Censof looks at fintech possibilities

KUALA LUMPUR: Censof Holdings Bhd, which has launched a new accounting automation software aimed at start-ups and small businesses called Financio, sees the possibilities of the group embarking on the financial technology (fintech) solution space and enhancing its payment solutions offering to the SME and micro SME sectors.
Censof managing director Ameer Shaik Mydin said Financio, which is developed by its subsidiary Asian Business Software Solutions Sdn Bhd (ABSS), provides a strategic entry for the group into the micro SME market that is largely untapped.
“Financio is an accounting portion, but around it you have payment, collections ... that entails you to get into fintech. Also tying up with banks for banking services. We see ourselves getting into the next stage (fintech) as the product grows,” Ameer told reporters after launching Financio here yesterday.
Noting that Censof is yet to be in talks for fintech projects, he said fintech is something that the group cannot run away from, due to the technological disruption in the banking sector and the business-to-business market.
“ABSS is a vehicle for us to get into the fintech area. As a whole, us being a financial management solutions provider, we’re also looking at that (fintech).”
He said Malaysia is expected to see an increase in new start-ups and a rise in entrepreneurship among Malaysians who are eager to tap into the digital economy.
“With the addition of Financio into our group’s product portfolio, we now carry a full range of financial management solutions catering to businesses from micro SMEs to large corporations,” said Ameer.
ABSS is currently the exclusive developer and supplier of MYOB branded financial management software for the region. It also provides tools that simplify accounting management, customer payment gateways, e-commerce solutions and more.
Ameer added that Censof aims to strengthen its presence as a leading provider of financial management solutions, not just for Malaysia but also for the region.
Financio helps reduce the time and money spent on accounting and tax related tasks. It is for users with little or no accounting knowledge, to manage their accounts with little or no outside help. It takes away most of the bookkeeping process from the business. Users can track sales and purchases and miscellaneous transactions, automatically generate financial reports and tax records, as well as automatically forward transactions to recipients.
ABSS is targeting to get 125,000 users on Financio by March 2018. It will be introducing Financio into Singapore by June and into Hong Kong, the Philippines and Indonesia by September.
ABSS CEO Paul Conway said Financio will continue to evolve and develop more extensions, creating an ecosystem for collaborations with third parties.
Users can try Financio for free and use the full function-rich premium version with a low entry cost of RM32.95 a month or RM329.50 a year.
“We think the (target) numbers are conservative. If we get 20% to 25% (of users) on premium version and perhaps later on, (free) users may convert (to premium), the number is a small percentage of the potential of the micro SME and SME communities out there,” said Conway.