GXBank Berhad and Grab Malaysia have concluded their first joint startup accelerator program TeXnovasi which saw Finory.tech as the winner.
GXBank said in a statement on Monday that Finory.tech which leverages proprietary statement-parsing technology to extract, categorize, and analyze data, is the winner of the program.
Coming in second and third place respectively are Swipey, a Chief Financial Officer Tech platform unifying FinOps & banking for small and medium-sized enterprises (SMEs) with automation and artificial intelligence (AI) insights, and Cashku, a digital financial planning app offering financial advice, management and investment.
This announcement marks the culmination of a six-month journey for some of Malaysia’s promising startups.
Moving forward, the top three startups will collaborate with GXBank on developing proof of concepts (POCs) to explore the viability of their solutions being scaled further for commercialization and potentially incorporated into GXBank’s offerings for customers.
Supported by Cradle Fund Sdn Bhd (Cradle) and 1337 Ventures, TeXnovasi was designed to nurture innovative solutions that leverage technology to address the financial gaps of unserved and underserved communities across Malaysia.
“TeXnovasi is a testament to our shared belief with Grab in the power of collaboration and knowledge sharing to drive our nation forward,
“Our purpose is to capitalize technology to serve the real financial needs of Malaysians,” said Fadrizul Hasani, Chief Technology Officer of GXBank.
“Seeing startups like Finory.tech, Swipey and Cashku develop such impactful solutions validates our belief in the power of homegrown innovation,
“We are humbled by their commitment and look forward to this journey with them to build a more financially resilient Malaysia. We are excited to start collaborating on their POC and explore opportunities to value-add to our customers,” he added.
Echoing the sentiment, Hassan Alsagoff, Regional Head of Loyalty and Marketing, Grab commented the vision, passion, and ingenuity the firm has seen from the startups have been
inspiring.
He said Grab is committed to creating economic opportunities through the firm’s ecosystem, and this program is a natural extension of that mission.
“Their solutions are not just innovative; they are essential. They address tangible gaps in the market and have the potential to uplift communities,
“We are proud to partner with GXBank on this initiative and look forward to seeing these startups flourish，” he added.
The top three winners were selected after a multi-stage evaluation process designed to identify and nurture the most impactful fintech solutions.
The journey began with almost 60 applicants, from which the top five startups were shortlisted for mentoring sessions where each team was paired with senior leaders from GXBank and Grab.
The culmination of their mentoring sessions was to prepare them for Demo Day, where the finalists pitched their business models to a distinguished panel of judges comprising industry veterans, venture capitalists, and representatives from both organizing companies.
Additionally, they also had a masterclass session focusing on operations, data protection and cybersecurity and also
market strategy.
The conclusion of TeXnovasi comes at a pivotal moment for Malaysia’s digital economy.
While digital adoption has accelerated, significant portions of the population, including gig workers, B40 households, and micro-entrepreneurs, remain financially underserved.
Traditional financial products often lack the flexibility and accessibility required to meet their unique needs.
Programs like TeXnovasi are crucial in fostering a supportive ecosystem where fintech startups can thrive through mentorship and market access needed to scale solutions that can create lasting, positive impact and to better serve Malaysians with financial services that are accessible, affordable, and matter to their everyday lives, said the statement.
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