biometricupdate42d ago
World Bank investment arm International Finance Corporation (IFC) has purchased a 2.5 percent stake in Malaysia-based Zetrix AI for $40 million (155.6 million Chinese yuan). The investment is intended to support the build-up of Malaysia’s digital infrastructure.Zetrix says it will use the funds to develop new blockchain-based digital public infrastructure (DPI) applications and AI-enabled products for digital inclusion, access to public services and economic efficiency. Those new services will integrate with Malaysia’s digital identity system MyDigital ID and the Malaysian Blockchain Infrastructure (MBI).MBI, created by Zetrix and Mimos Bhd following a 2022 partnership, formally endorsed Zetrix’s blockchain-based age verification method in January.The services Zetrix intends to offer include digital identity verification, but also asset tokenization and international trade digitalization. In AI, Zetrix will develop specialized agentic AI models."From digital IDs to digitised customs clearance processing to large language models and stablecoins, the real-world cross-border use cases in blockchain and AI that we are deploying are aimed at catalysing disruptive transformation across ASEAN and enabling deeper socio-economic integration in the region," says TS Wong, group managing director of Zetrix AI in a company announcement. "With the participation and market access from IFC, we will accelerate our global expansion plans."The company’s first focus to that end will be building on its presence in the ASEAN region, which currently includes operations in Indonesia and the Philippines.Wong told Malaysia’s The Star that Zetrix also plans to bring its subsidiary AI Foundation Lab to the Nasdaq for public trading.Zetrix is issuing 119.5 million new shares to IFC under the agreement, according to the Star.Mimos’ spending on and management of Malaysia’s digital identity system is criticized in a recent Auditor-General’s Report.
