New FINEXUS platform to boost momentum of startups
CYBERJAYA: With the government pushing for more startups as part of its Asean Startup Year 2025, local technology company Finexus Group is hoping to give back to the nation by providing the necessary support through its new platform.
With the MyXaaS Innovation Platform, startup entrepreneurs will be provided access to tried and tested Application Programming Interface (API) and Software Development Kit (SDK) while riding on Finexus' infrastructure, licences and technical expertise.
Startups will first undergo an assessment to understand their product and idea, according to Finexus Strategy and Transformation Group director Jo-Anne Loh.
She explained that this data is transformed into actionable insights, guiding the startup from concept to launch – covering everything from software design and API integration to testing, regulatory approvals and launch.
This accelerates the path to market while cutting costs and saving time.
'Clients can choose to develop their product by integrating with our platform of services as our experienced team of engineers and product managers provide guidance and consultancy where needed.
'Finexus offers a ready-to-use payment solution platform equipped with APIs and SDKs, enabling startups to accelerate their launch timelines.
'This allows startups to build and scale their solutions efficiently without the need to develop the infrastructure from scratch,' she said in her speech at the Malaysia Digital Economy Corporation SME Digitalisation Initiatives event at the MyXaaS Innovation Centre here on Wednesday.
She said many startups do not realise they may be non-compliant when they build fintech applications, only to later run into trouble when questioned by authorities.
With the MyXaaS Innovation Platform, she said these concerns can be easily mitigated through their attested infrastructure, which is PCI DSS compliant, RMiT compliant, ISO 27001 certified and Tier III Design certified by Uptime Institute.
In addition, the platform provides dedicated support teams to assist startups navigate regulatory requirements, ensuring compliance with industry standards and enabling them to operate with confidence.
'We guide startups to build licensed e-wallets with card issuance, electronic Know-Your-Customer (eKYC) and DuitNow services, while also enabling them to accept major payments (methods) like DuitNow, Mastercard, Visa and Alipay with competitive merchant discount rates.
'This will enable startups to focus on their core business model and scale,' she said.
Loh added that startups will be provided with co-working spaces, meeting rooms, gym and prayer rooms as well as free-flow food and drinks at the MyXaaS Innovation Centre here.
She added that free shuttle services would also be provided from the Cyberjaya MRT station to the Innovation Centre and back multiple times a day.
'Finexus Group's roots are in entrepreneurship, so the Madani Economy's national agenda of propelling Malaysia into the ranks of the world's top 30 largest economy and top 12 in the Global Competitiveness Index resonates with us.
'We are also spearheading the group's transition into the era of artificial intelligence to solve longstanding inefficiencies and pain points in the financial services industry such as overly manual work and fraud detection.'
Loh added that they are targeting to have more than 100 startups join the MyXaaS Innovation Platform by the end of this year.
Startups interested in using Finexus Group's services can call their headquarters at 03-4051 9900 or visit https://myxaas-innovations.ai/.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a day ago
- The Star
Sales tax not the sole cause behind bitter hit
Strong pull: Ooi preparing coffee for customers at his shop in George Town. — CHAN BOON KAI/The Star GEORGE TOWN: It is not just the sales tax; the prices of meals are rising because of surging rental rates, logistics charges and rising wage demands. A check with many food sellers revealed that prices on the menus are rising even though the 5% sales tax since July 1 on imported premium foodstuff like salmon, cod and tuna, plus mushrooms, avocados and berries, is being absorbed by either importers or distributors. Restaurant owner Frankie Tan, 38, said: 'It is a combination of factors: the cost of ingredients that might have the sales tax embedded, foreign worker permits, rentals and transport costs for special items we need.' 'Deboned chicken thighs for chicken chop used to be RM10.50 per kg in 2022. It's now RM17.50 per kg,' he said yesterday. He added: 'Legally bringing in a foreign worker through an agent costs about RM10,000, not including renewal fees and other charges imposed by local authorities. Then we must provide proper housing, meals and uniforms. 'These processes, along with licensing requirements, have significantly increased the cost of doing business. So we must raise our prices,' he said. Coffee shop owner Micah Ooi, 40, said he recently had to increase the prices of several beverages. 'The price of coffee powder increased from around RM400 to RM500 per 30kg last year. 'Both of my workers are requesting higher pay, and I now pay them about RM2,000 each per month.' His 'kopi peng' now costs RM2.40, up from RM2.20, while 'Milo ais' has gone from RM3 to RM3.20. 'I have not increased the prices of simpler drinks. We make less profit just to keep them affordable for customers,' he added. Rice stall operator R. Kesavan, 45, said he had not increased prices yet but might be forced to make adjustments soon. 'Since 2020, the daily cost of supplies like meat, vegetables, spices and other ingredients has gone up by RM100 to RM300.' Despite slimmer profit margins, Kesavan said he was committed to continuing the business, which was started by his mother about 30 years ago. 'I'm trying to keep prices affordable for my customers, but I see that 30% of them have stopped coming or choose simpler foodstuff.' With the cost of living continuing to rise, fancy restaurants and cafes are struggling to keep up, said Seberang Perai Coffee Shop and Eatery Owners Association chairman Lee Kok Yong. Lee's association, which represents nearly 400 members, noted that some eateries increased prices only after they were hit by higher rental costs or the need to hire extra workers. He said the situation is worse for newer restaurants. 'The older generation of eateries are more stable because they own their premises and operate on their own. 'But the newer generation, some of whom are facing over RM10,000 in monthly rent, are struggling. 'We see that about 40% of the newer restaurants are on the verge of shutting down because they cannot sustain operations,' he said.
