Author: Dimple

Petaling Jaya. 1 March 2021 – Netsense Business Solutions’ Chief Executive Officer (CEO), Abdul Rehman was named Acumatica’s Most Valuable Professional (MVP) 2020. He is the only MVP named in Asia currently. The Acumatica MVP Program was created to show tangible gratitude to community members who actively participate and contribute in growing and improving Acumatica’s cloud ERP solution and cloud xRP platform by engaging in various activities organized by Acumatica for the benefit of its community.

The award announcement was made by Ajoy Krishnamoorthy, Executive Vice President, Products and Chief Strategy Officer of Acumatica during Acumatica 2021 R1 Virtual Launch Event. The esteemed title is awarded to Abdul Rehman in acknowledgement of the passion, commitment and support he has shown towards the continued success of the Acumatica community. Acumatica’s MVP is described as an individual who has influenced the growth and direction of Acumatica in a positive way through sheer passion and dedication. Abdul Rehman is the founder and CEO of Netsense Business Solutions’ companies since 2013. His experience in Mid-Market ERP applications, paired with his vision, leadership and knowledge in the industry has boosted Netsense’s success and growth in the recent years as ERP specialist.

“I appreciate the recognition from our technology partner, Acumatica, and I would like to thank my colleagues at Netsense and the management of Censof Holdings Berhad for their support and guidance. Receiving this honour for the first time has inspired myself and my team to strive for continuous success and growth. It is indeed a proud moment for us to be recognised and be given this award and to be the only MVP in Asia currently,” said Abdul Rehman.

Netsense Business Solutions Pte Ltd & Netsense Business Solution Sdn Bhd, subsidiaries of Censof Holdings Berhad, has presence in Singapore, Malaysia and Indonesia. Providing business solutions to more than 40,000 active users worldwide and 500+ business process automated, Netsense’s array of business solutions include ERP Software (Enterprise Resource Planning System Solutions), Intermediate Accounting Software, CRM, HR Software (Human Resource Management Solutions), Payroll, Project Management, Business Intelligence Tools, Customized Dashboards, Mobile Apps and E-Commerce Solutions that benefit 100+ SME’s.

LAST week, scores of technology-related companies saw their share prices climbing ahead of Prime Minister Tan Sri Muhyiddin Yassin’s announcement of the MyDIGITAL blueprint on Friday.

Digital services and solution providers such as Revenue Group Bhd, Dataprep Holdings Bhd, GHL Systems Bhd, Dagang NeXchange Bhd, Censof Holdings Bhd and ManagePay Systems Bhd were among the top gainers, along with two obvious winners — Telekom Malaysia Bhd (TM) and AwanBiru Technology Bhd.

Prestariang Systems Sdn Bhd, a unit of AwanBiru — formerly known as Prestariang Bhd — has been appointed a managed service provider (MSP) to manage cloud services for the government.

TM, on the other hand, has received conditional approval to provide services to the government for the migration of 80% of public data into the hybrid cloud system by end-2022. This is expected to translate into lower government cost in information technology management and better efficiency in the collection and management of data.

Besides TM, the other international cloud service providers named for the task were Microsoft, Google and Amazon.

Market observers opine that the impact of upcoming contracts on their bottom lines will only be seen over a long-term period of 5 to 10 years.

“Note that the contracts that will be awarded to the said beneficiaries of Malaysia’s digital blueprint are for the long term. The impact on bottom lines will not be seen immediately, but rather, be visible only over the next 5 to 10 years. For now, we can only tell that negotiations have begun,” Areca Capital Sdn Bhd CEO Danny Wong tells The Edge.

He adds that any impact and true value arising from the deals will depend on the details of the actual contracts when they are awarded, and thereon, the earnings, which will then reflect the execution and good delivery records of these technology partners.

TM reported a 26% increase in net profit to RM329.4 million for the third financial quarter ended Sept 30, 2020 (3QFY2020), from RM261.3 million a year earlier, which is partly attributed to the working from home shift amid the Covid-19 pandemic.

