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AppAsia hits all-time high, launches online bank confirmation platform

KUALA LUMPUR (July 27): AppAsia Bhd, whose share price reached a record high today, has launched, which it says is the nation’s first and only industry-wide electronic platform used to confirm banking information needed for audit purposes.

The digital platform developer’s shares closed at 46.5 sen apiece after climbing 3.5 sen or 8.14% to mark a year-to-date increase of 232.14% from 14 sen. At this price, the company has a market capitalisation of RM163.38 million. The technology firm saw a trading volume of 26.03 million, well above its 200-day average of 3.84 million.

In a statement today, the company said its wholly-owned Extol Corp Sdn Bhd has partnered with the Malaysian Institute of Accountants (MIA), giving Extol 12 years of exclusive rights with MIA to manage and operate the online platform.

“This is the first industry-wide electronic bank confirmation platform that is being run on a commercial basis in Malaysia,” the company said.

Thus far, counts large banks like Malayan Banking Bhd (Maybank), as well as the big four audit firms, as its clients, with 391 member firms of MIA already signed up to use the platform, AppAsia said.

“ is targeted to be used by all the registered auditors with MIA and banks operating in Malaysia including all commercial banks, Islamic banks, investment banks and development financial institutions.

“Currently, there are 1291 registered audit firms who are registered with MIA. AppAsia expects most audit firms to sign up eventually, as the eConfirm platform is secure, time efficient and easy to use.” the company said.

AppAsia added that it is one of a few companies in the world that can power the platform on a commercial basis, giving it adequate confidence to offer its exclusive services to several potential digital platform projects in the near future.

The company hopes to position itself this year as the premier information technology company that sets fresh standards in Malaysia and abroad.

Source: The Edge Markets, Malaysia Edition