From left: Hextar Technologies Solutions group deputy CEO and executive director Choo Joon Keong, chairman Tan Sri Muhammad Ibrahim and group CEO and executive director Datuk Eddie Ong Choo Meng at the launch of MoneyX in 2003
KUALA LUMPUR: MoneyX, the latest personal financial advisory super-app to hit the market was born out of personal financial circumstances faced by one of its developer’s directors.
Hextar Technologies Solutions Bhd
’s (HexTech) group chief executive officer and executive director Datuk Eddie Ong shared this at the super-app’s official launch event recently.
He said that the idea to design such an app came after his personal experience of not being able to recall what type of insurance policies he bought when he needed access to it.
“What is MoneyX? We (the designers) are a data management fintech company that aims to simplify your finances using artificial intelligence (AI) capabilities and machine learning. This super-app will help you to manage, remember and give you better financial solutions in your life,” Ong said.
“During the lockdowns when Covid struck, I couldn’t find my policy, while my insurance agent had also already resigned.
“This then sparked an idea in me that led to a dream, to create something to manage this data for me,” he added.
The grand launch of MoneyX was held last Friday night, which saw its partners also attending the event.
The MoneyX super-app was launched by HexTech’s 100%-owned fintech unit, Hextar Vision Sdn Bhd.
The super-app was initially soft-launched in October 2023 and had seen more than 10,000 downloads since, the company said.
The company was encouraged by this download milestone and the grand launch underscored its commitment to continue developing the super-app further.
HexTech’s Ong said the aim is for the app to drive financial literacy and empower Malaysians to make well-informed financial decisions.
“For example, is the insurance that you bought updated? When will your car insurance and road tax expire? So all this info is very important and our super-app helps you to manage your financial health,” Ong said.
“We want to ramp up the AI capability to help you to manage your data. We are an app within an app – the whole ecosystem of the app will be in a single super-app and this can be very powerful.
“Let’s say you revalue your property from RM1mil to RM3mil, your net worth will increase and the AI in MoneyX will ask you if you would like to increase your fire insurance,” he added.
HexTech had also introduced significant enhancements to the MoneyX super-app following its soft-launch, which provides users with enhanced financial-management capabilities.
The company said some of the latest features incorporated into MoneyX include a financial analysis tool, which offers personalised insights into their financial habits and responds to tailored questions.
It also has a mortgage loan eligibility checker that allows users to explore refinancing options with more precise insights and suggestions for suitable loan options.
Users can now also easily assess their property value and explore refinancing opportunities using the property-valuation feature.
It now has over 40 business partners to enable these functions within its super-app.
The company noted new partnerships moving forward are expected to bring about significant growth and enhance its service offerings, enabling it to serve its users better and meet their evolving needs.
Its partners come from various industries, including banking, insurance, financial services, property developers, asset management companies, and legal firms.
“Our goal is to continually expand our partnerships with new partners every six months, allowing us to provide a wide range of financial products and services to our users,” Ong said.
“Going forward, we also seek to explore collaborations with regional and international partners actively.
“Partnering with companies with a wider footprint allows us to leverage MoneyX to penetrate new markets and empower individuals across the region,” he added.
HexTech plans to introduce additional features within the MoneyX super-app, including tools for purchasing property, vehicles and more.
MoneyX super-app is available for download on the Apple App Store, Google Play Store and Huawei App Gallery.
