World Bank's IFC Invests in Malaysian AI Firm Zetrix
The World Bank Group's private sector arm, the International Finance Corporation (IFC), has invested in Malaysian company Zetrix AI. The investment aims to improve access to Digital Public Infrastructure services in Malaysia and other emerging markets in the ASEAN region. The goal is to leverage AI to enhance digital public services.
- The US$40 million equity investment from the IFC will support the development of blockchain-based applications and AI-enabled products to improve digital services in Malaysia and the broader ASEAN region. - Zetrix AI, formerly known as My E.G. Services Berhad, has been a long-standing provider of e-government services in Malaysia since 2000, handling online processes for immigration, automotive services, and more. - The company was co-founded by TS Wong, who serves as the Group Managing Director, and Dato' Fadzli Shah. - Zetrix operates a layer-1 public blockchain that serves as an international gateway to China's national blockchain, Xinghuo BIF, aiming to facilitate global trade and commerce. - This investment aligns with Malaysia's national digital transformation agenda, including the integration with the country's digital identity system, MyDigital ID, and the Malaysia Blockchain Infrastructure. - Beyond the investment, Zetrix AI is reportedly preparing to list its artificial intelligence unit, AI Foundation Lab, on the Nasdaq by the end of 2026. - The company's projects extend to developing a Shariah-compliant AI large language model and a multi-chain wallet that supports transactions across Zetrix, Ethereum, and China's XingHuo International blockchains. - The IFC's investment is part of a broader strategy to fund digital infrastructure in Southeast Asia, with other recent commitments aimed at improving connectivity and supporting the energy transition in the region.
