MY S.E.G. Services Bhd (MYEG) has entered into a strategic partnership with MyDigital ID Solutions Sdn Bhd (MYIDSSB) to develop a national blockchain-powered digital identity ecosystem, known as MyDigital ID Superapp. This initiative aims to strengthen security measures to combat growing cases of online fraud.
According to MYEG, MyDigital ID Superapp is designed to offer a transparent, secure and scalable solution for digital identity management, aimed specifically at commercial service providers. The platform is built on Malaysia’s blockchain infrastructure, which operates as a national initiative under the National Research and Development Agency, MIMOS. It is equipped with a range of tools, including an e-wallet, information dissemination function and open innovation software development environment, allowing businesses and service providers to effectively integrate and use MyDigital ID.
Advancing interoperable digital standards
The introduction of this initiative comes at a time when policymakers and industry leaders at China-ASEAN ministerial events are advocating for the adoption of interoperable digital standards and identity verification systems based on blockchain. These measures are a priority to strengthen online security and mitigate fraudulent activities.
MYEG highlighted that its public Layer 1 blockchain network, Zetrix, provides a comprehensive global identification solution. This network not only supports MyDigital ID, but also integrates the digital identity systems of Chinese nationals and commercial entities, as well as the World ID of the World network. Through this deep integration, MYEG aims to create a more secure and interconnected digital identity ecosystem.
Coping with the Growing Financial Impact of Scams
The increasing prevalence of scams continues to impose severe financial and emotional hardship on Malaysia. Recent data from the State of Scam Report 2024 indicates that fraudulent activities resulted in losses amounting to RM54.02 billion (US$12.8 billion) over the past year. This financial impact represents approximately 3.0 percent of the country’s gross domestic product, highlighting the urgent need for robust countermeasures to combat fraud.
Beyond Malaysia, cyber scams remain a significant problem across Southeast Asia, where cybercriminals are estimated to have stolen up to US$37 billion in 2023. Additionally, there has been a notable increase in crimes motivated by artificial intelligence, further highlighting the need to adopt advanced technological solutions to strengthen cybersecurity measures.
With the launch of MyDigital ID Superapp, MYEG and MYIDSSB aim to establish a more resilient digital identity framework, capable of effectively responding to these growing cybersecurity threats while fostering greater trust in online transactions and verification processes identity.
