KUALA LUMPUR, July 31 (Bernama) -- The Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) via new software adoption is now able to fully implement the Malaysian Financial Reporting Standards (MFRS) 9.
The bank has successfully adopted OneSumX for Finance software, a comprehensive and modular solution by Wolters Kluwer’s Finance Risk & Reporting (FRR) business.
The solution provides a solid framework to capture and store all relevant contractual information, manage events and transactions, International Financial Reporting Standards and MFRS calculations, accounting generation and processing up to the delivery of the disclosures.
SME Bank Group chief financial officer, Haizad Rizal Aziz said the bank required a vendor that could provide the best solution and system implementation in the fastest time possible.
“Notably, the solution offers full transparency and traceability that fully satisfies internal and external audit needs. The implementation has proven to be a smooth process and we look forward to continuing to work with Wolters Kluwer’s experts.”
An agency of the Entrepreneur Development Ministry, SME Bank has a mandate to nurture and develop the small and medium enterprise sector in Malaysia.
Wolters Kluwer FRR is a global market leader in the provision of integrated regulatory compliance and reporting solutions.
-- BERNAMA
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