BANGKOK, Jan. 16, 2025 /PRNewswire/ -- In the wake of ASEAN's rapid digital growth, which has seen substantial increases in cybercrime and online scams, the need for mutual recognition of digital IDs between China and ASEAN nations has become critical in combating online and cross-border scams. TS Wong, Group Managing Director of MYEG and Co-founder of Zetrix, underscored this at the China-ASEAN Digital Ecosystem Cooperation Forum in Bangkok yesterday.
TS Wong, Group Managing Director of MYEG and Co-founder of Zetrix, speaking during his dialogue session titled “Creating an Environmentally Friendly Digital Future” at the China-ASEAN Digital Ecosystem Cooperation Forum in Bangkok.
Spotlight on Cross-Border Digital Security
The forum, held alongside the 5th ASEAN Digital Ministers' Meeting, brought together influential leaders and policymakers to explore practical solutions for enhancing digital security and fostering collaboration.
Key speakers included:
- H.E. Zhang Yunming, Vice Minister of Industry and Information Technology of China
- H.E. Prasert Jantararuangtong, Deputy Prime Minister and Minister of Digital Economy and Society of Thailand
- H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN
In his dialogue session titled "Creating an Environmentally Friendly Digital Future," TS Wong highlighted the significant financial and societal toll of online scams.
Rising Cybercrime Threats Across ASEAN
The United Nations Office on Drugs and Crime (UNODC) estimates financial losses from scams targeting victims in East and Southeast Asia to be as high as USD37 billion in 2023. According to Minister of Digital Malaysia Gobind Singh Deo, Malaysia alone lost RM3.18 billion (USD700 million) to online scams involving more than 95,800 victims between 2021 and April 2024.
MYEG's Role in ASEAN Collaboration
As a key member of the ASEAN-BAC Malaysia Circle (ABMC), MYEG is committed to advancing regional initiatives that promote economic growth and digital security. Wong reiterated MYEG's dedication to fostering cross-border partnerships and advocating for interoperable digital IDs to strengthen ASEAN's digital ecosystem.
Why Interoperable Digital IDs Are Critical for ASEAN
"Verification processes," Wong explained. "Many countries participating in the forum, including China, Malaysia, Singapore, and Thailand, have or are in the process of issuing National Digital IDs. If countries recognise and enable localised verification of each other's digital IDs in real-time, it becomes possible to accurately identify online users regardless of how realistic deepfake videos may appear," Wong added.
He outlined several key benefits of interoperable digital IDs:
- Real-time cross-border identity verification to deter and identify scammers.
- Enhanced trust in digital transactions, fostering safer economic activities.
- Support for digital economies, promoting collaboration and consumer confidence.
Driving Innovation with Blockchain Technology
Leveraging its layer-1 public blockchain, Zetrix, MYEG has taken significant steps toward achieving cross-border interoperability through an exclusive partnership that integrates seamlessly with China's national blockchain infrastructure, Astron-Xinghuo BIF.
This collaboration enables the issuance of ZID digital IDs as Web3 Verifiable Credentials (VCs), allowing individuals and businesses in China to digitise their national IDs or business registration identities. These tamper-proof digital IDs mark a groundbreaking step toward unified frameworks for digital ID interoperability.
Paving the Way for a Secure Digital Future
As Malaysia assumes ASEAN chairmanship in 2025, MYEG remains steadfast in driving innovation and fostering trust within the region's digital economy. With interoperable digital IDs and blockchain technology at the forefront, MYEG aims to empower ASEAN countries to embrace digital transformation while safeguarding their citizens against the escalating threat of cybercrime.
About MY E.G. Services Berhad ("MYEG")
MYEG is Malaysia's premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive and financial services, among others. Committed to staying firmly at the forefront of the global digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across the region through its Layer 1 platform Zetrix. Besides its home market, MYEG's presence spans other key regional markets such as China, the Philippines and Hong Kong. For more information, visit:
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix's cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC). For more information, visit: