Zetrix AI is poised for significant revenue growth driven by its involvement in Malaysia’s government-mandated national blockchain platform, as highlighted by Maybank Research. While the research firm has maintained its earnings forecasts for FY25-27E, it has adjusted Zetrix AI’s target price lower to MYR1.45 (from MYR2.00), pegged to 15x FY26E Price-to-Earnings Ratio (PER) to better reflect the company’s evolving business model as a national blockchain developer.

The Malaysia Blockchain Infrastructure (MBI), launched on June 28, 2025, is a key driver for Zetrix AI’s growth. Jointly developed by Zetrix AI and MIMOS, MBI is designed to support both public and private sector applications. Built on Zetrix AI’s proprietary Layer-1 blockchain, it aims to serve as a “national backbone” for critical functions such as verifiable credentials (VC), supply-chain traceability, and asset tokenization. Among its applications, MyDigital ID (for digital identity verification) and MyGov (for digital decentralization/notarization of government records) are already live on the platform, with MyDigital ID alone boasting 2.5 million active users.

MyDigital ID is already generating revenue for Zetrix AI. The company earns MYR0.40 per transaction from service providers who utilize MyDigital ID for credential authentication. These service providers span various sectors, including government agencies (such as the Immigration Department), social media companies, government-linked companies (GLCs), and even startups like Masverse, iTrace, and Cokeeps. Maybank Research estimates that Zetrix AI accrued approximately MYR5 million in revenue from VC authentication in the second quarter of 2025, a figure projected to double in the third quarter. For the full fiscal year 2025, VC-related revenue is forecast to reach MYR40 million, already imputed in the research firm’s earnings estimates.

Revenue accretion is expected to snowball further with the anticipated launch of My Superapp later this month. This new application will enable Malaysia’s estimated 40 million annual foreign visitors to digitize their passports and driving licenses for use within the country. Zetrix AI plans to charge MYR100 per application. Despite being an optional service, the revenue potential is substantial, even if only a fraction of foreign visitors subscribe for the added convenience.

Maybank Research highlights that this strategic shift from an exclusive government-to-government (G2G) service provider to a broader national blockchain developer underpins Zetrix AI’s long-term growth trajectory, despite the recalibrated valuation.