This article first appeared in The Edge Financial Daily on October 12, 2018

KUALA LUMPUR: 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 service agreement with the group’s 10%-owned affiliate, Sukaniaga Sdn Bhd, for the job, the group said in a filing with Bursa Malaysia yesterday.

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

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

These include three separate systems, namely cooperative application, e-Angkasa Intranet and call centre, as well as integration with the 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.