KUALA LUMPUR (July 13): Dagang NeXchange Bhd (DNeX) said its wholly-owned subsidiary Dagang Net Technologies Sdn Bhd has been appointed as the reseller of Financio, a cloud-based accounting software, in Malaysia and Indonesia.
Designed for users with little accounting knowledge, DNeX said Dagang Net will target to sell Financio to start-up firms, small business owners and micro small and medium enterprises.
“With Financio, we can increase our portfolio of business-to-business (“B2B”) e-Services offerings to our existing client network as well as expand reach to new markets,” DNeX executive deputy chairman Datuk Samsul Husin said in a statement.
Samsul said Financio will serve a “relatively untapped market” to meet the unique needs of today’s entrepreneurs and small companies who are looking for a user-friendly accounting software solution to help them grow their businesses.
Financio is developed by Asian Business Software Solutions Sdn Bhd (ABSS), a 51%-owned subsidiary of Censof Holdings Bhd. Censof is currently DNeX’s largest shareholder with a 17.53% stake.
ABSS is one of the leading providers of business solutions for small and medium enterprises (SMEs). Its flagship financial management product — MYOB — is widely used by SMEs in Malaysia, Singapore and Hong Kong.
As for DNeX, it provides electronic services solutions. It is also involved in oil and gas, and energy sectors.
Samsul owns substantial stakes in both DNeX and Censof.
DNeX’s share price eased 0.5 sen or 0.85% to 58.5 sen today, with 13.22 million shares done. The company has a market capitalisation of RM1.75 billion.