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Century Software Announces Completion of OBB Project with MOF

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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.

Censof Announces Collaboration With Blockchain Startup Chainstack

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Singapore, April 25th, 2019 – Cendee Sdn Bhd, a subsidiary of Censof Holdings Berhad and Chainstack Pte Ltd announced a strategic alliance to collaborate in the area of Blockchain and decentralized application as well as Digital and Automation Solutions. The companies will be focusing on projects to enhance the existing centralized process and experience for various ministries and government agencies in Malaysia.

Cendee Sdn Bhd, provides realistic and secure technology solutions for a wide range of use cases in government, banking, shipping and manufacturing. Cendee’s focuses mainly on Blockchain solutions, Internet of Things (IoT) and Artificial Intelligence.

Chainstack is a leading provider in blockchain PaaS and the Chainstack platform is the foundation of the company’s vision. It features enterprise tools allowing companies to easily form consortia and deploy private blockchain networks. Decentralized application developers can also leverage Chainstack to deploy public nodes for testing and production.

Censof Group Managing Director, Ameer Bin Shaik Mydin said: “We are excited to enter into such MOU with Chainstack. Cendee’s core objectives are to deliver impactful blockchain based applications for Malaysia, in particular, the government sector. Through this strategic collaboration, Cendee will be able to accelerate its positioning of its blockchain solutions platform.”

Chainstack is cloud and blockchain agnostic. Today, the platform allows deployments on Google Cloud Platform and Amazon Web Services and supports Ethereum, Multichain and Quorum protocols. More cloud providers and blockchain protocols will be added in the coming months. On Chainstack, developers can create decentralized services in minutes and integrate their applications with existing solutions, facilitating large scale deployments.

“We envision a world where modern enterprise infrastructure will incorporate smart contracts and decentralized services in a secure and stable way”, said Laurent Dedenis, CEO of Chainstack.

Through this collaboration, Chainstack will be giving Cendee early access to Chainstack Platform as a Service and its upcoming features. Chainstack will also be sharing their knowledge regarding enterprise blockchain technology and other similar software solutions with Cendee.