In 2017, Malaysian citizen Jeremy Mah faced a hard time opening a new bank account as a non-permanent resident in New York. He had to go to several banks before finding one that could facilitate his needs.
“The process wasn’t effective. Not everyone has time to physically go from one bank to another just to open a new account. You could hire consultants to help facilitate this process, but they are expensive,” Mah told KrASIA.
This experience gave him the idea to establish a banking-as-a-service company called NeuXP, together with co-founders Goh Hock Seng and Benny Lee Joo Cha.
Kuala Lumpur-headquartered NeuXP launched in 2020. It works with licensed banks in select markets to allow non-residents such as overseas students or expatriates to open and manage their bank accounts through the app. At the moment, the company is finalizing partnerships with several banks and financial institutions in the United States, the European Union, and Malaysia, said Mah, who is also CEO of NeuXP. The early-stage startup plans to launch commercial services in the first quarter of 2022.
“Malaysian citizens who are studying in the US, for example, will be able to transfer money, receive funds from their parents, or make online payments, all within one platform,” Mah said. The firm also plans to create an aggregation function where customers can link multiple bank accounts on the NeuXP platform.
The company will earn revenue by charging a subscription fee and transactions fees. Details about the fee structure were not disclosed.
In addition to digital banking services, NeuXP is also developing a lifestyle and social platform called NeuCommunity, which provides information and deals for accommodation, hotels, restaurants, and tourist attractions in several cities and countries around the globe.
“The beta version of NeuCommunity was launched in May 2021. We’re currently in the process of rebranding, and it will be integrated into the main NeuXP banking app soon,” Mah said.
According to Mah, as of December, the NeuCommunity app has been installed more than 100 times, while the NeuXP platform has 800 people on its waiting list. “This is an organic number. Once we confirm a launch date for NeuXP, our marketing efforts will be more aggressive.”
“Our mission is to be an integrated digital banking and lifestyle platform. We want to create a seamless experience for cross-border banking and lifestyle offerings, as both are important factors for people moving to a new country,” Mah said.
The startup is also in talks with several potential financial and lifestyle partners in Qatar to launch a sharia version of NeuXP next year as a gateway to the Middle East market. “The FIFA World Cup will be held in November in Qatar, so we’re using this momentum to reach out to people who will travel there for the event,” Mah added.
NeuXP was among the ten finalists of the Alibaba Cloud x KrASIA Global Startup Accelerator Hong Kong Demo Day that was held on December 14. “Hong Kong is a promising market. Through this event, we hope to connect with prospective partners to explore potential synergies in the near future,” Mah said.