This article first appeared in The Edge Financial Daily on November 29, 2017

KUALA LUMPUR: Omesti Bhd has bagged a contract from the Companies Commission of Malaysia (SSM) to develop a new digital core registry platform, which forms a major component of SSM’s digital reporting strategy and roadmap.

The contract was awarded to Omesti’s subsidiary Formis Network Services Sdn Bhd (FNS), which involves the supply, implementation, training, support and maintenance of SSM’s core registry solution. The project team will also handle full data migration from existing digital legacy systems.

“The project is to be delivered via an outsourcing agreement and will be operated on a revenue-sharing basis. As such, the contract value is not fixed to a specific amount,” said Omesti in a statement yesterday.

The outsourcing agreement is valid for an initial term until March 31, 2023.

“This project lies at the very heart of SSM’s digital infrastructure roadmap, a ground-breaking initiative in enhancing transparency and the ease of doing business in Malaysia. The various features within the new core registry solution will totally transform how corporate information is provided to SSM and will open up the way that data is made available to the investment community, other regulatory bodies and industry at large,” Omesti group executive director Gerard Monteiro said.

The new platform will enable comprehensive searches on information such as company ownership and shareholding, directors and other pertinent corporate data.

Organisations will be able to file company incorporation submissions, conduct name searches or name change applications, submit updates on company directors’ details and perform various other corporate filing requirements in a fully digital format.

The new core registry platform is due for deployment in phases from April 1, 2018.