Omesti secures RM17m project from SSM

PETALING JAYA: IT services provider Omesti Bhd has clinched a RM17 million project from the Companies Commission of Malaysia (SSM) to develop a system which will enable companies to file annual returns and audited accounts electronically.
The system will be based on the eXtensible business reporting language (XBRL) format which is a global standard used to electronically exchange business information.
In a filing with Bursa Malaysia yesterday, Omesti said the project was awarded to its unit Formis Network Services Sdn Bhd and forms part of a comprehensive re-engineering of the SSM online infrastructure to an XBRL domain.
The project, which is due for completion by December 2017, includes the supply, implementation, training, support and maintenance of the SSM online submission system.
Omesti group executive director Mah Xian-Zhen said the new XBRL SSM platform will automate the process of data collection, transform the submission of statutory reports by registered entities and enable data consumers to analyse company information.
It said the initiative will enable SSM to capture critical financial information and other key data from registered companies to provide analytical insights into the Malaysian business landscape.
The platform also allows business information to be exchangeable among regulators, including tax and financial authorities, central banks and governments.