PETALING JAYA: NetX Holdings Bhd’s wholly-owned subsidiary E-FX Sdn Bhd has inked a collaboration agreement with Finexia Securities Ltd to introduce, promote and operate a point-to-point currency exchange digital platform with an inbuilt e-wallet function (E-FX platform) in Australia for two years.
Finexia Securities is an Australian based diversified financial services provider with an Asia centric focus, with core investments in equity capital markets and other global trading markets such as foreign exchange and derivatives.
It will be responsible for securing a fintech regulatory sandbox license from the Australian Securities and Investment Commission for the initial real market testing of the E-FX platform in Australia.
Netx stated under the agreement, as consideration for the exclusive use and operation of the platform, Finexia will be responsible for generating a minimum total revenue of AU$1 million for the first year of its operation and AU$3 million for the second year.
The group revealed that both parties have agreed to split the profits generated from the spread of forex, remittance, investment, balance floats of the E-FX platform on a 50:50 basis for the duration of the agreement.
NetX’s executive director Steve Tan said the E-FX platform is a true reflection of the group’s vision and mission to disrupt and challenge existing industries and markets via innovative technologies that will contribute and bring great value.
“The idea is to solve and eliminate the age old travellers’ frustrations with the need to visit the traditional brick and mortar currency exchange dealers which entails time and place restrictions and inflexibility, worries of personal safety from carrying around huge amounts of cash as well as the uselessness of small unexpended foreign notes that dealers refuse to accept after a vacation abroad,” he said in an exchange filing.
NetX stated the initial roll out and real market testing of the E-FX platform will be carried out in Malaysia and Australia.