That was the first thing I thought. Isn't beef jerky supposed to be dry? How is dry grizzled fat any good?

There are juicy styles of beef jerky; Malaysian beef jerky for example.

http://www.malaysiabeefjerky.com/images/product/prod_bj.jpg

That looks like 肉干 (rou4 gan1, or bak kua in hokkien).

It's usually made of pork. I've tried those made of chicken and beef ones. They taste yucky. Stick with the pork ones. I'm guessing in trying to capture the majority muslim market in Malaysia, they came up with the beef version.