CEO Morning Brief

DNeX Launches New Cloud-based Financial and Accounting App for Govt Agencies

Publish date: Thu, 08 Jun 2023, 08:43 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 7): Dagang NeXchange Bhd (DNeX)’s subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has launched a new cloud-based financial and accounting application for enterprise resource planning (ERP) called the Government Agencies Digital System (EGADS).

EGADS — an accrual-based accounting system — allows for accountability and transparency on the management of public resources, while enabling better financial management by viewing government assets and liabilities, the company said in a press statement on Wednesday (June 7).

EGADS is built on the SAP Cloud Platform (S/4HANA) and complies with the Standard Accounting for Government Agencies (SAGA), the Self-Assessment SAGA Compliance (SASAR) and the Malaysian Public Sector Accounting Standard (MPSAS).

DNeX’s executive chairman and IAC chairman Tan Sri Syed Zainal Abidin said the group plans to expand its system integration capability in transforming the government’s legacy system from a cash to an accrual accounting system.

“We have the potential to tap into more than 400 government agencies to utilise our solutions in digitalising their financial and accounting systems.

“This is in line with the Government of Malaysia’s aspiration to accelerate the country’s technological innovation in advancing its services and processes in the digital economy, to drive digitalisation throughout the country,” Syed Zainal said.

EGADS offers eight modules, including accounting, fund management, controlling, material management, human capital management, user administration, project system, and analytical & reporting.

IAC is the contractor of the government’s accrual accounting system called the Integrated Government Financial and Accounting Management System (iGFMAS).

The system was launched in Kota Kinabalu, Sabah, during the SAGA Government Agencies Conference 2023 on Wednesday.

At the time of writing, DNeX’s share price was up by 1.5 sen or 3.19% to 48.5 sen, valuing the group at RM1.52 billion.

Source: TheEdge - 8 Jun 2023

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