Focus Malaysia
2 days ago
- Focus Malaysia
Mat Sabu says hotels should sweeten up with durian
AGRICULTURE and Food Security Minister Datuk Seri Mohamad Sabu has called on more Malaysian hotels to adopt durian-friendly policies, promoting the country's culinary identity. Speaking at the World Durian Championship 2025, he said allowing guests to enjoy durian in a controlled setting celebrates local heritage while appealing to international tourists through durian-based products. 'I hope more hotels in the country will take the initiative to allow durians to be brought in and enjoyed in a regulated setting by guests, as a way to support and elevate our local fruit. 'This is more than a promotional strategy – it's a cultural celebration that turns a hotel into a destination that showcases the very identity of Malaysia. Europeans and Arabs may not eat raw durian, but they do enjoy durian-based products – so if not the fruit itself, we can offer them durian ice cream,' he said yesterday. 'We hope to see more strategic partnerships between orchard owners, hotels and tourism operators to elevate Malaysia on the global stage,' he added. Many hotels in Malaysia and some countries in South-East Asia prohibit guests from bringing durian into their rooms due to its strong, pungent odour. This is a common policy, often displayed with other prohibited items like smoking and pets. Durian, known as the king of fruits, is becoming a 'king in business' too, with the global fresh durian market projected to grow from US$10.78bil in 2025 to US$16.89bil by 2030. — July 12, 2025 Main photo credit: The Star
The Star
2 days ago
- The Star
MATTA: Rethink road crash rulings
Expert insight: Subramaniam (left) and Wong at the press conference in Kuala Lumpur. — LOW LAY PHON/The Star KUALA LUMPUR: A recent Transport Ministry directive over the suspension of vocational licences of commercial vehicle drivers involved in road accidents has raised the concern of Malaysian Association of Tour and Travel Agents (MATTA). Its president Nigel Wong said the ruling will affect tour bus drivers and lead to complications involving labour laws such as the employment of drivers and the continuation of their salaries. He also expressed concern over a circular issued by the Tourism, Arts and Culture Ministry (Motac) that travel agents will be required to submit a report within 24 hours of an accident. Their operating licences will be revoked if they fail to do so. Wong said the recent spate of accidents of both licensed and unlicensed buses and whether or not the vehicles carried tourists had left an impression that all the cases involved tour buses. 'Investigations should be conducted first before deciding where the burden of fault lies. 'There could be many factors that may cause an accident, including those unrelated to the vehicle or its driver, such as road conditions,' he said at a press conference here yesterday. 'We stand behind the government in ensuring a safe tourism and transportation ecosystem, and emphasis on the quality of drivers and road safety. 'However, when such accidents occur, there should not be any knee-jerk reactions. There is a rule of law and a process to be followed. A 24-hour time frame to submit a report is not reasonable. 'The industry needs support and understanding while we try to better ourselves rather than being imposed with additional regulations. 'There should be a holistic approach by improving processes as a whole for the tourism industry,' said Wong. He urged the relevant agencies to hold discussions and cooperate with industry players to iron out the grey areas and lack of clarity in the rulings, which has left tourism businesses in a quandary. Meanwhile, MATTA vice-president of land transportation Subramaniam Kandasamy said the government should reconsider the rulings on one-day submission of reports and the suspension of driving licences. 'Because of the fault of one driver, shutting down a whole company will affect the livelihood of other staff and their families. 'As for the suspension of licences, does the company continue paying a driver because a report can be lodged with the Labour Department if he does not get paid? These are the ripple effects that may arise from such rulings,' Subramaniam said. He urged the government to engage industry players for a solution that benefits all parties. Separately, Wong commended the Transport Ministry over new laws that forbid taxi touts from carrying out their activities at Malaysian airports, including KL International Airport. He said the move is timely and a stern message to illegal taxi operators. On July 6, Road Transport Department (JPJ) director-general Datuk Aedy Fadly Ramli said vocational licences of commercial vehicle drivers involved in crashes will be suspended until investigations are completed. They comprise the Public Service Vehicle licence for passenger vehicles and Goods Driving Licence for goods vehicles. In a circular issued by Motac last month, travel operating business and travel agency business permit holders are required to submit a report with the ministry on any road accident involving their tour vehicles within 24 hours of the incident. The ministry said failure to comply with the ruling may result in the revocation of the permit without notice.
