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Censof Strengthens its Market Position in the Commercial and SME Segment

by Dimple Dimple No Comments

Kuala Lumpur, 15 June 2022 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, today announced that it has acquired 41,680 treasury shares in Asian Business Software Solutions Pte Ltd (“ABSS”) for SG$1.28 million (equivalent to approximately RM4.09 million). The 41,680 treasury shares represent a 7.93% equity interest in ABSS, increasing Censof’s equity interest in ABSS to 97.00% from 89.07% currently, upon completion of the acquisition.

The acquisition is expected to improve Censof’s earnings with its higher equity interest in ABSS. It will also enhance the Group’s long-term growth potential as well as strengthening its position as a market leader to provide the full spectrum of the financial management solutions across all levels of market segment.

“This additional investment in ABSS is yet another one of our strategic decisions to enhance our financial performance in the near future. As we have always said, Censof is not only offering financial management solutions to the government sector, it is also aggressively expanding into the commercial and SME segment. ABSS is an excellent platform for us to grow. Back in 2015, we have acknowledged ABSS’ potential, with its strong presence in Southeast Asia and that was when we decided to acquire a 51% equity interest. Since then, we have increased our stake to 89.07% as of April last year. Over the last 6 years, we have seen exponential growth in ABSS. To date, ABSS has declared a total dividend of SG$6.3 million or approximately RM20.0 million since the acquisition in 2015. On average, ABSS serves more than 300,000 SME clients across Malaysia, Singapore and Hong Kong, where ABSS is currently the market leader in Hong Kong and Singapore,” said Ameer Shaik Mydin, group managing director of Censof.

He further added that good prospects for the financial management solutions offered by ABSS are looming, as demand is anticipated to increase given its track records. ABSS has achieved an impressive revenue growth at a compound annual growth rate of 18.46% from year 2016 to 2022. Opportunities are endless as the Group is also tapping into the micro small and medium enterprises (“SME”), leveraging on the Financio software. The customer base for the Financio software is expected to double up within the next 2 years, barring any unforeseen circumstances. Financio, a product of ABSS, is a user-friendly cloud accounting software developed in English, Bahasa and Chinese that automates and simplifies accounting tasks, designed for small businesses. Being cloud-based, the software can be easily accessible from anywhere with very competitive pricing.

“We are glad our strategy is falling into place as planned, and as a result our earnings from our commercial and SME segment has expanded by over 50% from FY2021 to FY2022. This synergistic acquisition is deemed to unlock the opportunities for us to progress further to tap into the other various SMEs, which include the start-ups, micro and small businesses. There is no doubt that we are putting our full effort to achieve digital transformation, in line with the government’s National Economic Recovery Plan to encourage more SMEs to start their digital transformation journey. Moving forward, Censof will continue to focus on growing its core businesses, as well as exploring inorganic opportunities such as penetrating into the area of digital technology via merger and acquisition exercises that could ultimately boost the Group’s financial performances,” he added.

Commenting on the acquisition, chief executive officer Rhys Brown said, “We are excited to have additional investment from Censof, following another strong financial year. While others in our industry struggle with balancing profitability and expansion, ABSS has managed both extremely well. The opportunity we have is huge, with over 300,000 SME customers. Moreover, our transition from established on-premise products to fully cloud-enabled solutions, like Financio, provides a great platform for rapid growth. Our recent strategic partnerships with RHB, DBS & Maybank combined with an ever-expanding partner network of accountants and bookkeepers will support significant customer migration and growth – we are just getting started.”

ABSS is a developer and leading supplier of ABSS-branded financial management and accounting software that supports the Asian small and medium enterprises and cloud-based accounting product, namely Financio that caters for start-ups and entry level SMEs.

Censof Achieves Revenue and Profit Before Tax of RM110.1 Million and RM24.1 Million for FY2022

by Dimple Dimple No Comments

Declares Interim Dividend of 0.75 Sen

Full year FY2022 Highlights

• Revenue of RM110.1 million, up 26.0%
• Operating profit rose 101.5% from 11.5 million to RM23.1 million
• Declared an interim single-tier dividend of 0.75 sen per share for FY2022

Fourth quarter FY2022 Highlights

• Revenue increased 38.4% to RM44.8 million
• Profit Before Tax improved 12.5% to RM15.0 million.

