PHOTO - Clement Loh, Group Managing Director of ePROTEA-FINEXUS Group.
KUALA LUMPUR, 7 APRIL 2011 - Malaysian banking & securities solutions firm ePROTEA-FINEXUS Group released an automated statistical and statutory reporting solution as part of its plan to penetrate the global banking community, it said.
ePROTEA-FINEXUS Group's managing director Clement Loh said the company plans to increase its annual revenue from RM30 million [US$9.9 million] to RM35 million [US$11.6 million] within the next five years. "Having had successful implementations with our other earlier solutions such as CardWorks -Card Management Solution, Chequeworks- Cheque Truncation Clearing Solution, RTGSWorks (Real Time Gross Settlement) Solution in Malaysia and in Asia, we are now ready to go global, reaching the banking community as far as Eastern Europe."
During the launch of an automated statistical & statutory reporting system, STARWorks, Loh said: "For the past five years, we have been focusing our R&D efforts to create products and solutions for the global market. We put in great efforts and hard work to ensure all of our solutions comply and conform to international business standard practices all over the world," he said adding the company spends 20 per cent of its revenue annually into R&D."
He said that STARWorks was designed to help companies to centrally-house all the compliance data and domain-knowledge repository. "This solution is developed and written in JAVA RIA and output in eXtended Business Reporting Language (XBRL), a standards-based format, accepted by the world's investment community to communicate and exchange business information between business systems."
"STARWorks will be able to help financial institutions ease their reporting burden and meet the submission time of statutory reports to their central banks," said Loh. "With a centralised data and domain knowledge repository, system-track and consistent standardised reporting approach, the management will not need to fear for the lost of quality reporting to the regulators."
"This in turn will help central banks and regulators to process efficiently and effectively the data submitted to make faster decisions and to come up with better economic and financial policies that will help governments position their countries as a good investment destination," he said, adding that, for example, in Malaysia, all the compliance data repository needed to be kept for a minimum mandated seven years and to comply with Bank Negara Malaysia's (BNM) New Statistical Reporting System (NSRS) requirements.
Headquartered in Kuala Lumpur, ePROTEA-FINEXUS Group is a banking solution and outsourcing services provider, with staff more than 150 staff housed in four R&D offices, as well as with presence in 11 cities in the Asia-Pacific region.
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