MYEG signs 4-year agreement for international extension of China’s blockchain network

KUALA LUMPUR (Nov 21): MY E.G. Services Bhd has inked a four-year collaboration agreement with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT).

In a bourse filing on Monday (Nov 21), the company said that under the deal, MY E.G. will own and operate the Xinghuo International Supernode that will provide connectivity from China to the rest of the world.

It said the agreement also entails the cross-border adoption and utilisation of the latest Decentralised Identifier standard (BID) to gradually create the Web3 of China and beyond.

MY E.G. said the 4 years initial term is renewable upon expiry subject to further negotiation.

“It has no fixed value and is determined by the number of transactions on Xinghuo International Supernode,” it said.

The company said the agreement is expected to contribute positively to its earnings for the financial year ending Dec 31, 2022 and onwards.

Trading in the securities of MY E.G. was halted for one hour from 9am on Monday and will resume at 10am.

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