KUALA LUMPUR, May 31 (Bernama) — Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, reported its unaudited financial results for the fourth quarter (“Q4FY2022”) and full year ended 31 March 2022 (“FY2022”) on 30 May 2022.

For the full financial year, Censof achieved a 26.0% growth in revenue to RM110.1 million, from RM87.4 million in the previous year. The increase was mainly driven by the higher contribution from the financial management solutions for government segment (“FMS-G”) and financial management solutions for commercial and small and medium enterprises segment (“FMS-C & SME”). The revenue was further enhanced by the contribution from the newly set up Digital Technology (“DT”) segment, upon the acquisition of a robotic process automation (“RPA”) business under Cognitive Consulting Sdn Bhd during the year. The revenue from the DT segment was solely derived from cloud computing services, electronic tendering services and RPA.

The profit before tax and profit after tax and minority interests (“PATAMI”) were relatively lower, year on year at RM24.1 million and RM18.4 million respectively, in light of the absence of one-off contributing factors where the recognition of non-recurring items in the preceding year boosted FY2021’s operating profit and PATAMI. Excluding the non-recurring items, FY2022’s operating profit of RM23.1 million was more than 100% higher than FY2021’s operating profit of RM11.5 million. Similarly, PATAMI surged over 100% from RM8.3 million FY2021 to RM17.5 million in FY2022 after excluding the non-recurring items of fair value adjustment and gain on disposal of other investments for both financial year.

For the 3 months ended 31 March 2022, the Group recorded a revenue growth of 38.4% to RM44.8 million, from RM32.4 million in the same quarter last year, primarily attributed to the establishment of the DT segment in January 2022 and higher revenue generated by the FMS – G segment. Higher project deliverables and new project order enabled the latter segment to record a revenue growth of 40.1% to RM35.6 million. Consequence to the higher revenue, profit before tax surged 12.5% from RM13.4 million to RM15.0 million.

Censof’s financial position as at 31 March 2022 remained healthy with cash and cash equivalents of RM30.0 million. Net assets per share attributable to ordinary equity holders of the company was 17.84 sen.

“We are delighted that Censof has achieved yet another set of satisfactory full year results for FY2022 despite a challenging year. The accounting software and solutions have once again proven its resilience and growth potential. Our fourth quarter yet again remains our strongest quarter with higher revenue recognised from the FMS – G segment. At the PBT level, the FMS – G segment’s earnings increased significantly by over 300%, in contrast to the third quarter, supported by the higher maintenance revenue from the renewal of contracts from our existing government agencies customers, back in January. We also experienced higher sales contribution from the fast-tracking project during this quarter.

We remained aligned with the government’s positive digitalisation transformation agenda, in particular the emphasis on cloud-based financial solutions and applications. We will continue to explore investments and partnership opportunities in the digital technology field to further innovate our products and solutions. We will also pioneer the adoptions and compliances of advanced technologies plus the latest accounting standards to be offered to our large customer base, including the commercial and SMEs sector,” said group managing director of Censof, Ameer Shaik Mydin.

Censof Launches Software Robot To Automate Bank Reconciliation Processes – In Conjunction with CSM’s 25th Anniversary Celebration

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From left to right: Tamil Selvan M.Durairaj (Deputy Group Managing Director, Censof), Representative from Lembaga Pertubuhan Peladang, Representative from Kolej Poly-Tech Mara, Tan Sri Datuk Wira Dr Hj Mohd Shukor (Independent Non-Executive Director, Censof), YBhg. Datuk Dr. Yacob bin Mustafa (Akauntan Negara Malaysia, Jabatan Akauntan Negara Malaysia), En Ameer Bin Shaik Mydin (Group Managing Director, Censof), Representative from Perbadanan Kemajuan Negeri Selangor, Representative from Institut Penyelidikan dan Kemajuan Pertanian Malaysia, Ang Hsin Hsein (Executive Director, Censof Holdings Berhad) and Puan Siti Safiah (Director, CSM)

Putrajaya, 24 May 2022 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, yesterday launched its software robot, also known as Recon as a Service (“RAAS”) to automate bank reconciliation process for government agencies. The launch was in conjunction with its wholly owned subsidiary Century Software (Malaysia) Sdn Bhd’s (“CSM”) 25th anniversary celebration and was witnessed by the Accountant General of Malaysia, YBhg. Datuk Dr. Yacob bin Mustafa.

