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SophiaTX Launches XBRL Solution to Advance Financial Reporting in Malaysia with Blockchain

KUALA LUMPUR, 12 February 2019: SophiaTX, a global enterprise blockchain platform, announced the launch of E-XBRL – a blockchain-powered solution designed to simplify and automate financial reporting. As the first official application of SophiaTX Blockchain in business, E-XBRL operates in line with the recently introduced Companies Commission of Malaysia (SSM) requirement for all public and private companies to digitally file their annual financial statements via the Malaysian Business Reporting System (MBRS) platform.

The E-XBRL solution focuses on accelerating and improving the accuracy of the financial reporting process by enabling users to bypass the cumbersome and costly process of manual data entry by auto-generating submission-ready reports from data input into the MBRS-ready master template developed for E-XBRL.

“While the transition from paper to MBRS marks a huge step forward, it largely remains a manual process that involves a considerable amount of time and manpower to complete, often shifting business priorities to meet the annual filing deadline. With E-XBRL, we aim to alleviate the administrative burden on businesses when reporting financial information by automating the process and limiting manual intervention, which in turn significantly improves the accuracy and integrity of data,” said Choo Kok Weng, APAC Regional Director of SophiaTX.

MBRS reports generated through E-XBRL are permanently recorded and encrypted on the SophiaTX Blockchain, allowing for the immutable sharing of data across the financial data supply chain while impeding data tampering and unauthorised revisions. Thus, data shared on E-XBRL is more accurate, consistent, and transparent than when it is pushed through paper-based processes which slow down productivity.

SophiaTX’s E-XBRL trial phase with Cheng & Co – a leading South East Asian accounting and outsourcing services company – since November 2018, has proved successful as many of its users have commended the business reporting solution and affirmed its reliability and completeness.

“We are pleased to be an early adopter of E-XBRL and are impressed by the design and development of this solution as it complies exhaustively with the MBRS filing requirements. With E-XBRL, companies can significantly save cost, time and resources when reporting financial information to SSM as there is less manual intervention,” said CEO of Cheng & Co, Tom Wong.

“As the rapid adoption of disruptive technologies dominate the business stage both nationwide and beyond, we look forward to continuously adapt to and evolve with today’s ever-changing digital economy through innovation and transformation,” he added.

E-XBRL now offers a 7-day free trial which allows testers to get a sense of the solution’s performance and capabilities. Sign up for a free E-XBRL trial via this link: www.exbrl.com.my/freetrial

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