NeuXP and Brexa Quants Terminate Memorandum of Understanding on the Expansion of NeuXP India
Kuala Lumpur, 2 October 2021: NeuXP Sdn. Bhd. (“NeuXP”) today announced that the Memorandum of Understanding (MoU) between NeuXP and Brexa Quants LLP. (“Brexa Quants”) with regards to their partnership in the expansion of NeuXP digital banking platform in India has been terminated with immediate effect. The mutual termination of the MoU is due to both parties’ lack of agreement on the proposed terms in the partnership goals and business objectives.
The termination of this MoU does not affect NeuXP’s expansion plan in India as the country being one of the world's most populous countries and fastest-growing economies, presents vast opportunities for an acceleration in digital banking due to a shift in its trends and consumers' behaviours over the recent years.
In its pursuit to expand in India as well as other countries in Europe, the USA and Asia, NeuXP is partnering with global financial, tech and lifestyle services providers to deliver its platform that leverages modernised Banking-as-a-Service (BaaS) and Open APIs technologies.
NeuXP's highly integrated digital banking platform will ease the transfer of funds for expatriates, students, business owners and travelers. Unlike conventional digital banking solutions, NeuXP is truly a one-stop omnichannel experience provider where users do not have to leave the app to access other services. Its mobile application will facilitate cash transfers and allow users to access lifestyle services such as flight and accommodation bookings, online shopping, and more, in different currencies while overseas.
The launch of NeuXP in India is expected to take place in Q1 of 2022 to ease and transform the digital banking experience for non-residents living in the country as well as Indian nationals living abroad.