The RAAS will ease, simplify and enhance the bank reconciliation process by utilising innovative technology of robotic process automation or RPA to automate the front and back-end reconciliation processes in a more efficient manner across the government agencies. By capitalising on the RPA technology, RAAS will emulate human behaviour to act as a digital workforce that operates in a faster and more accurate manner.

The RAAS targets to simplify the tedious bank reconciliation process, reduces the burden of government employees to perform repetitive tasks, while enhancing the efficiency and accuracy of operational work. In addition, through RAAS, the automated bank reconciliation process minimises the need for human intervention, hence, reduces the risk of human errors. Generally, although RPA replaces human workforce, it now allows the same workforce to focus on strategic and analytical related tasks.

“The celebration marks a significant milestone for the Group. 25 years ago, we embarked on the journey of being the market leader and to become one of the pioneers in helping government agencies to achieve SAGA compliance. We have worked with more than 90 government agencies, supplying our SAGA compliant financial management and other business solutions. As we continue to innovate our products and solutions, we are extremely pleased to concurrently launch this innovative software robot, that capitalises on RPA technology. RAAS has the ability to analyse and evaluate a high volume of data accurately within a short period of time. We have indeed seen positive interest and demand across the digital industry today to utilise this RPA technology, going forward,” said Ameer Shaik Mydin, group managing director of Censof.

He further added that the team at Censof will continuously modernise the Group’s solutions portfolio by connecting and integrating the portfolio in new and innovative ways. The Group’s products and solutions will consistently go through technological innovation phases to embrace the latest technologies. This is executed to ensure that the customers will receive technological innovations that can improve their daily operations. It will also further enhance operational efficiency, productivity and effectiveness in accordance with the latest accounting and financial objectives and policies at ministries, agencies and statutory bodies.

Censof is committed to accelerate digital transformation, aligning with the MyDIGITAL initiative that complements the 12th Malaysia Plan to expedite the adoption and application of technologies to maximise the potential of the digital economy within the public sector and the micro, small and medium enterprises. The adoption of advanced technologies, specifically the Fourth Industrial Revolution (IR 4.0) technologies, is crucial where it is expected to revolutionise the way the society lives, works and communicates in the near future.

Censof Acquires 51% Equity Stake in GW Intech

by Dimple Dimple No Comments

KUALA LUMPUR, Feb 23 (Bernama) — Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, is delighted to announce that its wholly-owned subsidiary, Century Software (Malaysia) Sdn Bhd (“CSM”) has entered into a Share Subscription Agreement (“SSA”) with GW Intech Sdn Bhd (“GW Intech”) on 22 February 2022.

The SSA entails the acquisition of a 51% equity stake in GW Intech through the share subscription of 100,000 new GW Intech shares for the subscription consideration of RM500,000.

GW Intech, established in 2001 as an information technology (“IT”) solution provider, specialises in analysing, designing, developing and implementing IT solutions. GW Intech is the first company to be awarded the ePBT 1.0 contract in 2005 by the Kementerian Perumahan dan Kerajaan Tempatan. Subsequently in 2014, GW Intech secured the ePBT 2.0 redevelopment project to convert the client server based ePBT system to a web-based version of the ePBT 2.0. GW Intech currently has several maintenance contracts with Majlis Bandaraya Alor Setar, Majlis Perbandaran Kuala Kangsar, Majlis Perbandaran Manjung, Majlis Perbandaran Langkawi Bandaraya Pelancongan and Majlis Daerah Kerian, to name a few.

