Finexus inking agreement with bill-splitting app on Its MyXaaS platform with up to RM500,000 funding From Paynet

Finexus will be enabling bill-splitting Leasy App on its MyXaaS Innovation Platform with up to RM500,000 funding from Payment Network Malaysia Sdn Bhd (PayNet).

Leasy App was selected by Finexus as one of the six most promising FinTech start-up finalists at PayNet’s inaugural FinTech ePayments Accelerator Programme in August.

“We are pleased with this very encouraging development. At PayNet, we build and maintain an inclusive digital payment system that is accessible to all. 

“The FinTech ePayments Accelerator Programme has been designed for our ecosystem participants like Finexus to help nurture and grow promising FinTechs in solving known pains by leveraging on our payments platform in new and innovative way.

“The Leasy App’s innovative bill machine-reading technology that integrates DuitNow Request for bill splitting has the potential of solving known problems and ultimately improve the user experience for Malaysians,” said Khairuan Abdul Rahman, Director of Retail Payment Services, PayNet.

As part of the agreement, Finexus will be enabling bill-splitting Leasy App to access both its DuitNow Request and eWallet services on MyXaaS Innovation Platform, a software foundry specially built for startups to quickly build their dream applications via APIs.

“We look forward to accelerate the commercialisation of Leasy App with our ready and proven MyXaaS Innovation Platform without the heavy lifting of compliance, licensing and millions of investments on their part.

“Hence, start-ups can now ride on what we have built for over 20 years as our MyXaaS partner. And not only that, to bring their applications to live with the help of our experienced in-house compliance and software engineers at our MyXaaS Innovation Centre,” said Clement Loh, Group CEO of Finexus.

As such, to enjoy the full spectrum of benefits as a MyXaaS partner, Leasy creators will be spending most of their time building their app at Finexus’ recently dedicated ground and fourth floor of its RM30 million worth 8-floor Finexus Towers to incubate technology startups.

The 8,000 square feet boasts a wide-open work space, event space, meeting rooms, gardens, surau and free flow of food and drinks for all start-ups to come and create in a conducive techno habitat. 

“We are very grateful for the opportunity to integrate our bill splitter with the newly introduced DuitNow Request to Pay by PayNet at MyXaaS Innovation Centre. Although we started as a bill splitter with our OCR receipt-scanning technology, we aim to become a personal finance super app eventually.

“Besides our upcoming features of budgeting and expense tracking, we also want to help users make wise financial decisions such as the optimum transport to take or whether to buy or rent a property. We will relaunch our facelifted app in January next year,” shared Siew Ming Yan, founder of Leasy App.

In fact, the full listing of digital services opened to Leasy as Finexus’ MyXaaS partner to realise their dream app comprises of:

• Issuing Services that include Cards, eWallets and Payments (DuitNow, Visa, Mastercard)

• Acquiring Services (DuitNow, Visa, Mastercard, Alipay+, UnionPay)

• Financial Services (DuitNow)

• Electronic Know Your Customer (eKYC)

• Automated Customer Background Checking (e.g. CTOS, CCRIS, Experian, OFAC, UNSC, Sanction List, PEP, etc)

• Enterprise Resource Planning

• Digital Signing and Attestation

• Core Banking Services

Leasy will also be able to enjoy the stringent security of funds transfer and transaction processing at Finexus’ 100% self-owned and operated PCI DSS Level 1 (strictest level) and Tier 3 data centres. 

With RegTech services to over 70 local banks, and ITO and BPO services to over 20 ASEAN banks, Finexus look forward to more future collaborations with PayNet in building the start-up ecosystem in Malaysia to build two unicorns, starting with Leasy App first.

About Finexus Group 

Finexus Group is a diversified technology company offering:

• MyXaaS Innovation Platform services

• Managed services for banking technology includes payments stacks, regulatory compliance stacks, and banking operations

• Managed services for cards, wallets and e-payment technology and end-to-end business processing operations

• Regulatory compliance solutions

Finexus MyXaaS Innovation Platform is a software foundry for builders, allowing them to create their FinTech digital products and services easily, thus reducing time-to-market. They can develop their solutions and launch their business fast by connecting to our APIs to access many ready, proven software applications for critical, complex processes.  This removes the need for businesses to obtain required regulatory licences and certifications of intricate compliance requirements. We are an approved EMI, DuitNow, Mastercard, Alipay+ and Visa licensee. We are also an approved DuitNow Gateway Hosting, Mastercard and Visa Processor. 

MyXaaS – Malaysia’s ‘Everything as a Service’ platform for Infrastructure, Software and Finance.

For more information, please visit www.finexusgroup.com

About PayNet 

Payments Network Malaysia Sdn Bhd is Malaysia's premier payments network and central infrastructure for financial markets. We innovate, build and operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia's financial system as well as the economy as a whole. With Bank Negara Malaysia as PayNet's single largest shareholder and eleven major financial institutions as joint shareholders, PayNet also serves as a platform to harness the collaborative efforts of the Malaysian banking system to accelerate the adoption of electronic payments. 

For more information, please visit https://paynet.my 

About Leasy App

Leasy App was birthed from its creator Siew Ming Yan who faced the awkwardness of bill-splitting and reminding his friends for repayment. Hence, Leasy App was created to make it easy for users to split complicated house, travel and meal expenses without hassle or embarrassment of requesting for repayments. Using OCR technology, Leasy app can automatically scan and extract numerical figures of all types receipts, followed by sending request to pay, all in one app. The app can also be used to keep track of the net account receivables and payables, helping users to stay on top of their budget. A powerful bill splitter for lazy, smart people, this app is touted as being able to save many relationships.

For more information, please visit https://theleasyapp.com/ 

This content is provided by Finexus Group

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