1337 Ventures Leads TeXnovasi Accelerator to Empower Fintech Startups in Malaysia

1337 Ventures, a venture capital firm in Malaysia, has been appointed as the lead accelerator for TeXnovasi, an initiative to transform the fintech landscape in Malaysia. The program is a collaboration between GXBank and Grab Malaysia, with additional support from Cradle and MYStartup. TeXnovasi seeks to drive innovation within the fintech ecosystem, providing a platform for the next generation of digital finance solutions.

This strategic partnership is set to play a key role in Malaysia’s evolution in digital finance. By empowering fintech startups through mentorship and resources, TeXnovasi aims to support innovations that will enhance Malaysia’s position as a key player in the global fintech sector.

The TeXnovasi accelerator program, spanning six months, calls upon Malaysian seed-stage startups to develop meaningful solutions that tackle the country’s critical financial challenges. This initiative is designed to cultivate groundbreaking startups capable of driving a more inclusive and secure financial ecosystem in Malaysia.

The program focuses on three critical areas within Malaysia’s financial landscape. The first is Accessibility, which aims to improve financial access for underserved communities and MSMEs by addressing barriers such as limited infrastructure, low financial literacy, banking mistrust, and inadequate documentation. The second area is security, which aims to support digital fraud detection, enhance cybersecurity, and provide social protection to vulnerable communities. Lastly, the Experience area focuses on elevating customer satisfaction by offering personalized and efficient financial solutions.

Startups participating in TeXnovasi will benefit from tailored mentorship and guidance from industry leaders and workshops covering essential topics such as market entry, scaling operations, and innovation. 

These resources are designed to equip startups with the tools needed for sustainable growth. Throughout the program, participants will refine their strategies with one-on-one support from subject matter experts, helping them navigate the complexities of the fintech sector.

After the accelerator, successful startups will gain access to a wide network of investors, corporate partners, and experienced professionals. This network will provide valuable opportunities for collaboration and funding, enabling the startups to scale their solutions and significantly impact Malaysia’s fintech ecosystem. 

Bikesh Lakhmichand, CEO and Founding Partner of 1337 Ventures spoke about the potential of the program, stating that TeXnovasi represents a unique opportunity to work with GXBank, Malaysia’s first digital bank, to tackle real-world financial challenges and drive innovation for underserved communities and MSMEs.

Fadrizul Hasani, GXBank’s Chief Technology Officer, expressed his thoughts about giving back to the startup ecosystem based on his experience with Grab’s early support: “TeXnovasi is a platform for innovation, collaboration, and opportunity. Together with Grab and 1337 Ventures, we aim to empower seed-stage entrepreneurs with the right tools, mentorship, and connections to scale their businesses while delivering sustainable solutions to address Malaysia’s financial challenges.”

The TeXnovasi Accelerator is now accepting applications, with the deadline set for January 5, 2025. Startups will be evaluated and shortlisted progressively through an interview process. Those selected will embark on a comprehensive development journey, culminating in the much-awaited Demo Day in May 2025, where they will showcase their innovative solutions to investors and key strategic partners.