The ePBT system is a financial application system developed for local authorities to collect and make payments for local services accounts such as assessment tax, rental of business premises and compounds. Today, the ePBT 2.0 system is deployed by over 50 local authorities, mainly in Perak, Negeri Sembilan, Kelantan, Kedah and Pahang.

Ameer Shaik Mydin, group managing director of Censof said, “We are pleased to welcome GW Intech as part of Censof’s group of companies. GW Intech is a growing company and we recognised the prospects GW Intech will bring to our Group. This acquisition will essentially strengthen Censof’s dominant position in the local government front by providing innovative and digital financial management solutions to the ‘rakyat’. With Censof’s strengths in digitising the government services, I believe we can grow this business to provide smart government solutions to the local government. This acquisition is a win-win for Censof and GW Intech where we will be able to capitalise on each other’s expertise, in addition to increase the number of government agencies in compliance with the SAGA system application criteria provided under Censof’s financial management solutions, from our current clientele of over 90 agencies to over 140 agencies. This acquisition will undoubtedly improve our earnings in the near future.”

He further added, “Conforming with the 12th Malaysia Plan and the MyDigital blueprint focusing on digitalisation of the public sector and the micro, small and medium enterprises, we are committed to fuel digital transformation through innovative technologies. As one of the market leaders of the digital-driven industry, we have continuously collaborated with the home-grown companies to expedite the transformation, which is also in tandem with the government’s initiative. We look forward to work closely with GW Intech’s team who shares our vision and aspiration to further innovate and digitalise our solutions to create a significant impact to the industry and the nation.”

Censof Further Strengthens its Position in the Digital Technology Space

by Dimple Dimple No Comments

Kuala Lumpur, 10 February 2022 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, is pleased to announce that the Group has received the Letter of Award from SME Corporation Malaysia (“SME Corp”) for the “Perkhidmatan Projek Pembangunan Platform SME Rating & Accreditation Fasa I SME Corp Malaysia” contract through its wholly-owned subsidiary, Century Software (Malaysia) Sdn Bhd.

The contract, valued at RM7.3 million, involves the building of an integrated application system for Small and Medium Enterprises (“SME”) Rating and Accreditation phase 1 for SME Corp (“the Project”). This includes the project management services, change management services, training services, development of application system leveraging blockchain and eKYC, development of mobile application, development of application-programming interface and the provision of database software, report and analysis software and cloud server services. This application system will be integrated with Companies Commission of Malaysia, SME Corp’s internal system, namely the SME Integrated Plan of Action System (SMEIPA), SME Central Incentives System (SCenic) and MyAssist System, as well as payment gateway providers in Malaysia.

The objective of the Project is to streamline the delivery system and increase the efficiency and productivity of SME Corp. All work processes will be automated, for instance, digital submission of documents. Payment processing can also be performed through this application system platform. Essentially, this Project will create a comprehensive integrated system with a centralised database that is equipped with the latest security features and technologies, such as blockchain and artificial intelligence and reduce manpower reliance in its scoring and accreditation process.

The contract is for a tenure of 45 months, commencing from 15 February 2022 to 14 November 2025.

“In this era of the fourth industrial revolution, it is imperative for us to accelerate the adoption of digitalisation, automating processes and transitioning to cloud platform. As such, we are extremely delighted to be given the avenue through this contract to further strengthen and expand our digital technology space within the rapidly growing Malaysian SME industry. Over the past few years, Censof has demonstrated its ability to provide innovative financial management solutions to the SME segment with its rapidly growing annual subscribers,” said group managing director of Censof, Ameer Shaik Mydin.

He further added, “This marks Censof’s position and role as a rating and accreditation system provider to SME Corp, providing the entire process from front to back end digitally that will benefit Malaysia’s SME industry in line with RMK-12 Plans that was laid out by the government. We foresee this contract will enhance and improve the SME space that Censof is heavily embedded in by churning and providing accurate digitalised SME ratings and scores efficiently and timely to determine the competitiveness and capabilities of the SMEs. With this said, we hope that this Project will encourage more SMEs to venture into high-technology and innovative driven industries. The prospects and potential of this contract are endless and beyond its contract value for Censof as there are ample opportunities and ideas that can be explored upon its implementation.”

