Forget Blockchain: Zetrix’s Secret Weapon Could Be AI + Robotics

Zetrix, formerly known as MyEG is a Malaysian digital services company that connects government, businesses, and consumers through its online platforms. Originally focused on e-Government services, it has since expanded into commercial digital offerings, from bill payments to insurance renewals.

Today, the company is pushing into blockchain with its Zetrix platform, enabling cross-border trade, digital credentials, and next-generation decentralized services.

In April 2025, MyEG and its Chinese allies established the China‑ASEAN AI Innovation Cooperation Centre at its Zetrix Tower. This government-backed lab will develop a national AI model, generative AI tools, robotics solutions, and AI-powered cross‑border ID systems.

Zetrix AI aims to integrate blockchain + AI + robotics, establishing itself as a digital tech leader bridging government and commercial sectors across the region.

While it is too early to see the impact of this AI push, it is instructive to note that its revenue in 2024 jumped up 31 %. PAT also increased substantially by 46 %. This surge was primarily driven by the rapid growth of its Web3 services, especially revenues from sales of digital assets via its Zetrix blockchain platform, layered on top of its traditional e-government and commercial digital platforms.

The company is trading today at about an Acquirer’s Multiple of 10 falling into the boarder of the Gem and Goldmine quadrants on the Fundamental Mapper.

Unfortunately Zetrix is a unique hybrid of e-Government digital services, commercial digital transactions, and new blockchain/Web3 ventures. As such there is no realy global peers. But if you look at other digital infrastructure and fintech businesses (Paytm of India, Ant Group of China, Indra Sistemas of Spain and Sopra Steria of France), the Acquirer’s Multiple ranged from 5 to 12.

Given that Zetrix’s revenue jump was driven by its blockchain platform, while its AI initiative is still at an early lab stage, the current valuation at 10x Acquirer’s Multiple likely reflects market caution on near-term earnings contributions from AI.

As Zetrix moves from proofs-of-concept to monetized AI applications, we would expect the market to reprice, provided execution risks tied to multi-jurisdiction operations and geopolitical partnerships are well managed.