KUALA LUMPUR (April 12): NetX Holdings Bhd has teamed up with XOX Bhd to develop an electronic payment mobile exchange that enables XOX  subscribers to be e-commerce merchants and have interconnectivity with both local and international payment gateways.

NetX’s subsidiary PayAllz Sdn Bhd and XOX’s unit XOXWallet Sdn Bhd signed a technology collaboration agreement today to facilitate the collaboration, ACE Market-listed NetX said in a filing with Bursa Malaysia.

The agreement is valid for one year and can be renewed annually, NetX said, adding that the project is expected to contribute positively to its earnings for the financial year ending June 30, 2018 onwards.

In a separate statement, NetX said PayAllZ will work to get its nationwide network of merchants on board as support, via its ability to conduct e-kiosk services for every XOX subscriber.

PayAllZ will also enable links with multi-platform payment gateways such as Alipay, Wepay, Apple Pay and Samsung Pay.

“With this technology and PayAllZ’s unique expertise in payment infrastructure, soon all mobile subscribers can participate in this electronic payment mobile exchange as an option for their e-commerce transactions,” said NetX executive director Steve Tan.

“This will also empower every XOX subscriber in urban or rural areas to participate and be a part of our country’s new Digital Free Trade Zone.

“I foresee true empowerment for every mobile subscriber and this is in line with our Prime Minister’s vision for a truly digital-forward country. All we need is to set the correct foundation and infrastructure that will allow for such global connectivity,” Tan said.

As for project development cost, NetX said the detailed investment terms for each available site “shall be determined on a case-to-case basis.”

Last week, loss-making NetX announced that it is venturing into Cambodia, through its subsidiary Ariantec Sdn Bhd which signed a licensing agreement with Payallz International Ltd to license four electronic payment products that will be based on a 50:50 revenue-sharing model.

Payallz International, meanwhile, signed a partnership agreement with Cambodia’s Hello Digital Co Ltd in financial technology for mobile payment, electronic wallet and loyalty programme solutions.

NetX shares closed down 0.5 sen or 11.1% at four sen today, valuing the company at RM50.04 million.