Censof Posts Another Set of Commendable Q3FY2022 Earnings!

by Dimple Dimple No Comments

Key Highlights

• Year-on-year, PBT increased by 12.1% to RM3.4 million.
• Year-on-year, PATAMI grew by 31.0% to RM2.6 million.
• Quarter-on-quarter PBT up by 13.5%.
• Quarter-on-quarter, PATAMI rose by 25.1%.
• 9MFY2022 revenue surged by 18.7%.
• Contribution from new business segment, Digital Technology accounted for almost 18% of Censof’s PBT.

KUALA LUMPUR, Feb 8 (Bernama) — Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, reported its third quarter results for the financial year ending 31 March 2022 (“Q3FY2022”) on 7 February 2022.

Censof recorded a profit before tax (“PBT”) and profit after tax and minority interest (“PATAMI”) of RM3.4 million and RM2.6 million respectively, an improvement of 12.1% and 31.0%, against the RM3.0 million and RM2.0 million generated a year ago. These were achieved on the back of a revenue of RM21.3 million.

The improvement in PBT primarily came from higher profits from the Financial Management Solutions – Government segment with a PBT of RM2.4 million, up by 70.6% year-on-year and the contribution from Digital Technology, being the Group’s new business segment, with a PBT of RM0.6 million. Correspondingly, earnings per share worked out to 0.48 sen.

Quarter-on-quarter, PBT was up 13.5%, as compared to the preceding quarter’s RM3.0 million. Similarly, PATAMI rose 25.1%, in comparison to last quarter’s RM2.1 million.

For the cumulative nine months’ period (“9MFY2022”), revenue increased by 18.7% to RM65.2 million from RM55.0 million in previous year’s corresponding period (“9MFY2021”). Despite the higher revenue, PBT was lower at RM9.0 million against 9MFY2021’s RM16.2 million. This was mainly due to the recognition of non-recurring gain on disposal and gain on fair value adjustment of short-term investment of RM2.1 million and RM9.4 million respectively in 9MFY2021. Stripping out the two extraordinary items, 9MFY2022’s PBT would have been 87.5% higher, in contrast to the 9MFY2021’s adjusted PBT of RM4.8 million.

Censof’s financial position as at 31 December 2021 remained healthy with cash and bank balances, including fixed deposit and money market funds of RM27.3 million. Net assets per share attributable to ordinary equity holders of the company was 16.26 sen.

“Censof’s third quarter financial performance has demonstrated a great momentum as we continue to stride till the end of our financial year. We have been making significant progress in our plans to capitalise on the industry’s appetite in the adoption of digitalisation by the government and commercial sectors. We have been making progress by laying out the foundation to enhance the digital technology market though our joint venture with Cloocus Co. Ltd to develop and operate Microsoft’s cloud management in Malaysia. During the quarter, we successfully secured an ‘iPayment’ contract worth RM13.5 million to facilitate cashless payments and collections for all government services by 2022.

Over the past few months, the Group has undergone various exciting and positive developments. Our recent acquisition of the 51% equity stake in Cognitive Consulting Sdn Bhd has proven our commitment to grow our Digital Technology segment. As such, I am extremely optimistic of the Group’s prospects with our list of upcoming plans and developments at hand, while we continue to explore other investment opportunities and our innovation in digital technologies and solutions via strategic alliances and to expand on our technical competencies and supply chain capabilities,” said group managing director of Censof, Ameer Shaik Mydin.

Censof Appoints Vicks Kanagasingam as CEO of Censof Digital

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Kuala Lumpur, 25 January 2022 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions is pleased to announce the appointment of Vicks Kanagasingam as Chief Executive Officer (“CEO”) of Censof Digital Sdn Bhd (“CDSB”) with effect from 1 January 2022.

