If you remember more than ten years ago, the local startup world was very lively with various product introductions, services, which featured various innovations. In fact, if you go by history, Grab, which started as MyTeksi, was a startup that began to make a name for itself using technology in introducing a safer transportation system, then known as Grab until today. The journey is not limited there, because Grab has grown to offer various products, achieved the status of the first 'decacorn' in Southeast Asia', which is worth more than millions of ringgit, and Grab's large size has also created a new asset as a digital bank through GXBank.
Typically, a startup starts by presenting a brilliant and bold idea. Although it comes with its own risks, its potential to bear fruit and produce new innovations is very large. This risk exists because their ideas often challenge existing business models. For example, a startup might offer a streaming service for as little as RM10 per month for entertainment content, where they cover the relatively high cost of subsidies in the initial phase.
Recognizing this unique challenge, GXBank, as a new digital bank that is also born from the startup ecosystem, provides support to the landscape and the next generation of local startups. Born from Grab's own journey, the digital bank certainly has the relevant experience and expertise to help the next generation of local startups in navigating their challenging journey.
The Important Role of PMKS in Malaysia's Economic Growth
Startups, most of which are PMKS, are important in the development of the country through the economic cycle they produce, this is because currently PMKS have contributed around 39.1% to economic growth, representing a turnover of RM613.1 billion. Not only that, this group is also a leader in creating 48.5% of the country's total employment opportunities, involving 7.86 million workers in Malaysia. With this record, it directly has vast economic potential and is in line with the KL20 goal of making Malaysia one of the top global startup hubs by 2030.
Based on this vision, strong support from various parties is essential for this industry to thrive. Recognizing this fact, the TeXnovasi accelerator program was created as GXBank's commitment to ensuring that the local startup ecosystem continues to flourish.
Drivers of Change: Guidance, Coaching and the Right Network
In collaboration with various industry partners that focus on the local startup ecosystem such as Cradle Fund and 1337 Ventures, TeXnovasi connects participants with local startup leaders. Through it, they gain information and valuable experiences that have been passed by various experts, including information on the development of capital funds. In addition, the selected startups will try to solve the financial gap that exists through new technology.
The results of this accelerator program have also featured 8 selected startups including Cashku, Du-It, Enprivacy, FinDoctor.my, Finory.Tech, Kapitani, PulseLine and Swipey. All of the selected startups are active in financial technology (fintech), and are expected to solve various financial gaps that exist for user groups from various industries through the products and services they provide.
After going through several development phases, 3 out of 8 selected startups were recently shortlisted further to the final stage to present at the Demo Day session, where the top 3 startups were selected as the winners – Finory.tech, Swipey and Cashku.
For the three winners, among the biggest challenges faced were access to investors and a lack of in-depth understanding of the digital banking ecosystem, including aspects of market trends, compliance, and security, among others. This situation made it difficult for them to develop relevant solutions quickly and meet complex industry needs. Through TeXnovasi, they received valuable guidance and in-depth sharing from the leadership of GXBank and Grab. Among the main topics highlighted were effective business presentation techniques, user data management and building company culture.
In addition, this platform also provides a space to test ideas in building solutions that can support the growth of MSMEs more effectively.
Looking ahead, TeXnovasi champion Finory.tech is determined to strengthen its cybersecurity capabilities and leverage AI technology to offer a safer, smarter, and smoother experience—building trust, accelerating processes, and ultimately creating a safer digital environment for users.
Runner-up Swipey aims to serve over 100,000 SMEs across Southeast Asia. The experience of participating in TeXnovasi has inspired them to take a new approach in designing built-in financial services that utilize AI-powered financial workflows. The next focus will be on developing solutions that increase efficiency, reduce costs, and are scalable, with partners like GXBank.
Swipey, a startup that offers a CFO technology platform that unifies financial operations (FinOps) & banking for SMEs with automation and AI insights
For Cashku, the TeXnovasi program has emphasized the value of cross-sector collaboration—as a result, they have gained direct exposure to potential partners and mentors, putting Cashku on track for faster growth and deeper market penetration. Next, they will intensify institutional collaboration, forging partnerships that can expand their reach and impact to help every Malaysian obtain a structured and resilient financial plan on the journey to financial freedom.
Cashku Team, a digital financial planning application that offers financial advice, management and investment.
Accelerator programs like TeXnovasi will change not only the local startup landscape, but will also help develop the Malaysian economy where these startup companies are equipped with the guidance and market access needed to create a lasting positive impact for the MSME sector. So let's all look forward to further developments.