Finexus inking agreement with bill-splitting app on Its MyXaaS platform with up to RM500,000 funding from Paynet

finexus paynet agreement

Finexus will be enabling bill-splitting Leasy App on its MyXaaS புத்தாக்க தளம் with up to RM500,000 funding from Payment Network Malaysia Sdn Bhd (PayNet).

Leasy App was selected by Finexus as one of the six most promising FinTech start-up finalists at PayNet’s inaugural FinTech ePayments Accelerator Programme in August.

“We are pleased with this very encouraging development. At PayNet, we build and maintain an inclusive digital payment system that is accessible to all. 

“The FinTech ePayments Accelerator Programme has been designed for our ecosystem participants like Finexus to help nurture and grow promising FinTechs in solving known pains by leveraging on our payments platform in new and innovative way.

“The Leasy App’s innovative bill machine-reading technology that integrates DuitNow Request for bill splitting has the potential of solving known problems and ultimately improve the user experience for Malaysians,” said Khairuan Abdul Rahman, Director of Retail Payment Services, PayNet.

As part of the agreement, Finexus will be enabling bill-splitting Leasy App to access both its DuitNow Request and eWallet services on MyXaaS புத்தாக்க தளம், a software foundry specially built for startups to quickly build their dream applications via APIs.

“We look forward to accelerate the commercialisation of Leasy App with our ready and proven MyXaaS புத்தாக்க தளம் without the heavy lifting of compliance, licensing and millions of investments on their part.

“Hence, start-ups can now ride on what we have built for over 20 years as our MyXaaS partner. And not only that, to bring their applications to live with the help of our experienced in-house compliance and software engineers at our MyXaaS Innovation Centre,” said Clement Loh, Group CEO of Finexus.

As such, to enjoy the full spectrum of benefits as a MyXaaS partner, Leasy creators will be spending most of their time building their app at Finexus’ recently dedicated ground and fourth floor of its RM30 million worth 8-floor Finexus Towers to incubate technology startups.

The 8,000 square feet boasts a wide-open work space, event space, meeting rooms, gardens, surau and free flow of food and drinks for all start-ups to come and create in a conducive techno habitat. 

“We are very grateful for the opportunity to integrate our bill splitter with the newly introduced DuitNow Request to Pay by PayNet at MyXaaS Innovation Centre. Although we started as a bill splitter with our OCR receipt-scanning technology, we aim to become a personal finance super app eventually.

“Besides our upcoming features of budgeting and expense tracking, we also want to help users make wise financial decisions such as the optimum transport to take or whether to buy or rent a property. We will relaunch our facelifted app in January next year,” shared Siew Ming Yan, founder of Leasy App.

In fact, the full listing of digital services opened to Leasy as Finexus’ MyXaaS partner to realise their dream app comprises of:

  • Issuing Services that include Cards, eWallets and Payments (DuitNow, Visa, Mastercard)
  • Acquiring Services (DuitNow, Visa, Mastercard, Alipay+, UnionPay)
  • Financial Services (DuitNow)
  • Electronic Know Your Customer (eKYC)
  • Automated Customer Background Checking (e.g. CTOS, CCRIS, Experian, OFAC, UNSC, Sanction List, PEP, etc)
  • Enterprise Resource Planning
  • Digital Signing and Attestation
  • Core Banking Services

Leasy will also be able to enjoy the stringent security of funds transfer and transaction processing at Finexus’ 100% self-owned and operated PCI DSS Level 1 (strictest level) and Tier 3 data centres. 

With RegTech services to over 70 local banks, and ITO and BPO services to over 20 ASEAN banks, Finexus look forward to more future collaborations with PayNet in building the start-up ecosystem in Malaysia to build two unicorns, starting with Leasy App first.