Vicks has over 28 years of experience in leadership role in sales, business development, partner/alliance management, marketing and operations primarily in the telecommunications and information technology industry. He has developed businesses in Asia Pacific for start-ups from the United Kingdom, France and Australia, securing multi-million dollar contracts from communication service providers including Telstra in Australia, Maxis, Celcom and Astro in Malaysia and Telkomsel, Axis and XL in Indonesia, to name a few. He is no stranger to the technology start-up scene, having founded IoT Integrator, which was acquired by Xperanti IoT (M) Sdn Bhd (“Xperanti”) in 2018 and appointed as CEO of Xperanti – Malaysia’s first licensed dedicated Internet of Things (IoT) network and solutions provider.

Vicks has also collaborated with global players such as Huawei, Alcatel-Lucent, Logica, Amdocs, Ericsson, IBM, HP, Microsoft, AWS, Nokia-Siemens, Tata Consultancy Services and NEC as strategic partners to penetrate markets and develop businesses in the telecommunications and information technology industry.

“We are delighted to rope in Vicks to spearhead the future direction of CDSB given his vast experience in artificial intelligence, Internet of Things (IoT) and Industrial Revolution 4.0. He is a thought leader in digital transformation where he is seen as a coach, who is ahead in emerging tech. Being considered as a leading industry expert by his peers and a major advocate for localised industrial IoT solutions, Vicks provides coaching and mentoring for local start-ups to help them develop solving approach skills and processes, collaborate and co-create with partners and clients as well as strategise to scale within Malaysia and expand into the Southeast Asia region.

With a strong passion for technology, we believe he will be invaluable to our aim to bridge the digital divide by accelerating digital adoption across communities, enterprises and government,” said Ameer Shaik Mydin, group managing director of Censof.

Meanwhile, Vicks said, “I am honoured to be given this opportunity to join CDSB as it is a sound company with a vision to help the country fast-track its digital transformation agenda. I am putting in place plans to build an ecosystem of local tech start-ups, which will drive the nation’s digitalisation plans.”

Vicks highlighted that digital adoption is in line with the government’s aim to provide an enabling environment for the growth of the digital economy under the 12th Malaysia Plan (12MP). One of the objectives under the 12MP is to lay the foundation to position Malaysia as a high-tech and high-income nation by the end of this decade.

“This is where CDSB will play its part in accelerating technology adoption and innovation, which is one of the four policy enablers under the 12MP. With a slew of products and services developed by CDSB, we are able to transform micro, small and medium enterprises as the new driver of growth, which is one of the 14 Game Changers in 12MP,” he added.

CDSB, which is a wholly-owned subsidiary of Censof, was formed as a one-stop digital solution provider focusing on digital transformation, mobility and Big Data, to achieve operational excellence, improve predictability and enable new revenue streams.

Censof Completes Acquisition of a 51% Stake in Cognitive Consulting

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KUALA LUMPUR, Jan 21 (Bernama) — Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions is pleased to announce that the Group has successfully completed the acquisition of a 51% stake in Cognitive Consulting Sdn Bhd (“CCSB”) on 20 January 2022.

On 20 December 2021, the Group entered into a share purchase agreement to acquire the equity interest in CCSB for approximately RM3.7 million with a profit guarantee scheme.

“We are excited to include CCSB as part of our efforts to solidify our digital technology business segment, which will inevitably enhance our revenue and profitability moving forward. By utilising CCSB’s Robotic Process Automation (RPA) technology, Censof would be able to elevate its current customers’ processes, allowing them to digitise and adopt cloud-based solutions,” said Ameer Shaik Mydin, group managing director of Censof.

He added, “We believe our investment in CCSB will also enhance our synergy in providing Industrial Revolution 4.0 (RPA) services to our existing customers in government and commercial sectors. This is in line with the National Digitisation Strategy.”

CCSB is principally involved in the business of providing information technology consultancy and system integration services specialising in RPA. Essentially, RPA is a software technology that builds, deploys and manages software robots easily to emulate human actions interacting with digital system and software. CCSB is a technology partner with various world class technology providers such as UiPath and Deepread. Notable clienteles of CCSB include TM Malaysia, Pharmaniaga, Perkeso and POS Malaysia.

