Hextar Technologies Solutions Berhad (HexTech) is venturing into fintech with the introduction of MoneyX, a one-stop fintech mobile super-app.
First released by HexTech’s 100%-owned fintech unit Hextar Vision Sdn Bhd (Hextar Vision) in September 2023, MoneyX is a personal financial information management app with artificial intelligence (AI) supported tools.
In conjunction with the soft launch, Hextar Vision also unveiled partnership with more than 14 partners including Alliance Bank Malaysia Berhad, Hong Leong Bank Berhad, M&A Securities Sdn Bhd and CTOS Data Systems Sdn Bhd to aggregate their services on MoneyX. It also has selected Amazon Web Service for deployment.
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 AI and machine learning capabilities based on each user’s input.
HexTech group chief executive officer and executive director Datuk Eddie Ong Choo Meng said MoneyX will help its user to manage finances, tackling unorganised financial management as well as simplifies saturated and confusing financial products while providing quick access to finance-related tools in the market.
“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.
“HexTech has put in a lot of effort into MoneyX, with RM100 million allocated to build and promote MoneyX. Our vision is to become the leading fintech company in Malaysia in three years before going global,” he said today (Oct 25) in a statement.
Through the app, MoneyX aims to promote financial literacy and management, by making information pertaining to available financial products and services accessible and easily understandable to users.
MoneyX also includes a secure digital vault where users can store important documents like bills, insurance policies, and agreements, ensuring easy access and organisation.
Users are also given the option to utilize the reminder and notification features in MoneyX which will prompt users regarding any upcoming payment or renewal deadlines.
HexTech’s chairman Tan Sri Muhammad Ibrahim said the superapp 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 digitalisation in the financial services industry, he said, resulted in financial services becoming more diverse and accessible, in line with 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.
“We envision MoneyX contributing towards better financial literacy among Malaysians, and providing better wealth management processes for our users,” he further added.
The company targeted up to one million users to adopt MoneyX as their financial information management platform in the next one year, and plans to enhance the in-house mobile app with a full integration with all key potential features by end-2024.
