MyEG Services has been on something of a roll during this pandemic. Back in June, the company signed a letter of intent (LOI) to purchase 10 million doses of the three-dose Zhifei COVID-19 vaccine, from Anhui Zhifei Biopharmaceutical and before that, it launched the SafeQ hotel booking portal. Then, just last week, the company announced that it was trialing its first Decentralised-Finance (De-Fi).
To put it simply, MyEG’s De-Fi is a kind of digital wallet that is designed to both promote digital assets adoption, as well as hold cryptocurrencies, traded or purchased through one of the four officially recognised Digital Asset Exchanges (DAXs) in Malaysia. On top of that, the platform can also be used to enact certain transactions – borrowing and lending, specifically – without having to go through the typical intermediaries.
Again, the De-Fi is still in its beta stage, but MyEG says that it plans on introducing more blockchain-based products and services, as time goes by.
At this point, if you’re wondering if MyEG has the blessing of the Securities Commission (SC) to do this, the answer to that is still unclear. As it stands, the De-Fi wallet is designed to simply hold one’s existing cryptofunds, obtained through one of the four DAXs that have been approved by the SC. But while MyEG hasn’t officially mentioned if it has actually gotten some sort of approval from the SC, there is an underlying assumption that it does indeed have its blessings, at least to some varying degree.
Interested readers can register for the wallet via the official MyEG page, as well as learn about the product in detail there too.