Revenue for the quarter fell 5.7% to RM2.69 billion from RM2.85 billion for the previous year’s corresponding quarter.

On a quarter-on-quarter basis, its net profit increased 20% from RM274.7 million, while revenue grew 3.8% from RM2.59 billion.

The sequential increase in revenue was attributed to higher contribution from voice, internet and data services. Lower operating cost, as a result of cost optimisation programmes, contributed to the increase in net profit.

During the quarter, TM said it invested 15% of its revenue in capital expenditure (capex), amounting to RM400 million, on network optimisation.

In a filing, it said 50% of the amount was invested in network access, 17% for its core network, and the balance 33% on its support system.

In a recent CGS-CIMB’s report on TM, analyst Foong Choong Chen says investors agree with the research house that the mobile industry lacked growth, while the fixed line business projected a more positive growth outlook.

When asked if TM’s recent earnings improvement was sustainable and if there would be further upside to its share price, Foong opines that TM will continue to enjoy good growth in its fibre broadband, backhaul leasing and ICT businesses, while cost savings will see its Ebitda margin rising further from FY2019’s 35.2% to 39.5% in FY2022 forecast. CGS-CIMB raised its target price on the stock to RM7 from RM5.60 previously.

Meanwhile, AwanBiru remained in the red for the first quarter ended Sept 30, 2020, with a narrowed net loss of RM968,000, from RM3 million in the same period the previous year. Revenue was RM35.5 million, 7% lower from RM38.1 million earlier.

The group said it made substantial progress in its rationalisation plan to monetise non-core assets and reduce operating cost by disposing of non-core assets and loss-making operations over the year. This helps strengthen overall cash flow and is expected to improve future results.

RHB Research analyst Lee Meng Horng believes that there will be more opportunities in the e-government space with the launch of MyDIGITAL. AwanBiru, which offers a full suite of cloud-based products, is looking to drive and promote digital adoption in the public sector.

That said, Lee is bearish on the stock as AwanBiru’s share price has run ahead of fundamentals. This is owing to the “uncertainties on its earnings sustainability, the discontinuation of it being a Microsoft Channel Partner, and the expiry of its Master Licensing Agreement 3.0 with the Malaysian government, which contributed more than 90% of group revenue”.

“These factors could continue to undermine the firm’s turnaround efforts, despite it scoring a recent contract win,” Lee says in a report. RHB Research had previously ascribed the stock with a “sell” call with a target price of 32 sen.

While actual contracts for MyDIGITAL have yet to be announced, a significant contribution to both TM and AwanBiru’s bottom lines can be expected.

“The digital blueprint is a timely and much-needed plan to drive the country’s digitalisation economy. Stocks of online-based businesses or operations related to cloud and e-payments will stand to benefit as more announcements are made,” says Rakuten Trade Research vice-president Vincent Lau.

Digital initiatives to keep momentum in technology stocks

Worth noting is that digital banks and technology-related companies are also potential beneficiaries of the MyDIGITAL blueprint.

Lau points out that the digital initiatives will give technology stocks “legs to run” for some time after their share prices have reached fairly rich valuations. Interest in technology stocks is expected to be sustained for the long term.

“Retail participation will be sentiment driven until the actual contract awards to the intended companies. This positive [run] will flow to the second- and third-tier players, something that is encouraging as glove stocks are taking a breather.

“Everyone [technology and related players] will stand to benefit. With the advent of technology and issues such as global chip shortages, you can see the trends that will be pushing the digital economy forward,” Lau notes.

Business remains sturdy with increasing demands

Key Highlights
• Q3FY2021 revenue increased by 42.2% YoY.
• PBT soared by 431% YoY.
• PATAMI reported at RM2.0 million.
• Basic EPS improved to 0.40 sen.
• Healthy financial position with an improved net assets per share of 14.35 sen and cash and cash equivalent of RM26.4 million.

