Chapter 11: Fillable Budget Model + Worked Example
⚠️ Order-of-magnitude estimates (2026), FX USD 1 ≈ RM 4.7, not a quote. Edit for your own scenario and verify with local advisors/vendors.
11.1 Download the fillable model
The costs from earlier chapters, rolled into an editable, auto-summing table:
How to use: in the xlsx, yellow cells are inputs (amounts, months); change them and the “Year-1 total cash need” at the bottom recomputes. The CSV needs manual re-summing.
11.2 The worked scenario (lean white-label)
The model presets a common lean launch scenario to build intuition:
| Dimension | Setting |
|---|---|
| Tech path | White-label (not full build) |
| Team size | ~18 people (compliance/tech/ops core complete) |
| Launch pairs | BTC / ETH / USDT and a few majors |
| Liquidity | Third-party MM + aggregation (not pure in-house) |
| Runway | 12 months (application + ramp, little/no revenue) |
11.3 What this scenario costs
RM 3.05M"] --> T["Year-1 total cash need
≈ RM 27.57M"] B["B Year-1 operating burn
RM 1.21M x 12 = RM 14.52M"] --> T C["C Locked/tied-up own capital
RM 10M"] --> T
A. One-time startup spend → RM 3.05M
| Item | RM |
|---|---|
| Legal + compliance advisors (SC prep) | 1,200,000 |
| Tech build (white-label + infra + HSM) | 1,200,000 |
| Pen-test + security/code audit (multi-round) | 350,000 |
| Incorporation + governance + misc | 200,000 |
| SC application fees | 100,000 |
| Subtotal | 3,050,000 |
B. Recurring monthly opex → RM 1.21M/mo
| Item | RM/mo |
|---|---|
| People (fully loaded, ~18) | 600,000 |
| Tech vendors + cloud + custody + KYC/AML | 250,000 |
| Liquidity: third-party MM retainer | 150,000 |
| Liquidity: aggregation/bridging + hedging/transfer | 60,000 |
| Banking / payments / compliance ops | 50,000 |
| Office + admin + insurance amortization | 100,000 |
| Monthly subtotal | 1,210,000 |
| × 12 months = Year-1 operating | 14,520,000 |
C. Locked / tied-up own capital → RM 10M
| Item | RM |
|---|---|
| Regulatory shareholders’ funds (maintained) | 5,000,000 |
| MM/liquidity inventory (own, segregated from clients) | 5,000,000 |
| Subtotal | 10,000,000 |
Total
| Component | RM |
|---|---|
| A One-time | 3,050,000 |
| B Year-1 operating (RM 1.21M × 12) | 14,520,000 |
| C Locked/tied-up capital | 10,000,000 |
| Year-1 total cash need | ≈ 27,570,000 (RM 27.57M) |
This sits inside the “prudent prep RM 25M – 40M+” range from Chapter 9 and Chapter 10. RM 27.57M is a well-controlled lean scenario; more pairs, in-house MM, or a full build push it toward the top of the range or beyond.
11.4 A few parameters change the answer a lot
| Parameter | Effect of increasing it |
|---|---|
| Number of pairs | Each pair adds MM inventory + fees nearly linearly |
| Team size | Full build → engineering doubles → people cost +50%~100% |
| Tech path | White-label → build: one-time and time rise, monthly falls |
| MM model | Third-party → in-house: saves fees but ties up more inventory + bears risk |
| Runway months | Review dragging to 18 months: section B ×1.5 directly |
Editing these in the downloaded xlsx is the most intuitive.
Summary / action items
- Download the xlsx/csv model
- Replace example figures with your real scenario (pairs, team, tech, MM)
- Set runway conservatively (≥ 12, ideally 18)
- Derive your Year-1 total cash need vs your funding capacity
- Verify key unit prices with local advisors/vendors
➡️ After budgeting, plan the product: Chapter 12: Product & MVP Roadmap
🔙 Back to Overview | Related: Chapter 9 Resources · Chapter 10 Liquidity