1337 Ventures, Malaysia-based venture capital firm, announced on Thursday its role as the lead accelerator for TeXnovasi—an ambitious initiative by GXBank and Grab Malaysia, with support from Cradle and MYStartup.

This groundbreaking program aims to drive innovation in Malaysia’s fintech ecosystem and revolutionise the digital finance landscape.

This six-month TeXnovasi accelerator program invites Malaysian seed-stage startups passionate about developing impactful solutions to address Malaysia’s critical financial challenges. TeXnovasi represents a pivotal step toward building a tech-forward and financially empowered nation.

TeXnovasi Accelerator aims to address 3 key areas crucial to Malaysia’s financial landscape:
1. Accessibility: Expanding financial access for underserved communities and MSMEs by addressing challenges such as limited infrastructure, low financial literacy, banking mistrust, and lack of documentation.
2. Security: Strengthening digital fraud detection, cybersecurity, and social protection for underserved communities.
3. Experience: Elevating customer satisfaction with personalised, efficient solutions. With over a decade of experience in nurturing startups, 1337 Ventures is committed to empowering startups of the TeXnovasi Accelerator through a comprehensive support system.

During the program, Startups will receive tailored mentorship, one-on-one guidance from industry leaders and subject matter experts to refine their strategies. Exclusive workshops will cover essential topics such as market entry, innovation, and scaling operations, equipping startups with the tools needed for growth.

At the end of the program, successful startups will gain access to an extensive network of public and private investors, corporate partners, and seasoned professionals to help accelerate their success.

Bikesh Lakhmichand, CEO and Founding Partner of 1337 Ventures, highlighted the program’s transformative potential, stating, “TeXnovasi Accelerator represents a unique opportunity to work alongside GXBank, Malaysia’s first digital bank, in fostering innovation that addresses real-world financial challenges. This partnership enables us to combine GXBank’s deep insights and resources with our expertise in nurturing startups to create a dynamic ecosystem where transformative ideas can thrive, ultimately driving positive impact for underserved communities and MSMEs across the nation”.

Echoing Lakhminchand, Fadrizul Hasani, Chief Technology Officer of GXBank added, “Coming from Grab, I recall the support we received in its early days and we’re committed to paying it forward through this accelerator programme. TeXnovasi is a platform for innovation, collaboration, and opportunity. Together with Grab and 1337 Ventures, we want to empower seed-stage entrepreneurs with the right tools, mentorship, and connections to help scale their businesses while creating impactful and sustainable solutions to solve financial challenges in Malaysia.”

Applications for the TeXnovasi Accelerator are now open until January 5, 2025 Startups will be shortlisted on a rolling basis following an interview process. Selected participants will embark on a transformative journey, culminating in a highly anticipated Demo Day in May 2025, where they will present their innovative solutions to investors and strategic partners.

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