Kuala Lumpur, 8 February 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, announced its third quarter ended 31 December 2020 (“Q3FY2021”) financial results today, where revenue increased to RM23.7 million, from RM16.7 million in the corresponding quarter last year. The profit before tax (“PBT”) rose from RM0.6 million to RM3.0 million while the profit after tax and minority interests (“PATAMI”) was at RM2.0 million as compared to a loss of RM83,000 in the preceding year. Correspondingly, the basic earnings per share improved to 0.40 sen from a loss of 0.02 sen.

The revenue growth primarily came from higher project deliverables under the Financial Management Solutions – Government segment and contributions from the Financial Management Solutions – Commercial & Small Medium Enterprises (“SME”) segment, arising from the higher demand for Asian Business Software Solutions Pte Ltd’s (“ABSS”) products and revenue from the Netsense Group, which was acquired in January 2020.

On top of the higher revenue, finance cost savings of approximately RM0.7 million per quarter upon the full settlement of share margin loan from MIDF Amanah Investment Bank Berhad and a term loan from Kenanga Investment Bank Berhad in second quarter of current financial year end, and a gain on fair value adjustment of approximately RM0.5 million on the short-term investment of Dagang NeXchange Berhad played a role in boosting Censof’s Q3FY2021 earnings.

For the cumulative period ended 31 December 2020, Censof registered a 21.3% increase in revenue to RM55.0 million. Cumulative PBT was RM16.2 million, in contrast to RM3.0 million for the same period in the preceding year. The substantial increase was mainly due to a gain on fair value adjustment and a gain on disposal of quoted investment which amounted to approximately RM9.4 million and RM2.1 million respectively.

The Group’s financial position remained healthy with an improvement of its net assets per share to 14.35 sen as at 31 December 2020, from 11.51 sen as at 31 March 2020. The Group’s cash and cash equivalent also saw a surge to RM26.4 million from RM7.7 million.

“Amidst the challenging economic conditions that we are facing due to the COVID-19 pandemic, we continue to strive to deliver the highest standard of products to serve our customers, both the government sector and the SME market. Nonetheless, the pandemic has indeed expedited the migration of businesses towards paperless transaction and digitalisation. As such, we view this as an opportunity to push the adoption of technology transformation, leveraging on the demands for technology solutions in Malaysia and Singapore. With this said, we recently entered into a share sale and purchase agreement to acquire an additional 30.87% equity interest in ABSS, which will ultimately increase our stake from 58.2% to 89.07%, upon the completion of the proposed acquisition. This is a testament of our efforts as we remain committed to streamline and focus on growing our core businesses which have since produced positive results for the Group,” said Ameer Shaik Mydin, group managing director of Censof.

Kuala Lumpur, 3 February 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, through its subsidiary company, Asian Business Software Solutions Sdn Bhd (“ABSS”) has formed a strategic partnership with StoreCove, a SaaS e-invoicing solution provider headquartered in The Netherlands and with offices in Germany and Australia. With this partnership, ABSS and StoreCove will provide an electronic invoicing solution to small and medium enterprises (“SMEs”) in Singapore, ensuring faster and more sustainable way to transact invoicing processes nationwide and worldwide, through the adoption of the Singapore Government’s nationwide e-invoicing initiative, namely InvoiceNow. Built on the Global Peppol Network, InvoiceNow facilitates the direct transmission of invoices in a structured digital format across the finance systems, resulting in a smoother invoicing process, faster payments and greener environment.

 The adoption of e-invoicing helps businesses to improve efficiency by minimising human errors, reducing costs, reducing payment processing period and be more environmentally friendly. StoreCove’s modern Application Programming Interface (API) provides seamless integration with its partners’ software platforms to offer e-invoicing functionality as part of its customer solutions, whereby all incoming and outgoing invoices are automatically received and sent.

