Home News Archives for May 2019

Month: May 2019

MOU Signing at Politeknik Seberang Perai (PSP)

by Dimple Dimple No Comments


Politeknik Seberang Prai recently tied the knot of partnership with 13 industries and one academic institution in a Memorandum of Understanding (MoU) Ceremony. This strategic partnership is designed to strengthen the symbiosis and birth forth graduates that are equip in to drive innovation.
This partnership includes nine companies, four self defence association, the Budaya Warisan Melayu Jawi as well as Sekolah Kebangsaan Tasek Gelugor. Acknowledging that Industry 4.0 has already hit Malaysian shores, this partnership will prepare students to upskill and grow in parallel with the upcoming technological growth. Elements of IR4 highlighted are critical thinking and problem solving, communication as well as collaboration and creativity. With benefits to approximately 4600 recipients revolving around 12 programs, this partnership would benefit all levels involved.

List of Industry Partner

1. Agensi Pekerjaan Job Focus Sdn Bhd
2. Knowledgecom Corporation Sdn Bhd
3. Entohgiene Service Sdn Bhd
4. Leader Plastic Packaging
5. Lapangan Terbang Sultan Abdul Halim
6. FBX Enterprise
7. Roda Prestasi Sdn Bhd
8. Penang Port Sdn Bhd
9. Sinar Bumi Didactic Enterprise
10. Persatuan Silambam Pulau Pinang
11. Persatuan Taekwon-do Pulau Pinang
12. Persatuan Kabaddi Pulau Pinang
13. Perrsatuan Seni dan Budaya Warisan Melayu Jawi (Warisam Alam)
14. Sekolah Kebangsaan Tasek Gelugor

RHB Launches Malaysia’s First SME Connected Banking Ecosystem

by Dimple Dimple No Comments


KUALA LUMPUR (May 23): RHB Banking Group (RHB) has launched Malaysia’s first-of-its-kind SME connected banking ecosystem, featuring the enhanced RHB SME e-Solutions platform.

This RHB SME e-Solutions platform offers small and medium enterprises (SMEs) complete interoperability to achieve greater business efficiency through its first collaboration with Financio, a business solutions partner offering cloud-based accounting software which will eliminate the need for SME customers to navigate multiple systems.

Under the integrated Financio accounting software solutions, SMEs will benefit from the following;

• Direct integration with third party accounting software using secured Application Programming Interface (API)

• Real-time view of their bank account balance, within the accounting software

• Facilitation of payment initiations directly from SME customers’ accounting software

• Automated reconciliation process by leveraging on direct bank feeds

• Request for on-demand/ periodical bank account statements from the accounting software as well as view their financial accounting dashboard within the banking platform

The enhanced RHB SME e-Solutions is one of the components of the RHB SME ecosystem providing SME customers with value added features on a single platform that include seamless integration of banking activities.

The RHB SME e-Solutions addresses challenges faced by SMEs in cash flow and financial resource management by integrating RHB Reflex and Financio. RHB Reflex is an online integrated service that combines cash management, trade and payment solutions, designed to cater to the operational needs of SMEs and corporate customers.

“With enterprise system being too complex and costly, RHB has developed a connected banking ecosystem that simplifies cash flow and financial management for our SME customers. In rolling out this platform, RHB is the first bank to use Application Programming Interface (API), to integrate RHB Reflex with a financial accounting system.

“Currently, there are 90,000 SMEs within our SME ecosystem, of which we are targeting to have at least 10,000 SMEs participate in the SME e-Solutions by 2020,” said Datuk Khairussaleh Ramli, Group Managing Director, RHB Banking Group.

“RHB’s approach towards SME Banking is to provide a holistic ecosystem that makes everyday business for SMEs simple and convenient, thus improving their productivity and enabling them to further improve their business. This is in line with our FIT22 strategic road-map which outlines a structured direction in boosting RHB’s penetration of the SME segment in Malaysia and become an SME ecosystem bank by 2022,” he added.

Over the next 12 months, RHB will introduce more business-friendly features on SME e-Solutions to enable customers to make direct payment through FPX and DuitNow. RHB will be expanding tie-ups with new business solutions partners to include point-of-sale solutions, e-wallet operators, payroll providers and inventory management solutions.

RHB SME ecosystem offers a line-up of cloud-based business solutions aimed at empowering SMEs with versatile solutions comprising the following;

• RHB SME e-Solutions – all-in-one solution designed for SME customers including Accounting Software, e-Point of Sale and Human Resource Management.

• RHB SME Online Financing and Online Business Current Account Opening — a customer self-initiated online loan application portal that allows small businesses to apply for financing in a few minutes and receive cash within a few days.

• RHB Financial Supply Chain (FSC) – offers business solutions that optimize working capital and provide liquidity to business through ecosystem financing by which suppliers and retailers can perform payment for goods and services through RHB’s platforms.