Censof Inks MOU with Universiti Sains Malaysia

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Pulau Pinang, 12 January 2022 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, today announced that its wholly-owned subsidiary Century Software (Malaysia) Sdn Bhd (“CSM”) has entered into a Memorandum of Understanding (“MoU”) with Universiti Sains Malaysia (“USM”) to promote, develop and establish internship training programme pertaining to accounting and information technology.

The objective of the programme is to provide a university-industry collaboration between CSM and USM. Both parties will additionally look at other training and academic linkages and cooperation that will be mutually identified and agreed upon. This MoU is signed for a period of three (3) years.

This university-industry collaboration is one of the deliverables under the contract that was awarded to CSM by USM in which CSM will provide its financial management solutions to USM, which includes the Government Resources Planning solutions. The said solutions will essentially facilitate seamless accounting processes to USM.

CSM is a technology company that offers state of the art financial management and business solutions to the government and commercial sectors in Asia-Pacific region. It also provides other customisable solutions in the areas of education, wealth management, enterprise analytics, application development and training solutions.

“We are excited to be part of the prestigious Universiti Sains Malaysia’s journey to equip its graduates when they enter the workforce in the digital era. The internship programme is a university-industry collaboration that enables CSM to empower USM students to be part of the growing digital economy in Malaysia,” said Ameer bin Shaik Mydin, director of Century Software (M) Sdn Bhd.

He added, “The signing of the MoU today to provide internship programmes to USM graduates is one of the deliverables under the MoU that was awarded to Century Software by USM earlier this month. In addition to developing on-the-site internship programme, our financial management solutions will also be offered to USM to ensure seamless accounting processes in place. Century Software constantly works on expanding its business offerings and develops new technology driven business solutions that cater to the rapidly changing digital economy. This university-industry initiative will help the country become a regional leader in the digital economy as we play our part in the country’s human capital development by building agile and competent digital skilled workforce.”

Meanwhile, YBhg. Profesor Dato’ Dr. Faisal Rafiq Bin Mahamd Adikan, USM Vice-Chancellor said, “USM truly appreciates the strategic partnership forged with Century Software in providing its financial management solutions to USM, which I believe will not only tremendously improve the access of real time data, but also in meeting the present and future business and technology needs. We are equally grateful for the internship training opportunity granted to our students from the School of Computer Sciences and School of Management.

“In terms of global employability index, we are thankful that we (USM) are currently the highest in Malaysia. Apart from producing aspiring leaders, we always emphasise on developing students with strong digital literacy and subject specialisation skills and knowledge. I also look forward for these students to fare excellently well and be able to secure full-time, permanent employment at Century Software upon the completion of their internship,” he added.

Censof Secures Electronic Payment (iPayment) Contract with the Government

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Kuala Lumpur, 15 December 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, has accepted the Letter of Award from the Accountant General’s Department of Malaysia (“AGD”) for the “Perolehan Pembangunan Dan Pelaksanaan Sistem Terimaan Elektronik Kerajaan Persekutuan” or “iPayment” contract through its wholly-owned subsidiary, Century Software (Malaysia) Sdn Bhd (“CSM”).

The contract, valued at RM13.5 million, which includes a 6% sales and services tax involves the development and integration of a collection system by CSM for the AGD. This system is expected to be rolled out to all government agencies to facilitate cashless payments and collections by 2022 for all government services. The contract is for a tenure of 36 months, commencing from 15 December 2021 until 14 December 2024.

“I am pleased that we are making further progress in accelerating Malaysia’s digital transformation through our iPayment software solutions to be deployed by the government agencies. In line with the government’s agenda to migrate its agencies onto a fully integrated electronic payment and collection ecosystem, this marks another important step in achieving that milestone while strengthening Censof’s position as the leading provider of financial management software solutions to improve the efficiency and productivity of the government agencies’ system. We fully support the government’s efforts to boost economic growth and promote the digital economy to create a more inventive and technologically integrated society. I would like to express my gratitude to the AGD for their trust and confidence in Censof to execute the project. Censof has a strong track record in digital transformation in the government sector and is currently serving eighty-six government statutory bodies. We are invested and committed in the digital transformation programmes of the government as a preferred technology partner,” said Ameer Shaik Mydin, group managing director of Censof.