FYE 2023 MYEG REPORTED REVENUE OF RM774.26 MILLION, NET PROFIT RM488 MILLION

Founder of Bursa Malaysia listed company, My E.G. Services Berhad (MYEG) is Malaysian billionaire Wong Thean Soon (53). He graduated from the National University of Singapore with a Bachelor's Degree in Electrical Engineering in 1995. Soon after that he started Cybersource Pte Ltd (1995-1997). In 2000, he founded MYEG, a company that provides digitalisation services (convenient and hassle free renewal of drivers and vehicle licensing and electronic payment of summon services) to the Road Transport Department and then online renewal of work permits for foreign workers to the Immigration Department.

Today MYEG has crossed borders and brought our homegrown tech solutions to the People's Republic of China & Hong Kong, and the Philippines. In the Philippines it provides digital services to the National Bureau of Investigation (NBI) and the Bureau of Internal Revenue. In January 2024 MYEG tied up with Web3Labs Hong Kong and Summer Capital to be the preferred blockchain infrastructure for Hong Kong government-aligned applications. MYEG's collaboration with China's Ministry of Industry and Information Technology is via CIACT, a scientific research institute that will pioneer game-changing decentralised applications to revolutionise cross-border trade and credentials verification. The ZTrade which aims to digitise China Customs clearance processing involves multi-chain wallet, supply chain financing, E-signing and Zidentity. The aim is faster and more convenient clearance for trades going into China.

For FYE 31 Dec 2023, MYEG reported total revenue of RM774.26 million and net profit of RM488 million. As at 1 April 2024 Wong Thean Soon is the single largest shareholder in MYEG with a direct stake of 12.50% and indirect stake of 16.37%.

MYEG announced in March 2024 that it has acquired a strategic stake in listed Heitech Padu Berhad, a homegrown market leader in the ICT industry. The goal is pairing synergies to provide a greater range of digital solutions and services to the Malaysian govt and commercial sector. 

ACKNOWLEDGEMENTS

1. My E.G. Services Berhad. 2022 Annual Report. https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=225318&name=EA_DS_ATTACHMENTS
2. The Star. 17 October 2023. https://www.thestar.com.my/business/business-news/2023/10/17/home-affairs-ministry-grants-myeg-2-year-extension-on-immigration-related-services
3. MARC. 10 February 2023. https://www.marc.com.my/rating-announcements/marc-ratings-issues-update-on-myeg/
4. myeg. https://eservices.com.my/about_us
5. The Edge Malaysia. 24 August 2021. Vasantha Ganesan. https://theedgemalaysia.com/article/myeg-services-latches-blockchain-and-tokenisation-megatrend
6. The Malaysian Reserve. 20 October  2023. https://themalaysianreserve.com/2023/10/20/myeg-enhancing-immigration-services-in-one-month-with-rm5m-investment/
7. The FifthPerson. 15 September 2017. Stanley Lim. https://fifthperson.com/8-things-you-need-to-know-about-myeg-services/
8. Forbes. 2022 Malaysia's 50 Richest Net Worth . https://www.forbes.com/profile/wong-thean-soon/?sh=356271b931da
9. Digital News Asia. 17 February 2023. https://www.digitalnewsasia.com/business/malaysia-and-china-collaborate-enhance-cross-border-supply-chain-traceability
10. Digital News Asia. 11 October 2022. https://www.digitalnewsasia.com/business/mimos-myeg-develop-national-blockchain-infrastructure
11. Asia One. 17 November 2022. https://www.asiaone.com/business/china-national-blockchain-xinghuo-bif-appoints-myeg-own-and-operate-xinghuo-international
12. Free Malaysia Today. 11 February 2023. Thamimi Vijeyasingam. https://www.freemalaysiatoday.com/category/highlight/2023/02/11/myegs-week-from-hell-as-rm2-3bil-vanishes-from-market-cap/
13. The Edge Malaysia. 25 July 2019. Syahirah Syed Jaafar.  https://theedgemalaysia.com/article/myegs-chairman-norraesah-ceases-be-substantial-shareholder
14. Tatler. https://www.tatlerasia.com/people/wong-thean-soon
15. Klse Screener. 24 August 2022. The Edge. https://www.klsescreener.com/v2/news/view/1035397/corporate-manoeuvrings-of-ts-wong-arouse-interest