(Feb 25): Zetrix AI Bhd, a publicly traded Malaysian provider of digital infrastructure, raised about US$40 million ($50.58 million) from World Bank’s investment arm and is preparing to list its artificial intelligence (AI) unit on Nasdaq by year end.
The equity injection from International Finance Corp (IFC) will be used to expand access to digital infrastructure across Malaysia, Southeast Asia and other emerging markets, Zetrix said on Wednesday.
Digital public infrastructure — foundational systems that allow citizens, businesses and governments to access essential services securely and efficiently — is being reshaped by advances in AI. Zetrix, formerly known as MyEG Services Bhd, plays a role in providing such infrastructure in Malaysia.
As part of their pact, IFC and Zetrix will develop projects across Southeast Asia and beyond through a subsidiary being prepared for a Nasdaq listing. In Malaysia, it will support initiatives such as the national digital identity system and blockchain service network.
“Our AI unit, AI Foundation Lab, intends to pursue a listing on Nasdaq,” said Wong Thean Soon, Zetrix’s group managing director. “We are currently targeting to complete the listing by the end of 2026.”
The aim is to strengthen public service delivery and ensure inclusive, sustainable economic growth, Judith Green, World Bank’s country manager for Malaysia, said in a statement.
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