• RHB Biz Power — a business lending solution which provides SMEs the flexibility to obtain financing with a customized combination of Term Loan, overdraft (OD) and trade facility based on needs.

Century Software to Acquire A Majority Stake in Singapore Based ERP Software Provider

by Dimple Dimple No Comments

PETALING JAYA, May 16 (Bernama) — Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Berhad is pleased to announce that it had entered into a Share Sale and Purchase agreement to acquire 51% stake in a Singapore-registered enterprise software applications and services provider, Netsense Business Solutions Pte Ltd. This timely move will help Century Software to expand its strategic footprint to the commercial market and its product  portfolio while underpinning the growth strategy especially in its cloud ERP business.

Founded in 2013, Netsense Business Solutions is the fastest growing ERP software provider in the Singapore enterprise market, and currently has offices in Singapore, Kuala Lumpur and Jakarta. The company currently supports around 90 reputable clients across Singapore and in Malaysia. Netsense provides software and IT consulting services to more than 15 industry verticals.

Netsense Business Solutions offers the widest array of business solutions ranging from Acumatica Cloud ERP Software, Intermediate Accounting Software, CRM, HR Solutions, Payroll, Project Management, Business Intelligence Tools, Customised Dashboards, Mobile Apps and e-Commerce Solutions.

Acumatica is the fastest-growing provider of Cloud ERP software that is feature rich with seamless integration. Built on the world’s best cloud and mobile technology, it’s adaptable and integrated applications deliver modern solutions for ERP. Cloud-based ERP systems are becoming more relevant for SMEs in recent years, due mainly to the possibility of getting started at a low cost and a small scale. Many SMEs adopt information technology solutions, such as ERP systems, to efficiently manage their business processes and to collaborate with suppliers, partners, and customers. Therefore, the successful adoption and deployment of ERP systems are crucial for the competitiveness and survival of these organizations.

Censof Group Managing Director, Ameer Bin Shaik Mydin said: “We are extremely excited about our investment in Netsense Business Solutions. This is a logical step in terms of meeting the rising expectations of clients in the cloud ERP market as Netsense aligns well with Century Software’s strategy to grow its cloud and software business”.

Century Software currently has a long-term OEM partnership with Acumatica Inc. Using their state-of-the-art Acumatica ERP and xRP platform, Century Software were able to develop customisable platforms to suit customer needs for various markets. Century Software will also be launching an updated version of their Government Resource Planning (GRP) system soon.

“SMEs are key to strengthening productivity, delivering more inclusive growth and adapting to the major transformations of our time. We believe this can be achieved through our innovative business solutions. It is imperative for SMEs to embrace digital revolution swiftly to boost growth”, said Netsense Director – Business Development, Abdul Rehman.

Century Software Announces Completion of OBB Project with MOF

by Dimple Dimple No Comments

Putrajaya, May 2nd, 2019 – Century Software (M) Sdn Bhd, a subsidiary of Censof Holdings Berhad announced today the completion of a large-scale project that has transformed and represents an evolutionary step in Malaysia’s implementation performance based budgeting.

Across the world, performance-based budgeting has been a main agenda of reform for most ministries of finance. In many countries, however has been overly ambitious, and as a result difficult to administer.

In Malaysia, some first steps to improve performance-based budgeting have already been taken as the government has undertaken a more outcome-based approach to the annual budget process. By using outcome-based budgeting (OBB), Malaysia has helped successfully link high-level national strategies to specific budget programs and activities using a common results framework to define accountability.

Budget activities are mapped to a single program to enhance transparency and accountability. To support the implementation of OBB, Ministry of Finance embarked upon development of an integrated IT platform called MyResults, an online information system that captures the mapping of programs or activities and the complete set of results frameworks. This online application is intended to eventually serve as a complete, integrated results and budget management information system.

Censof Group Managing Director, Ameer Bin Shaik Mydin said: “Outcome based budgeting requires a shift in mindset from a short term ‘outputs’ mentality to a medium term focus on economic and social outcomes. Outcomes are harder to deliver than outputs, and by their nature will be publically communicated, requiring resolve from leaders to see the transition through.”

The main emphasis under the OBB approach will be the effectiveness and the overall impact of projects and programmes, as opposed to expenditure and output. The focus on results and outcomes will now allow for better resource management and this will subsequently provide greater value for money in terms of public investments and reduce ad-hoc spending.

“This approach aims to shift the conversation from “How much did you spend?” to “How well did you spend it?” or “What did you achieve with it?”, he added.

The aim of OBB is to assist Ministry of Finance in reducing wastage and ensure that the nation’s resources are optimised and allocated according to its priorities. A formal project completion ceremony was held with brief remarks from officials of Ministry of Finance and Century Software (M) Sdn Bhd.