Co-founder of Zetrix, Dato Fadzli Shah
By TEE LIN SAY
linsaytee@suketv.com
20 March 2026, 12:50pm
KUALA LUMPUR – The World Bank may increase its existing stake in Zetrix AI Bhd, the company formerly known as MY E.G. Services Bhd; or become a more active partner in its upcoming Nasdaq listing, targeted to complete by year end, said co-founder of Zetrix, Dato Fadzli Shah.
On Feb 26, Zetrix AI announced that the World Bank’s investment arm, International Finance Corp (IFC), had purchased new shares in Zetrix AI, to the tune of US$40mil (RM156mil), which would be used to build up digital infrastructure in Malaysia.
Under this equity investment, Zetrix AI will be issuing 199.5 million new shares to IFC, giving it a stake of around 2.5% in Zetrix AI.
“There are two potential paths for IFC, via The World Bank. The first is for them to double down on the listed company here in Bursa Malaysia, meaning they buy more stake,”
“The second path is that they may become a more active partner or significant equity holder in our Nasdaq listing, “ said Fadzli.
Fadzli added that the IFC first reached out to Zetrix AI a year ago, and it took a year of discussion before pen was put to paper.
“It is not often that Zetrix AI finds a party that serendipitously has the same thoughts as us,”
“We shared commonalities in our mission. We, formerly as MYEG, look at how governments can adopt a lot of new technologies. Meanwhile, they as the World Bank, are advocating for some standard setting and global standards. They are looking for some adherence on how new technologies can be adopted by governments and large enterprises in other countries,” said Fadzli.
He added that IFC will be able to value add Zetrix AI in terms of advocating them to other governments and getting some of their solutions deployed to other markets.
Zetrix AI is hopeful to leverage on the World Bank’s offices in 108 countries and their network of relationships with governments in these countries to replicate and scale its existing model.
Nasdaq Listing by Year End
Meanwhile on Zetrix AI’s upcoming Nasdaq listing, the IFC may look to take a more meaningful stake in the listing.
Zetrix AI is pursuing a Nasdaq listing for the spinoff of some of its business lines, with a target to complete this listing by year-end.
“The IFC, having the network that they do, and the fact that they have a lot more appreciation and nuance of the two different venues - Nasdaq and Bursa, well there is a chance that they become a more significant equity holder in the Nasdaq listing,” said Fadzli.
Fadzli added that all hands are on deck right now, and they are aiming to complete the listing by year end.
On the partnership between Zetrix AI and IFC, they aim to accelerate the deployment of blockchain-based Digital Public Infrastructure (DPI) and artificial intelligence solutions in Malaysia and across ASEAN, enhancing digital identity, customs clearance, and economic integration.
In Malaysia, these new services will integrate with the country’s digital ecosystem through MyDigital ID, the country’s digital identity system, and the Malaysia Blockchain Infrastructure (MBI), the country’s national blockchain service network.
Web Edited by YAN PHENG LIANG
yanphengliang@suketv.com