 “It is imperative to accelerate the use of digitalisation for SMEs in the Southeast Asia, and we are excited to partner with StoreCove; they have a great track record in helping SMEs with e-invoicing here in Singapore. Together with ABSS, as the leading accounting software provider to the Asian SME market, we know this partnership will bring improved invoicing efficiency to over 30,000 Singapore SMEs, helping them save valuable time. We have recently surpassed 1,000 InvoiceNow registrations and look forward to more businesses benefiting from sending and receiving FREE e-invoices directly from our ABSS and Financio accounting software,” said Rhys Brown, Chief Executive Officer of ABSS.

 “We are impressed by the uptake of e-invoicing in the Asian SME market and are proud to be part of this swift growth. ABSS has an experienced development team that had no difficulties connecting to our RESTful API. The Government of Singapore has stimulated the expansion of e-invoicing in the Asian market, which led to an adoption speed not seen in any other Peppol country before. ABSS, by offering InvoiceNow registration to all their customers is a key driver of this growth,” said Dolf Kars, Chief Executive Officer of Storecove.

 ABSS is the developer and leading supplier of ABSS-branded financial management and accounting software provider that supports the Asian SME markets. Their services include providing tools that simplify accounting management that extend throughout the Southeast Asia region, including Malaysia, Singapore and Hong Kong.

Kuala Lumpur, 25 January 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, today announced that it has entered into a Share Sale and Purchase Agreement (“SSPA”) to acquire a collective 162,305 ordinary shares, representing approximately a 30.87% equity interest in Asian Business Software Solutions Pte Ltd (“ABSS”) from the latter’s minority shareholders.

The RM14.1 million purchase consideration was arrived at a “willing-buyer, willing-seller” basis after taking into consideration, amongst others, the historical financial performance of ABSS, the value of the proprietary software portfolio and the prospects of ABSS moving forward. The purchase consideration shall be satisfied via proceeds from a proposed private placement exercise of up to 20.0% of its total number of issued shares to third party investors to be identified later, under the general mandate pursuant to Sections 75 and 76 of the Companies Act 2016.

Based on an indicative issue price of RM0.25 per placement share, the proposed private placement can raise gross proceeds of up to RM25.1 million. In addition, the proceeds have also been earmarked to fund the working capital requirements and the estimated expenses associated with the placement exercise.

Based on the SSPA, the minority shareholders, namely Paul Alistair Jennings, Fox Equities Pty Ltd and Lum Chong Eu will dispose 117,470, 38,220 and 6,615 ordinary shares, representing 22.34%, 7.27% and 1.26% interest in ABSS respectively.

ABSS is a developer and a leading supplier of ABSS-branded financial management and accounting software that supports the Asian small and medium enterprises (“SMEs”), and cloud-based accounting product, namely Financio, catering for start-ups and entry level SMEs. Censof initially acquired ABSS back in 2015 and is presently holding a 58.20% equity interest in ABSS. Following this transaction, the stake will increase to 89.07%, while the remaining minority interest is held by Paul Alistair Jennings (5.90%) and Rhys Brown (5.03%).

“ABSS is well-established and widely known as the market leader amongst the SMEs in Singapore and Hong Kong. The company has delivered continuous strong growth and contributed to Censof’s earnings since our initial acquisition in July 2015. We are pleased to have reached this agreement (with the minority shareholders) that essentially increased our equity interest in ABSS to over 89%.”

“The acquisition is in line with our strategies and is a compelling opportunity for us to expand our business in the SME segment, as well as strengthening our footprint in the Asian market. We look forward to benefit from the upside and robust prospects that ABSS holds and are confident that this strategic investment will provide Censof with sustainable profitable growth and concurrently accelerate our position in the SME market within the Asian region in the near term. With this said, the proposed private placement exercise is the most cost-effective manner for us to raise funds without incurring interest expenses as compared to bank borrowings,” said Ameer Shaik Mydin, group managing director of Censof.

