understanding (MOU) with MIMOS Technology Solutions Sdn Bhd (MTSSB) to develop and operate the Malaysia Blockchain Infrastructure (MBI). MBI will act as Malaysia’s national blockchain infrastructure for all levels of government and commercial sectors.
Zetrix, which launched its Mainnet on April 15, 2022, was founded and operated by Malaysia’s largest digital service provider, MY E.G. Services Berhad (MYEG). In partnership with MTSSB, the two parties will spearhead the development of Malaysia’s national blockchain roadmap to bring Web-3 based services to the public and private sectors.
Read More: Policy2050.Com Releases “Smart Retail: Technologies And Trends Analysis (2022-2025)”
In a prestigious event in the presence of the Prime Minister, Datuk Seri Ismail Sabri Yaakob, Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba, and EPU Minister Datuk Seri Mustapa Mohamed, MYEG and MTSSB signed the MOU for jointly working towards furthering the national blockchain roadmap launched on August 9, 2022.
Faisal Ahmad, CEO of MTSSB, commented, “This collaboration will accelerate the development, deployment and take-up of blockchain related applications and services in both the public and private sectors. As a trading nation, Malaysia, and Malaysian companies, can greatly benefit from use of blockchain applications and services.”
Zetrix also acts as the international supernode to Xinghuo BIF, the national blockchain infrastructure of China, to facilitate trade between China and international parties through blockchain. Together, Zetrix and Xinghuo BIF provide users with BID services that allow users to verify on-chain identity through verifiable credentials, removing the need to verify the identity of users on each transaction.
Read More: SalesTechStar Interview with Keith Feingold, Vice President of Worldwide Sales at Onymos
Zetrix’s ties with Xinghuo BIF and their steps to develop the MBI initiative make Zetrix a national blockchain. The Xinghuo BIF partnership and the initiative with MBI make Zetrix a blockchain that is now involved in the development and growth of two national-level blockchain ecosystems. With exciting DApps as part of their ecosystem, such as their NFT marketplace called NFTPangolin, their blockchain-based identification service known as Zidentity, and their staking platform known as ZeFi Club, Zetrix is taking everything a step further to introduce their blockchain-based supply chain financing solution known as Zetrix TradeFi.
The new DApp will help facilitate trade and alleviate supply chain issues that have plagued the RCEP region since the COVID pandemic.
Mr. Wong Thean Soon, co-founder of Zetrix commented: “We are honoured to be able to contribute to Malaysia’s national blockchain roadmap and firmly believe that the blockchain enablement of trade will unlock greater opportunities and use cases to establish this as a true technological revolution, departing away from speculative tokenomics. The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce.”
