Hassan Alsagoff said the effort to boost Malaysia’s role in fintech, by nurturing the next generation of fintech start-ups, will be undertaken by GXBank, through its TeXnovasi Accelerator Programme.
“What do we do with all these talented Malaysians if we don’t create platforms for them to use their strengths and show what they’re capable of?” Hassan told FMT.
The TeXnovasi programme, supported by Cradle Fund and 1337 Ventures, is one of the ways that the industry could do so. It aims to drive innovation in customer experience, accessibility, and security across the country’s financial landscape.
According to The Fintech Times, Malaysia is a major player within the Asean region, with at least 549 fintech companies, making it third in the region, after Indonesia with 785 fintechs and Singapore with 1,600.
Last year, the publication reported that payments led the sector with 22% of all transactions, followed by lending and e-wallets at 13% each.
Fadrizul Hasani, GXBank’s chief technology officer, said the programme will offer specialised mentorship to eight selected start-ups in the fintech sector.
“We list out actionable items that tell them what their next steps should be, and we will follow up on them. They will also have access to our leadership team for drafting corporate guidelines, commercial strategies, and business plans,” he said.
Shifting back to the drive behind the programme, Hassan explained that the experience and insights gained from the company’s journey as a start-up in 2012, when it was known as MyTeksi, meant it was well-positioned to serve as a mentor in the space.
He said nurturing the next generation of industry players is a way to “pay it forward”.
Hassan said the objective of TeXnovasi also includes helping start-ups enter their target markets swiftly, recognising that speed is crucial in the tech space.
Fintech, he said, is a diverse and complicated sector that requires specialised knowledge to succeed, which start-ups may not always have access to.
“That’s where our ecosystem can provide a tangible advantage, beyond just advice.”
TeXnovasi is inching towards its final stage, where selected start-ups are developing and testing their proof-of-concept solutions.
They will soon present these to key stakeholders from GXBank and Grab, with three winners to be chosen for potential future collaboration.
Fadrizul said he was pleased to see the diversity of start-ups that applied to TeXnovasi, noting that some are trying to use artificial intelligence to help people make more informed investment decisions, while others are creating easier pathways for hardworking farmers to access credit.
“We’ve learnt many lessons from the trials and errors we made as we were building Grab and GXBank, so now we want to share these invaluable lessons with these Malaysian start-ups,” he said.
Hassan said the ultimate goal of the programme was to empower winners to become mentors themselves, creating a lasting cycle of support that continues to uplift Malaysia’s tech and finance landscape for generations to come.
“A successful programme will graduate a cohort that can go on to teach other entrepreneurs and start-ups. I hope the winners can wear their experience at TeXnovasi like a badge of honour,” he added.