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KUALA LUMPUR (April 29): NetX Holdings Bhd, whose shares were most actively traded in Bursa Malaysia today, partners with Australian financial services provider Finexia Securities Ltd to introduce, promote and operate a point-to-point digital currency exchange platform. point that NetX developed, which comes with a built-in electronic wallet feature, in Australia.
E-FX Sdn Bhd, the group’s exclusive property, has signed a two-year collaboration agreement with Finexia Securities for the collaboration, according to NetX in a stock exchange filing.
Under the agreement that begins today, Finexia Securities will have the exclusive right to use and operate the E-FX platform in Australia. In exchange, it will have to generate a minimum income of A $ 4 million (about RM11.32 million) over the next two years, A $ 1 million in the first year and A $ 3 million in the second year.
All profits generated by the spread of foreign exchange, remittances, investments and balances from the E-FX platform will be divided 50-50 between E-FX and Finexia Securities.
Initial implementation and market testing of the E-FX platform will be carried out in Malaysia and Australia. To this end, NetX’s partnership with Finexia Securities will allow NetX to penetrate Australian markets under the constant hand of Finexia Securities, “which specializes in equity capital markets and has extensive experience in dealing with Australian authorities” NetX said.
“Finexia Securities will be responsible for securing the Australian Securities and Investments Commission’s fintech regulatory sandbox license as soon as possible for the initial real-market test of the E-FX platform in Australia,” added NetX.
The idea behind the platform is to eliminate the needs of travelers to visit traditional currency dealers, and the frustration that generally comes with it, said NetX CEO Steve Tan.
It is also removing concerns about personal safety from carrying large amounts of cash, as well as addressing the problem of having to deal with small foreign bills that dealers refuse to accept after a vacation abroad. “The last problem was what prompted us to incorporate an electronic wallet feature into the E-FX platform in the first place,” said Tan.
NetX shares closed 50% or a half sen higher at 1.5 sen per share today, valued at about RM67.69 million, after 146.65 million shares exchanged hands.
