MALAYSIA’S BEST BANK is the latest bank to have officially onboarded on AppAsia Berhad’s eConfirm.my, with an agreement to conduct the Bank’s audit confirmation process via the online portal. AppAsia Berhad has a 12-year agreement to promote, operate and manage, the country’s first and only industry-wide Electronic Bank Confirmation Platform.
The Platform, commissioned by the Malaysian Institute of Accountants (MIA) helps facilitate the audit process for both auditors and banks operating in Malaysia, as required by the International Standard on Auditing (ISA) 505 External Confirmations.
AmBank Berhad, is ranked as the nation’s best bank this year in a global ranking of 1000 of the world’s quoted banks, by the London-based Lafferty Group.
The Lafferty Group research and advisory services on mobile wallets, credit cards and digital finance to the global banking sector.
With AmBank’s nod for the Electronic Bank Confirmation Platform run by AppAsia, the market capitalisation of home grown banks who have joined the Platform has now ballooned to well over RM170 billion. (Click here to view the list).
The Platform is also supported by Germany’s largest lender Deutsche Bank, as well as some of Asia’s ‘top banks’, including OCBC, South East Asia’s second largest financial group in terms of assets, named Global Finance’s World Best Consumer Bank and MUFG Bank, the largest lender in Japan. (Click here to see list).
This has helped the Electronic Bank Confirmation Platform grow at breakneck speeds; at a time where most businesses are happy to register single-digit growth figures.
The Platform which went live earlier in May this year, had an average compounded growth rate of 77.1% for customers’ transactions, as at the end of October
The number of Audit Firms subscribing to the Platform during the same period had an average compounded growth rate of 31.7%.