Foster Moore signs contract with the OMESTI Group to deliver Catalyst™ as SSM’s new core registry solution
November 29, 2017
The Omesti Group has been awarded a key contract by the Companies Commission of Malaysia (SSM) to develop a new digital core registry platform. The platform will be based on Foster Moore’s Catalyst™ registry product and forms part of the comprehensive re-engineering of the SSM online infrastructure.
The system forms a major component of SSM’s digital reporting strategy and roadmap.
Foster Moore and Omesti entered into agreements in May 2017 teaming up to deploy Foster Moore’s proprietary electronic registry solution, Catalyst, across ASEAN and beyond.
The SSM contract, awarded to OMESTI Berhad subsidiary Formis Network Services Sdn Bhd [FNS], is for the supply, implementation, training, support and maintenance of SSM’s Core Registry Solution.
The project is to be delivered via an Outsourcing Agreement, the first of its kind to be secured by the OMESTI Group and will be operated on a revenue-sharing basis. As such, the contract value is not fixed to a specific amount. The Outsourcing Agreement is valid for an initial term until 31 March 2023.
The project involves the design and deployment of an integrated core business registry management solution to digitally manage the lifecycle of companies, businesses, partnerships and corporate intermediaries. This will be achieved via built-in workflows and business services and provide data capture over a secure, scalable platform, all powered by Catalyst.
The new Catalyst-based 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 core registry solution will also provide for an integrated reporting and data analytics solution in offering a reporting dashboard, and data analysis. This will deliver the analysis and business rules creation into the hands of business users, enabling them to extract, create, transform and manipulate the data themselves. Among the associated benefits will be the ability for users to make better business and tactical decisions based on past records and more accurate business predictions through the data analysis and prediction models.
The scope of work for the FNS team includes the design, development, implementation, training, support and maintenance of the new core registry system. The project team will also handle full data migration from existing digital legacy systems.
The new core registry platform is due for deployment in phases from 1 April 2018 onwards. Once live, the system will form a key component of the integrated digital platform being implemented by SSM which includes the XBRL financial standards reporting system.