“ABSS is delighted to recognise increased investment by the Censof group. Following a strong financial performance the past 12 months, this investment will ensure ABSS is well placed to deliver future growth and accelerate SME Accounting automation across South East Asia,” said Rhys Brown, chief executive director of ABSS.

Kuala Lumpur, 6 January 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, through its wholly-owned subsidiary, Century Software (Malaysia) Sdn Bhd (“Century Software”) has accepted the Letter of Award from the Ministry of Finance (“MOF”) to provide maintenance and support services for the Malaysian government’s budget management information system, MyResults.

The contract, which is valued at RM10.12 million is for the tenure of twenty-four (24) months from 1 January 2021 to 31 December 2022.

“We are honored to be entrusted by MOF to be the provider of the maintenance and support services for MyResults on the Outcome-Based Budgeting for the government of Malaysia. This project was developed by Century Software for the MOF and was completed back in May 2019. Following the completion, we were awarded with the maintenance and support services in December (2019). Today, we are proud that we are once again being entrusted to provide the same services for another 2 years. We truly appreciate the confidence which MOF has placed in us as this fundamentally testifies our technical capabilities and deep expertise to deliver the end results. Being an innovative technology company, we will continue to enhance our solutions and systems in response to evolving technologies, going forward,” said Ameer Shaik Mydin, group managing director of Censof.

MyResults is an Outcome-Based Budgeting platform, of which high-level national strategies are linked to specific budget programmes and activities. This aims to improve the government’s resource management endeavors while enhancing transparency and accountability. As this budget system is integrated across the various ministries, government officials are able to plan their budgets more effectively.

Moving ahead, Century Software continues to strive for excellence in their products offerings. Over the last three (3) months, the Company has successfully secured three (3) new Government Resources Planning (GRP) contracts with the Board of Quantity Surveyors Malaysia, Yayasan Guru Tun Hussein Onn, and the Medical Device Authority with the total contract sum of RM1.38 million. In addition, Century Software has also secured upgrades services for its existing clients, namely the National Visual Arts Development Board, Lembaga Juruukur Tanah Malaysia, Malaysia Productivity Corporation, Bintulu Port Authority, Lembaga Pelabuhan Kuantan, and Railway Assets Corporation, bringing the total contract sum to RM4.69 million.

Moneysave chief executive officer Vincent Soh says investors are yielding average returns of 13.96 per cent per annum with an average tenure of 2.3 months. Most notes were subscribed in less than 12 hours.

KUALA LUMPUR: MoneySave has crowdfunded its 100th investment note on November 27 with a total of RM7.68 million invested since its launch seven months ago. Moneysave is a peer-to-peer crowdfunding platform registered with the Securities Commission. “Investors are yielding average returns of 13.96 per cent per annum with an average tenure of 2.3 months. Most notes were subscribed in less than 12 hours,” Moneysave chief executive officer Vincent Soh said in a statement.  With its “world’s first risk reduction” incentives, MoneySave said it had been able to maintain a zero per cent default rate for the last 100 investment notes that it had hosted and disbursed.

“Typically investors yield was between 7.50 per cent and 16 per cent per annum with tenure of investments between one to four months only. Our credit team led has been extremely careful in approving the deals as we target to maintain the lowest default rate in the industry i.e. zero per cent!” quipped its chief credit officer Eddy Lam, who has more than 35 years of credit and risk management experience with Hong Leong Bank Bhd, Standard Chartered Bank, DBS Bank, RHB Bank Bhd and Malayan Banking Bhd.

MoneySave said it focused on the digital e-commerce supply chain and also the suppliers and contractors of the government, ministries, agencies and government-linked companies as well as companies such Telekom Malaysia Bhd, Tenaga Nasional Bhd, Sime Darby Bhd, Maybank, Petronas, Axiata Group Bhd, Maxis Bhd, Public Bank Bhd and other Bursa Malaysia’s top 100 companies.

