Finexus Group Malaysia, which specialises in data processors and financial technology (fintech) services, will work with Leasy App, a bill-splitting application, to accelerate the latter’s solutions to full commercialisation.
As part of the agreement, Finexus will enable Leasy App to access its DuitNow Request and e-wallet services on MyXaaS Innovation Platform, a software foundry specially built for start-ups to quickly build their dream applications via application programming interfaces (APIs).
Finexus is a Payments Network Malaysia Sdn Bhd (PayNet) ecosystem participant and the Leasy App was one of seven fintech start-up finalists that took part in PayNet’s inaugural FinTech ePayments Accelerator Programme in August.
Leasy App received up to RM500,000 in funding from PayNet upon winning the pitching session at the accelerator programme.
Via Finexus’ MyXaas Innovation Platform, Leasy App will be able to issue services including cards and e-wallets (DuitNow, Visa, Mastercard) as well as acquire services such as DuitNow, Visa, Mastercard, Alipay+ and UnionPay. Apart from that, Leasy App will have access to electronic Know Your Customer (eKYC), automated customer background checking, digital signing and attestation, and core banking services.
Apart from utilising the digital services on the MyXaas Innovation Platform, Finexus has allowed the creators of Leasy App to use its designated office area and work space at the Finexus Towers in Cyberjaya.
Previously, the bill-splitter app helped users capture bills and segregate them accordingly. But now, Leasy is looking to incorporate payment services, budgeting and expense tracking to aid users in making wise financial decisions. The re-launch of an upgraded version of the app is expected in January.
FWD and Artem Ventures launch RM45 mil fund to invest in emerging Malaysian insurtech and Islamic fintech start-ups
Pan-Asian life insurance FWD Group Holdings Ltd has launched TIM Ventures, a RM45 million venture capital fund, in collaboration with Artem Ventures, a Malaysia-based venture capital firm, to invest in emerging start-ups in the insurance technology (insurtech) and Islamic fintech spaces in the country.
The fund has already invested in four start-ups, including winners of the FWD Start-Up Studio, a pre-accelerator programme launched in 2021, with the aim of becoming a leading innovation hub in Malaysia.
The companies are Senang, an on-demand subscription-based insurance company; Pewarisan, an online platform providing digital solutions for Islamic inheritance planning; Du-It, a fintech company; and Blueduck, a zero-deposit insurance agency.