Dagang NeXchange Berhad’s (DNeX) via business unit Innovation Associates Consulting Sdn Bhd (IAC) has secured a RM3.09 million project from the Securities Commission Malaysia (SC).
This company said the project is part of the regulator’s Technology and Analytics Masterplan aimed at enhancing its capabilities to navigate emerging technology risks as the capital market embraces digitalisation.
Under the project, valued at RM3.09 million, IAC is tasked to implement a registration, licensing and authorisation platform, and handle system onboarding and data migration, it added.
DNeX executive chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the contract from SC signifies the company’s established track record in implementing projects to drive digitalisation in the public and private sectors.
“Organisations and governments worldwide are paying more attention to cybersecurity as it poses a significant threat not only in the capital markets but to the global ecosystem a large.
“With cyber threats increasing in volume and sophistication, it’s imperative to prioritise risk-mitigation solutions that safeguard both investors and the integrity of the markets,” he said in a statement today (Oct 31).
The project is to be implemented in 27 months and will support the SC’s journey to be a future-ready organisation in effectively combating fraud and financial misconduct amidst the increasingly complex capital markets.
The platform will serve as a one-stop platform for all licensing registration and authorisation applications made to the SC, which will include features such as customised functionalities and workflows as well as automated monitoring lists and investor alerts.
Data-driven insights will also be made available for internal and external stakeholders for improved decision-making, DNeX added.
DNeX’s subsidiary IAC has previously undertaken various innovation projects and implemented large-scale digitalisation projects including the Integrated Government Financial and Management Accounting System (iGFMAS) for Finance Ministry, and the Hasil Integrated Taxation System (HITS) for Inland Revenue Board of Malaysia.
Through wholly owned subsidiary Dagang Net Technologies Sdn Bhd, DNeX has served as the operator of Malaysia’s National Single Window for Trade Facilitation since 2009, it added.
