Zetrix AI Bhd Broadens Its Reach in Southeast Asia
Zetrix AI Bhd, formerly known as MyEG Services Bhd, is actively expanding its footprint across Southeast Asia. This move aims to reduce the company’s reliance on government contracts in Malaysia and lessen exposure to political risks. According to managing director TS Wong, this approach reflects how Malaysian tech firms are adjusting to changing policy environments.
"Revenue diversification is crucial," Wong shared. The company has moved beyond its traditional government-related services in Malaysia by entering international markets and focusing on private-sector solutions through its blockchain platform, Zetrix.
Zetrix: The Core Revenue Engine
The Zetrix blockchain platform is now the primary revenue driver for Zetrix AI. For the quarter ending March 31, 2025, the company reported a 28.8% year-on-year increase in revenue to RM299.99 million, with net profit rising 16.2% to RM181.57 million. This growth is largely attributed to Web3 application service fees on the Zetrix blockchain, including ZTrade, ZCert, and Digital ID registrations and transactions, alongside sales of Zetrix utility tokens.
Zetrix tokens power key services such as digital identity verification and trade document authentication. These services are gaining traction with private companies and government agencies across the region.
Despite a RM15.76 million impairment loss related to its investment in HeiTech Padu Bhd, the company’s operating profit would have been higher, highlighting the strength of its core business.
Targeting Cross-Border Trade and Digital Identity
The company is focusing on cross-border trade and digital identity services, with active expansion plans in the Philippines, Singapore, and Indonesia. Zetrix’s platform is already integrated with China’s General Administration of Customs (GACC) and is used by the Philippines Bureau of Customs and its technology partner, Cargo Data Exchange Center Inc.
Reducing Dependence on Domestic Government Contracts
Zetrix AI is embedding its platform into regional trade and regulatory frameworks to lessen its historic dependence on Malaysian e-government contracts — a key concern for investors. Wong explained that government-to-government (G2G) projects offer greater stability since they are less affected by changes in domestic political leadership.
For example, Zetrix AI has partnered with East Logistic Link Co, under GACC, to develop a blockchain-based National Single Window for ASEAN countries. This system facilitates paperless cross-border trade documentation and identity verification, benefiting both businesses and regulatory agencies.
Overcoming Setbacks Without Losing Momentum
The impairment charge on HeiTech Padu shares was due to mark-to-market accounting and does not reflect problems with the collaboration. Zetrix AI continues to work with HeiTech Padu and Huawei Malaysia on AI-enabled smart government services. Wong confirmed that this financial setback has not hindered the company’s ASEAN growth plans.
Through the ASEAN-China AI Lab, a Malaysia-China G2G initiative, Zetrix AI is developing AI and robotics solutions aimed at regional challenges.
Leveraging Local Technologies for Regional Growth
Zetrix AI is adopting Chinese-built technologies for ASEAN markets, including robotic automation to reduce reliance on foreign labor in Malaysia’s manufacturing sector. This localization strategy, combined with its blockchain services, supports the company’s push to strengthen digital infrastructure across the region.
"We are delivering next-generation services such as Agentic AI, cross-border identity verification, and trade automation with Zetrix," Wong said. These solutions are already operational and designed for replication across borders. The company is focused on scaling in high-growth ASEAN countries, where digital transformation remains a government priority.
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