Hextar Global Berhad entered into a consortium agreement with Arcadia Acres Sdn Bhd and Ihsan Equity Sdn Bhd pursuant to the submission for a digital banking license to Bank Negara Malaysia which has closed.
The company is involved in agrochemical with core competencies in manufacturing, research & development
and commercialization & marketing of over 600 product registrations and is involved in the manufacturing, marketing and trading of health care consumer products, specialty chemicals as well as industrial automation and Biogas systems. As for Arcadia, the company is involved mostly Government projects that requires digital technology and has been involved in operating in highly regulated environments through its investee companies, Dagang NeXchange Berhad and Theta Edge Berhad.
DNeX is currently the Malaysian government’s caretaker and exclusive service operator for the business to government national single window for trade facilitation system for the Royal Malaysian Customs Department and Malaysia Quarantine Services. Close to 100 million electronic transactions and approximately RM8 billion worth of customs duty payments are transacted annually through DNeX’s infrastructure. These services have also been extended to business to business (“B2B”), providing one of the most comprehensive cargo and trade management software that seamlessly connects domestic and international logistic communities.
As for Theta, it holds network facilities provider, network service provider and application service provider licenses from the Malaysian Communications and Multimedia Commission. More notably, Theta designed, developed and maintains a suite of applications (known as Haj Mobility) to digitalise the operations and management of the Haj, thus providing a better experience for the benefit of pilgrims. Both DNeX and Theta also play critical roles in developing and managing the governments accounting functions at Federal and State levels respectively.
Dato’ Eddie Ong Choo Meng, Executive Director of Hextar Global in referring to the collaboration said “Arcadia has prepared a very comprehensive proposal which sets out clearly a blueprint to promote financial inclusion and literacy especially amongst the underserved through digital banking services which are also Syariah compliant. We at Hextar Global feel very honored to be invited to be part of this collaboration as we see Arcadia and Ihsan as ideal
partners to lead this push into the digital banking space”
He further added, “Hextar Global is the flagship company of the Hextar group of companies and wanted to ensure that its representation in the consortium will allow it to contribute in a meaningful way. We have been keenly looking at the digital economy as an area for us to expand into and to complement our current businesses. With a platform of 8 listed entities within the larger Hextar group of companies the group is able to provide access to layers of thriving ecosystems which could be tapped by the Bank.