“We are here to complement the various government initiatives such as under Malaysia’s Prihatin Rakyat Economic Stimulus Package, Bank Simpanan Nasional, Tekun Niaga Financing Scheme, Soft Loans for SMEs, Penjana SME Financing, SME Bank, Mara, Special Relief Facility by Bank Negara Malaysia, Credit Guarantee Corporation, Syarikat Jaminan Pembiayaan Perniagaan and SME Corporation,” Soh said

KEY HIGHLIGHTS
· Q2FY2021 revenue grew by 16.7%.
· PAT subsequently increased by over 15-fold.
· Disposal of 117.1 million Dagang Nexchange Berhad shares contributed to PAT growth.
· Maiden contribution from newly acquired 51% stake in Netsense Group.
· Secured more than ten (10) new cloud-based financial management solution contracts from the Government and Commercial sectors.
· Improvement in its gearing ratio to 0.004 times as compared to 0.40 times in previous financial year end as at 31 March 2020.

KUALA LUMPUR – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, reported an over 15-fold surge in profit after tax (“PAT”) to RM4.8 million for the second quarter ended 30 September 2020 (“Q2FY2021”) as compared to Q2FY2020’s RM0.3 million. The PAT growth was partly attributed to a RM2.1 million gain on the disposal of its stake in Dagang Nexchange Berhad completed during the quarter. Revenue for Q2FY2021 saw a 16.7% increase to RM18.0 million from Q2FY2020’s RM15.5 million.  The higher revenue for the current quarter was mainly attributed to the higher contribution from its Government – Financial Management Solution and Commercial – Financial Management Solution segments, which also includes contribution from the Netsense Group, which was acquired earlier this year.

For the first half of FY2021, the PAT’s 492.8% YoY growth was, amongst others, attributed to the RM8.9 million gain on fair value adjustment on quoted investment recorded in Q1FY2021.

“We are very pleased with our second quarter results which was a spill over from the first quarter’s commendable performance. We operate with a highly focused management team, thus providing us with the best opportunities to generate stable operating revenue and earnings, as we continue to secure projects, both on the government and commercial front. In view of this, we have since signed more than ten new cloud-based financial management solution contracts and have successfully secured over five thousand subscribers under our SME accounting solutions (Financio). Moving forward, amid the current COVID-19 pandemic, we will remain cautious of the challenging economic landscape.” said Ameer Shaik Mydin, managing director of Censof.

Kuala Lumpur, 28 September 2020 – Censof Holdings Berhad announced today its joint venture with Green Packet Berhad into integrated payments and fintech solutions through T-Melmax Sdn Bhd, a payment processing technology company owned by Censof Holdings Bhd, a company that specializes in financial management software solutions.

The acquisition also marked the establishment of a new joint venture between Censof Holdings Berhad and Green Packet Berhad as they worked together towards a joint vision of transforming T-Melmax into a digitally driven, real time multi-layer reporting preferred payment gateway service provider. Their move is strategic as they will be able to fill the gap in the market for SMEs, state government programs and enterprises who are looking for a one stop provider that is able to combine the power of real time cashless payments and accounting into a truly integrated seamless solution with end to end financial reporting analytics.

Established in 2002, T-Melmax Sdn Bhd focused on digitally automating and the simplification of handling and processing of bulk payment, bulk collection and other types of payments. Together with Green Packet’s innovative payment solutions, we believe we could provide a one stop payments and collections solution to our large base of financial management systems in government agencies and SME’s in Malaysia, Singapore and Hong Kong.

Censof Group Managing Director, Encik Ameer Shaik Mydin said, “The need for Digital payments is a norm in today’s world. We often hear e-payments or electronic wallet becoming the core of daily business operations. The combined strength between T-Melmax and Green Packet will ensure delivery of digitalized strategies, products, and services in supporting our new digital Malaysia, especially in these unprecedented times of rapid change that require us to innovate faster more than ever.”

