Transforming The Corporate Landscape With Digital Core Registry Solution
Manual processes are being replaced with integrated digital solutions in many aspects of the business environment, helping to improve efficiency and streamline operations. The new digital core registry solution being implemented by the OMESTI Group for the Companies Commission of Malaysia – or SSM [Suruhanjaya Syarikat Malaysia] - will do this and more as it contributes significantly to the ease of doing business in Malaysia and increases access to and transparency of information in the corporate landscape.
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 streamlining business operations. The various features within the new core registry solution will totally transform how corporate information is provided and will open up the way that data is made available to the investment community, other regulatory bodies and industry at large.”
The digital platform is a key component of the comprehensive re-engineering of the SSM online infrastructure designed to deliver its digital reporting strategy and roadmap. OMESTI is working on the project to design and deploy the integrated core business registry management solution to digitally manage the lifecycle of companies, businesses, partnerships and corporate intermediaries.
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. This will be achieved via built-in workflows and business services and provide data capture over a secure, scalable platform.
The core registry solution also provides 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 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 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 in line with the Group’s strategic shift to towards a recurring revenue business model. The Outsourcing Agreement is valid for an initial term until 31 March 2023.
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 in December 2016, is nearing completion and is scheduled for roll-out by early 2018.