KUALA LUMPUR (Feb 9): E-government services provider MyEG Services Bhd’s Philippine unit recorded a three-fold increase in the value of annual transactions handled to a new high of some PHP5 billion (RM392.76 million) in 2022, strengthening its position as the region’s leader in the sector, the company said in a statement on Thursday (Feb 9).
Underpinned by strong user reception towards its offerings, the group said that MyEG Philippines has seen a solid increase in annual transaction counts, registering a 40% increase in volumes in 2022 from 2021, and more than double 2020 levels. That brought the total value of transactions processed in 2022 to about PHP5 billion, more than three times higher than the previous year’s total.
It added that MyEG Philippines has recently secured the agreement to deliver services for the National Bureau of Investigation for another three years.
Leveraging on its track record as Malaysia’s flagship e-government services and solutions provider, MyEG had embarked on its overseas expansion in 2017, starting with the formation of its Philippine joint venture, MyEG Philippines Inc.
Within a span of five years, it said it established itself as the market leader in the Philippines, allowing the public to transact with government agencies that include the National Bureau of Investigation, Bureau of Internal Revenue, Landbank of the Philippines (for payments to more than 800 government agencies), Development Bank of the Philippines, Philippines Health Insurance Corporation, Philippines Economic Zone Authority, Tourism Infrastructure and Enterprise Zone Authority Subic Bay Metropolitan, and Authorities Department of Health-Metro Manila Centre for Health Development.
As government digitalisation gathers pace at a global level, MyEG said it is optimistic and ready to continue playing its role as a key enabler of innovation, not only in the Philippines and its home market of Malaysia, but also the rest of the region.
“We are particularly excited about the potential for Web3 to transform the technology landscape in the region and look forward to pioneering its adoption through the variety of decentralised applications which we will be progressively rolling out to the market soon," said MyEG group managing director TS Wong.
Shares in MyEG continued to trade actively with 166.55 million shares exchanging hands, making it the second-most actively traded counter on the local bourse on Thursday.
The stock closed unchanged at 71.5 sen, giving it a market capitalisation of RM5.35 billion.
To recap, MyEG shares succumbed to heavy selldown on Tuesday (Feb 7), as it plunged 26.7% or 25.5 sen at 70 sen — the lowest since November 2020 — following news reports that all immigration services and processes will revert to the Immigration Department by 2025, including those being managed by third parties such as MyEG.
MyEG clarified on the same day that it has not held any meeting with Putrajaya on converging all immigration transactions under the government’s National Integrated Immigration System (NIISe).
“The board of directors of the company wishes to clarify that the company has not held any meeting with either the Ministry of Home Affairs or the Immigration Department of Malaysia on the intention to converge all immigration transactions under the NIISe,” the group said in a Bursa Malaysia filing on Tuesday.
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