“Head of Treasury, CFOs, financial leaders, and accounting teams everywhere need to strategically implement different digital tools as soon as possible to reap the rewards of greater productivity, efficiency and value-add for their organizations. T-Melmax has been a trusted provider for various government and agencies for various statutory payments and this partnership will help both companies leverage complementary strengths and bring greater value to our combined base of customers,” said CC Puan, Group MD of Green Packet.

“Digital payments is the core need of every company. The combined strength of T-Melmax and Green Packet will seed further digitalization strategies to a new digital Malaysia, in line with the government initiative towards digital transformation”, added Giritharan Nagalingam CEO of T-Melmax.

Censof Holdings Bhd and Green Packet Bhd are members of the GAIN programme, facilitated by the Malaysia Digital Economy Corporation (MDEC) to catalyse the expansion of Malaysian tech companies to soar on the global stage.

“This joint-venture demonstrates the muscles of our GAIN network and homegrown tech leadership. MDEC commends Green Packet and Censof for working collaboratively to create solutions that accelerate business automation and digitalisation to boost the growth and business footprint of local companies. We look forward to more of such partnerships to augment Malaysia’s pursuit to be the Heart of Digital ASEAN,” said Gopi Ganesalingam, Vice President of MDEC’s Global Growth Acceleration Division.

Censof and Green Packet’s continuous focus as key digital financial services platform providers on empowering the masses will further help to drive an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities. This strategic collaboration between Censof and Green Packet will look towards enabling every individual to thrive with life-improving digital innovation.

KUALA LUMPUR, May 22 (Bernama) — Asian Business Software Solutions Pte Ltd (“ABSS”), a 58%-owned subsidiary of Censof Holdings Berhad (“Censof”) has entered into a partnership with DBS Hong Kong. Under this partnership, SME clients of DBS Hong Kong will be provided with Financio, an all-in-one cloud based accounting software designed for small businesses.

Censof Group Managing Director, Encik Ameer bin Shaik Mydin said, “We are pleased to be working together with DBS, a leading financial services group in Asia with a presence in 18 markets. This partnership is timely as more SMEs are looking to embark on their digital transformation journey, in view of the current Covid-19 pandemic outbreak. Integration between a DBS business account and Financio can be done digitally without the need to visit any branch nor fill in any paper forms.”

By integrating a DBS business account with the platform, DBS Hong Kong SME clients will be able to transfer their data to Financio securely and automatically every day.

SMEs will get real-time reports, automated book-keeping, invoice-purchasing and management of cash flow reports. This will equip SMEs with true efficiency and productivity gains, so that they can focus on growing their business.

There will be in-app support from Financio, a Cantonese-speaking help desk, and a Traditional Chinese and English interface.

Chief Executive Officer at ABSS Pte Ltd, Mr. Rhys Brown said, “We are excited to extend our regional partnership to include DBS Hong Kong. With over 100,000 customers already in Hong Kong, we understand the challenges SMEs face. Limited access to capital, workforce shortages, the pressure to sustain and grow both domestically and globally are all part of the daily struggle. Now more than ever, SMEs are looking for local, cost-effective solutions to streamline business processes and ensure good cashflow visibility. Our strategic partnership delivers an unabridged offering that will enable SMEs to save time and money – resulting in greater business prosperity.”

Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Hong Kong, said. “As a leader in SME banking, DBS Hong Kong fully understands the needs of SME customers, particularly during the current challenging environment. With many small business owners spending countless hours manually importing and reconciling their bank statements every month, we believe our pioneering partnership with Financio helps equip our SME customers with true efficiency and productivity gains, so that they can focus on growing their business.”

Incentive to support SME’s digital transformation
DBS Hong Kong customers subscribing to the Financio Premium service can enjoy a 30-day free trial period, and a nearly 20% discount off the price of Financio’s annual plan when subscribing to the service during the trial period.