KUALA LUMPUR (April 5): Orion IXL Bhd has entered into a Memorandum of Understanding (MoU) with SME Bank Bhd to provide technology services to strengthen the latter’s core banking activities and services.

According to a bourse filing today, the MoU is effective for three months from today, and that is a means of establishing a new customer base.

“It further enlarges the group’s order book and is expected to provide a steady stream of revenue,” said Orion.

The MoU will look at implementing an automation platform in SME bank, as well as generating alternative credit scores for Malaysian SMEs using data such as electronic communications and industry trends.

The MoU would also aim to look at other technologies, such as the implementation of artificial intelligence and financing risk assessment tools, inclusive of robotic process automation (RPA)

In addition, it would look at the possibility of the development of Digital Market Place for SMEs to interact with each other and to conduct business to consumer (B2C) & business to business (B2B) transactions, and offer consulting services on the application of new technologies.

Shares in Orion IXL closed one sen higher at 21 sen — with 18.24 million shares changing hands — giving the group a market capitalisation of RM119.79 million.