KUALA LUMPUR (Oct 11): Orion IXL Bhd has inked a 15-year agreement to develop and operate an online end-to-end loan application system.

Orion's wholly-owned unit, Ganda Integrasi Sdn Bhd, signed the technical services agreement with the group's 10%-owned affiliate, Sukaniaga Sdn Bhd, for the job, the group said in a filing today.

This followed a service level agreement (SLA) between Sukaniaga and MyAngkasa Holdings Sdn Bhd for the development of the fintech system, dubbed Angkasa Az-Zahara.

The move, said Orion, is an expansionary strategy to establish a new customer base as a tech company.

Under the Ganda-Sukaniaga agreement, Ganda will "provide all services to be rendered by Sukaniaga to MyAngkasa under the MyAngkasa SLA on a back to back basis".

This includes three separate systems, namely cooperatives application, e-Angkasa Intranet and call centre, as well as integration with existing system, and operation and maintenance for 15 years.

The agreement will be effective upon the signing of the MyAngkasa SLA, Orion said. However the contract sum was not disclosed.

"In consideration of Ganda providing the services required under the Angkasa SLA, Sukaniaga will pay Ganda fees to build, operate and maintain the system for a period of 15 years.

Shares of Orion fell half a sen or 4.76% to close at 10 sen, giving the group a market capitalisation of RM59.89 million.