Company Name:
Finexus International Sdn Bhd (843494-U)
Sector
Digital Services, Digital Finance
Tech Enabler
Data Centre & Cloud, Cybersecurity
Support Sustainability or ESG
Yes
Overview:
Many startups dare not venture into the financial technology space or fail due to the high-risk nature of the fintech industry. This industry is heavily regulated by government policies. Complying with these regulations can be time-consuming, confusing, and costly. What more one has to apply for licenses, which by itself is a journey.
By utilizing the Finexus MyXaaS Innovation Platform, startups can streamline their compliance with government regulations and leverage cloud technologies. The platform offers a range of licenses, including EMI, Visa, Mastercard, DuitNow, Alipay+, MyDebit, eKYC, KPKT, and more. This allows startups to focus on their target market and business plans rather than regulatory burdens, enabling them to grow their businesses.
The Finexus MyXaaS Innovation Platform has also benefited other sectors such as F&B, government, and educational institutions by helping them establish their own BNM-approved digital wallets, which can be used in both the open and foreign markets. These wallets provide financial literacy to consumers, help understand spending behaviours, and enable businesses to continuously diversify their business plans.
Pain Points:
1. Technological and Talent Issues:
There is a shortage of skilled professionals in the Fintech sector, including those with expertise in finance, technology, and regulatory compliance. Furthermore, implementing and integrating advanced technologies can be difficult and expensive.
2. New regulatory standards implemented by authorities:
To maintain stability and protect consumers, startups must ensure they meet regulatory standards while not stifling innovation. This can slow down the process of bringing products to market, potentially leading to a competitive disadvantage.
3. Insufficient Capital:
Many Fintech startups continue to face significant funding challenges, as investors are often hesitant to invest in high-risk ventures. Without sufficient capital, startups struggle to scale operations, invest in R&D, or broaden their market reach, limiting their growth potential.
Solution/Services:
The Finexus MyXaaS Innovation Platform is a SaaS one-stop solution platform offering a range of products
Key Features and Functionalities
• Digital wallet financing leveraging Finexus EMI licenses and payment acceptance for Visa, Mastercard, DuitNow, Alipay+, and MyDebit.
• Onboarding processes such as eKYC, automated Customer Due Diligence, and digital contract signing.
• Providing financing leveraging Finexus KPKT licenses.
• Complies with government regulations, is audited annually, and maintains a Service Level Agreement (SLA) of 99.5%.
• Additionally, Finexus provides ITO and BPO support to startups in managing chargebacks, fraud, and any difficulties or inquiries from clients' customers
Implementation:
The Finexus MyXaaS Innovation Platform is a SaaS one-stop solution platform hosted in the Finexus Private Cloud.
• Subscribe with Us: Begin by subscribing to the Finexus MyXaaS Innovation Platform, which offers a suite of APIs and SDKs.
• Submit Preferences: Provide your preferred corporate colours and branding details.
• Mock-up Preparation: Finexus prepares mock-up screens based on your specifications.
• Review and Agreement: Both parties review the mock-ups and agree on the design.
• Development and UAT: Finexus proceeds with development and conducts User Acceptance Testing (UAT). Startups can utilize the Finexus MyXaaS Sandbox.
• BNM Notification: Finexus submits the required notification to BNM.
• Approval and Go Live: The startup's apps and goods can be released onto the market after receiving approval.
Benefit:
• The Finexus MyXaaS Innovation Platform provides startups with a comprehensive, one-stop solution that covers a range of financial and technological needs, including payment processing, digital wallets, and regulatory compliance. The platform's suite of SDKs and APIs makes it simple to integrate and embed into startup applications, greatly cutting down on the time and effort required for development.
• It offers an affordable solution, minimizing initial investment costs while providing access to advanced features and technologies, enabling startups to concentrate on their core business functions.
• Startups can remain worry-free about government regulations, as the Finexus MyXaaS Innovation Platform helps them efficiently navigate complex regulatory requirements while they focus on scaling their operations and expanding their market reach. Additionally, the platform and Finexus simplify the process of market entry.