OMESTI Wins SSM Digital Core Registry Contract
Kuala Lumpur: 28 November 2017
The OMESTI Group has been awarded a key contract by Suruhanjaya Syarikat Malaysia – the Companies Commission of Malaysia – to develop a new digital core registry platform as part of the comprehensive re-engineering of the SSM online infrastructure. The system forms a major component of SSM’s digital reporting strategy and roadmap.
The project is to be delivered via an Outsourcing Agreement, the first of its kind to be secured by the OMESTI Group and will be operated on a revenue-sharing basis. As such, the contract value is not fixed to a specific amount. The Outsourcing Agreement is valid for an initial term until 31 March 2023.
OMESTI Group Executive Director Gerard Monteiro said, “This project lies at the very heart of SSM’s digital infrastructure roadmap, a ground-breaking initiative in enhancing transparency and the ease of doing business in Malaysia. The various features within the new core registry solution will totally transform how corporate information is provided to SSM and will open up the way that data is made available to the investment community, other regulatory bodies and industry at large.”
The project involves the design and deployment of an integrated core business registry management solution to digitally manage the lifecycle of companies, businesses, partnerships and corporate intermediaries. This will be achieved via built-in workflows and business services and provide data capture over a secure, scalable platform.
The new platform will enable comprehensive searches on information such as company ownership and shareholding, directors and other pertinent corporate data. Organisations will be able to file company incorporation submissions, conduct name searches or name change applications, submit updates on company directors’ details and perform various other corporate filing requirements in a fully digital format.
The core registry solution will also provide for an integrated reporting and data analytics solution in offering a reporting dashboard, and data analysis. This will deliver the analysis and business rules creation into the hands of business users, enabling them to extract, create, transform and manipulate the data themselves. Among the associated benefits will be the ability for users to make better business and tactical decisions based on past records and more accurate business predictions through the data analysis and prediction models.
The scope of work for the FNS team includes the design, development, implementation, training, support and maintenance of the new core registry system. The project team will also handle full data migration from existing digital legacy systems.
The new core registry platform is due for deployment in phases from 1 April 2018 onwards. Once live, the system will form a key component of the integrated digital platform being implemented by SSM which includes the XBRL financial standards reporting system. The project for this system, awarded to OMESTI’s FNS in December 2016, is nearing completion and is scheduled for roll-out by early 2018.
FNS was established more than 25 years ago and has developed a solid track record in delivering large-scale, complex systems integration projects for the public sector across multiple disciplines. These include education, oil & gas, ICT, regulatory authorities and others.
About OMESTI
OMESTI Berhad is a Malaysian-based public listed grouping of companies on a mission to disrupt the ICT sector with a range of solutions, systems and services designed to improve business performance, enhance connectivity and deliver innovation. The companies in the Group work with large enterprises across multiple industry sectors including financial institutions, regulatory authorities, the judiciary, telcos, utility and energy firms and various government departments. It is also active in the SME space providing as-a-service solutions that include fibre broadband, cloud storage, human capital management, accounting & inventory, BPO payroll, e-payments and video analytics. www.omesti.com
