Finexus, a Malaysian financial services technology vendor, announced that it will invest RM10 million in the next 5 years building a sustainable fintech eco-system in Penang.
The company will be collaborating with local fintechs and digital companies in the Creative Digital District @ George Town (CD2@George Town) to support Penang’s Digital Transformation Masterplan 1.0.
Finexus will work with VCs, fintechs, digital startups and mid-growth companies by providing them with its ready-to-use MyXaaS collaboration platform.
The platform offers services such as Application as a Service, Financial as a Service and capital lending.
These services will enable aspiring digital companies to develop their digital products, services and go to market by leveraging Finexus’ ready-to-use services without having to build many software components from scratch.
CD2@George Town will act as a catalyst to spur innovation and investments in digital technology, software services and creative arts.
In line with this, Digital Penang is targeting to attract 50 digital investors into with an investment commitment of 2,000 high-income jobs in the district over the next 3 years.
“MyXaaS Everything as a Service consists of software and financial services such as eKYC remote onboarding, credits background checks, legal agreement digital signing, cards wallets and payments acceptance processing such as DuitNow and Mastercard brands, Buy Now, Pay Later and ERP services and much more. All MyXaaS services comply with and have obtained regulatory approvals, where required.” said Clement Loh, Group MD and CEO of Finexus Group.
“This partnership is in line with our aim towards driving the digital journey as we utilise digital technologies in a more pervasive way. With Finexus establishing a Fintech R&D hub in Penang, we believe that our talents will be well-equipped to adapt to a world of rising automation and software.” said Tony Yeoh, CEO of Digital Penang.