Zetrix AI set for revenue boost from MyDigital ID
By Azanis Shahila Aman
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is poised for robust revenue growth due to its expanding suite of verifiable credential (VC) applications under Malaysia's national blockchain initiative.
Maybank Investment Bank Bhd (MaybankIB) said MyDigital ID is already generating revenue for Zetrix AI, with 40 sen per transaction attributable to the company from service providers that use MyDigital ID to authenticate credentials.
The firm said these service providers include government agencies such as the Immigration Department, social media companies, government-linked companies, and even start-ups like Masverse, iTrace, and Cokeeps.
"We estimate that Zetrix AI accrued about RM5 million in revenue from VC authentication in the second quarter (Q2) 2025 – a figure we expect to double in Q3 2025.
"For FY25, we forecast VC-related revenue to top RM40 million (imputed in our earnings)," it said.
Meanwhile, MaybankIB expects revenue to increase further once the My Superapp goes live later this month.
It said the app will allow Malaysia's about 40 million annual foreign visitors to digitise their passports and driving licences for use in the country.
"Zetrix AI plans to charge RM100 per application, and despite being optional, revenue potential could be substantial even if a fraction of foreign visitors subscribes for the convenience," it said.
Overall, MaybankIB has maintained its financial year 2025 (FY25) to FY27 earnings forecasts.
"We maintained "Buy" on the stocks with a lower target price of RM1.45 from RM2.00 previously.
"Our current valuation peg is also better reflective of Zetrix AI's move away from its business model as an exclusive government-to-government service provider to that of a national blockchain developer," it added.
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