KUALA LUMPUR: ARB Bhd has launched ARB Cloud Cosec, a self-developed cloud company secretary platform that will fully automate the existing company secretary services.
ARB Cloud Cosec integrates all companies in Malaysia, enabling the services to be targeted at company secretary firms, public listed companies (PLCs), and small and medium-sized enterprises (SMEs).
The rollout of ARB Cloud Cosec will also help to create a sustainable recurring income of approximately RM100 million per year for the company.
In the near term, ARB aims to capture 10 per cent of the PLCs market and another 20 per cent of the SMEs market.
Executive director Datuk Seri Larry Liew Kok Leong said ARB Cosec is a self-developed cloud company secretary platform contributed by ARB in-house technical team to provide user-friendly solutions to target companies in Malaysia.
Liew said the company is confident that the cloud-based product can generate a lucrative income for ARB in the coming years.
"Covid-19 has led to the shift towards remote working and the acceleration of digital transformation in the business landscape.
"The digital transformation generates new revenue opportunities and cost efficiencies while enabling greater sustainability and reliability.
"Through this crisis and shift in trend, we saw a business opportunity in the company secretarial services (CoSec), which traditionally would have involved a lot of hard copy filings, signing, storage of documents and other manual labour," he said.
According to Liew, there is a vast gap in digitalisation in CoSec services as most continue with the traditional method, which usually involves a lot of manual work.
This, however, has changed during the pandemic, he said.
"This is an untapped industry in Malaysia as there are not many cloud solutions that cater to CoSec needs.
"During this pandemic, we have seen a lot more enquiries concerning solutions for cloud-based CoSec, which is why we are optimistic that the demand would be strong.
"Our target market will be the existing company secretary firms, SMEs and PLCs," he said.
Liew said the need for CoSec services among corporates, SMEs and company secretary firms, as well as the features and benefits of ARB Cloud Cosec, will keep demand strong.
He said with the rollout of ARB Cloud Cosec, the benefits of such a solution would help to improve productivity and ease the workload for CoSec services.
"The ARB's solution will be able to create a solid recurring income for the company.
"Moving forward, ARB aims to focus on Revenue Cloud platform that will develop a business strategy to maximise cloud opportunities by initiating additional cloud-based products to complement ARB Cosec solutions.
The solid global demand puts ARB in an excellent position to expand business regionally," he added.