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SHAH ALAM - The Transport Ministry should be on the ground to get a more realistic picture of current ongoings, to check the reason behind the MyEG Services Bhd crash and fix it, urged experts.
Veteran economist Tan Sri Ramon Navaratnam said MyEG is facing an acute drop because the newly implemented system is not understood well among the people, not to mention poor consultation among the public and private sectors.
Ramon said that a consultation should have been conducted with stakeholders before making any changes to the system.
He urged Transport Minister Anthony Loke Siew Fook to get-on-ground, check the weaknesses and restore the confidence of the public towards the system.
"MyEG crashed because there is less confidence in the newly implemented MyJPJ system.
"People find it difficult to follow and eventually MyEG crashed due to lack of investment.
"So, Loke should consult the leaders of industry and fix the weaknesses, otherwise MyEG will be adversely affected," he said
Ramon added that the digital gap could be one of the reasons for MyEG to decline in the market.
"Many elderly people and Malaysians in rural areas are unfamiliar with digitalisation and changes in the system.
"All this causes confusion which reduces confidence and affects the stock market," he stated.
Meanwhile, Universiti Utara Malaysia economics professor Dr K. Kuperan Viswanathan said the MyEG stocks were declining due to number of factors namely increasing competition.
"One is the increasing competition for the services provided by MyEG by other online portals such as Pihak Berkuasa Tempatan (PBT) payment and other electronic wallets.
"Also more government services are now tendered to other portals on a more competitive basis," he reasoned.
However, he stated that stock prices movement is common part of the market process.
Kuperan also said that traders in stocks use market information to make decisions on when to sell and buy.
Meanwhile, Universiti Malaya Associate Professor Izlin Ismail was of the opinion that it was a good time to buy the stocks since it was on the decline.
She also said that the company (MyEG) might need to find a new line of business if stocks continue to drop.
"If MyEG only relies on government contracts, then this loss will affect their ongoing services too," she said.
Yesterday Loked announced that Malaysians will now be able to show their Driving Licence (LMM) and Motor Vehicle Licence (LKM) using a the digital display mode through the JPJ Public Portal or the MyJPJ Mobile Application.
Soon after the announcement was made, at around 11am, MyEG stocks started to crash.
