MyEG Philippines posts solid growth in 2022

PETALING JAYA: My E.G. Services Bhd (MyEG) has delivered robust growth in the Philippines with the value of annual transactions handled surging over three-fold to a new high of about PHP5 billion (US$91mil) in 2022.

“Underpinned by strong user reception towards its offerings, MyEG Philippines has seen a solid increase in annual transaction counts, registering volumes in 2022 that were up 40% 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.

“As a testament to its track record, MyEG Philippines has recently secured the agreement to deliver services for the National Bureau of Investigation for another three years,” MyEG said in a statement.

MyEG kicked off its overseas expansion in 2017, starting with the formation of its Philippine joint venture MyEG Philippines Inc.

“Within a span of five years, the group has gone on to firmly establish itself as the market leader in the Philippines, bringing to the Filipino public the ease and convenience of being able to transact online with a growing list of key government agencies and entities,” it said.

As government digitalisation gathers pace at a global level, MyEG is looking ahead with optimism, 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 in 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," MyEG group managing director TS Wong said.