Agmo in collaboration to develop financial services-related software

The collaboration is consistent with Agmo’s plans to expand its capacity and digital offerings in the market through seeking strategic alliances and partners for synergistic benefits.

Agmo Holdings Bhd

KUALA LUMPUR: Digital solutions provider Agmo Holdings Bhd has entered into a shareholders’ agreement to collaborate in software development related to systems that are used by financial institutions.

The company said the agreement inked Tuesday with an individual, Teh Yu Nen, is to regulate their relationship as shareholders of AFintech Sdn Bhd, which is 51 per cent owned by Agmo and 49 per cent by Teh.

Teh, 36, has the experience, knowledge and expertise in software development for algorithmic trading and possesses expertise in the operation and management of investment systems, Agmo said in a filing with Bursa Malaysia.

AFintech is principally involved in software development and provision of information technology and related services.

“The collaboration is consistent with Agmo’s plans to expand its capacity and digital offerings in the market through seeking strategic alliances and partners for synergistic benefits,” the company said.

According to the filing, Teh will ensure that all transactions to be entered into by any of the group companies with any of the related corporations are fully disclosed to/ and informed and approved by the board of directors of AFintech and, if required, the shareholders of Agmo.

Meanwhile, Agmo has agreed to provide human resources for AFintech to undertake any part of AFintech’s business or operations based on terms and conditions set out in the agreement.

AFintech was incorporated on Jan 31, 2024, with an initial paid-up capital of RM50,000.