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AppAsia spearheads Malaysia’s first Industry-wide Electronic Bank Confirmation Platform

AppAsia Bhd, expects 2020 to be a milestone year for the company, as it pushes the boundaries to launch some significant digital platform projects.

In June, AppAsia’s wholly owned subsidiary, Extol Corporation Sdn Bhd launched, Malaysia’s first and only industry-wide electronic bank confirmation platform with Malaysian Institute of Accountants (MIA). Extol has 12 years exclusive right with MIA to manage and operate this platform.

This is the first Industry-wide Electronic Bank Confirmation Platform that is being run on a commercial basis in Malaysia.

Thus far, nine banks, including Maybank, RHB, Hong Leong Bank, Alliance Bank, OCBC etc. and the country’s top audit firms such as Deloitte Malaysia, PricewaterhouseCoopers, Ernst & Young, KPMG, Baker Tilly International, BDO and Crowe Horwath have embarked on the platform. To date, there are 391 member firms of MIA who have already signed to use the services of 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.

According to Companies Commission of Malaysia, as at 31st Dec 2019, there are some 1.3 million companies in Malaysia. 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.

AppAsia is also one of a few handful companies in the world which has the capability to power the platform on a commercial basis. This has given AppAsia adequate confidence to offer its exclusive services to several potential digital platform projects in the near future.

AppAsia is hopeful that 2020, will be the year in which it positions itself as the premier information technology company, which will set fresh standards in Malaysia and abroad.