Malaysia-listed logistics, building materials and technology firm Hextar Technologies Solutions Berhad (HexTech) is venturing into fintech with the introduction of MoneyX, a one-stop fintech mobile super-app.
HexTech said in a statement on Wednesday that the app which was first released by its wholly-owned fintech unit Hextar Vision Sdn Bhd (Hextar Vision) in September 2023, is a personal financial information management app with artificial intelligence (AI) supported tools.
MoneyX also includes a secure digital vault where users can store important documents like bills, insurance policies, and agreements, ensuring easy access and organization.
Users are also given the option to utilize the reminder / notification feature in MoneyX which will prompt users regarding any upcoming payment or renewal deadlines.
In conjunction with the soft launch, Hextar Vision also unveiled partnership with more than 14 partners namely Alliance Bank Malaysia Berhad, Hong Leong Bank Berhad, Standard Chartered Bank Malaysia Berhad, M&A Securities Sdn Bhd, Exsim Development Sdn Bhd, Finology Sdn Bhd, GKash Sdn Bhd, Edge Property Sdn Bhd, ServeDeck Innovation Sdn Bhd, Theta Edge Berhad, Richard Wee Chambers, ShopIQ Sdn Bhd, MWM Myworld Malaysia Sdn Bhd and CTOS Data Systems Sdn Bhd to aggregate their services on MoneyX.
The collaborations aim to offer a seamless experience to MoneyX users to understand and access the different available options in the ecosystem through the use of MoneyX’s artificial intelligence (AI) and machine learning capabilities based on each user’s input.
Eddie Ong Choo Meng, the group Chief Executive Officer/Executive Director of HexTech, said that MoneyX is a game-changer to manage a user’s finances, tackling unorganized financial management and simplifies saturated and confusing financial products while providing quick access to finance-related tools in the market.
According to him, the collaboration with financial institutions and financial service providers reflect the industry’s excitement towards the offerings envisioned by HexTech in the MoneyX ecosystem as the go-to app for all things in personal finance.
“Our vision for MoneyX is to become the leading fintech company in Malaysia in three years before going global,” he said.
With MYR 100 million ($20.93 milllion) allocated to build and promote MoneyX, he said the firm is committed to making this vision a reality.
Meanwhile, Muhammad Ibrahim, HexTech’s Chairman, said that MoneyX represents the group’s efforts to change the fintech industry’s approach towards AI-assisted financial management, at the same time ensuring the technology adoption trickles down to benefit the man on the street.
“The greater digitalization in the financial services industry resulted in financial services becoming more diverse and accessible, in line with industry ambition of providing ‘finance for all’ such as underlined in the Bank Negara Malaysia Financial Sector Blueprint 2022- 2026,
“However, this evolving landscape has become more challenging for consumers to navigate and properly utilise the tools to be more efficient in their financial management,” he noted.
As financial services are increasingly becoming democratized and digitalized, he said the firm is envision MoneyX contributing towards better financial literacy among Malaysians, and providing better wealth management processes for its users.
With up to one million users targeted to adopt MoneyX as their financial information management platform in the next one year, HexTech said Hextar Vision is gearing towards enhancing the in-house mobile app with a full integration with all key potential features by end-2024.