Censof's subsidiary, ABSS, forms strategic partnership with Storecove

Kuala Lumpur, 19 January 2021 – Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specializing in financial management software solutions, through its subsidiary company, Asian Business Software Solutions Sdn Bhd (“ABSS”) has formed a strategic partnership with Storecove, a SaaS e-invoicing solution provider headquartered in The Netherlands and with offices in Germany and Australia.

With this partnership, ABSS and Storecove will provide an electronic invoicing solution to small and medium enterprises (“SMEs”) in Singapore, ensuring a faster and more sustainable way to transact, nationwide and worldwide, through the adoption of the Singapore Government’s nationwide e-invoicing initiative, namely InvoiceNow.

Built on the Global Peppol Network, InvoiceNow facilitates the direct transmission of invoices in a structured digital format across finance systems, resulting in a smoother invoicing process, faster payments, and a greener environment

Invoicing Efficiency for Singaporean SMEs

The adoption of e-invoicing helps businesses to improve efficiency by minimizing human errors, reducing costs, reducing the payment processing period, and being more environmentally friendly.

Storecove’s modern Application Programming Interface (API) provides seamless integration with its partners’ software platforms to offer e-invoicing functionality as part of its customer solutions, whereby all incoming and outgoing invoices are automatically received and sent.

“Digitalisation is in play in almost all aspects of the business functions. It is imperative to accelerate the use of digitalization in the SMEs in the Southeast Asia region to gain a competitive edge in the global market. In view of this, we are excited about the opportunity to partner with Storecove, which has a great track record in assisting tens of thousands of companies to improve their invoicing speed and efficiency.

Together with ABSS, as the leading accounting software provider to the Asian SME market, we hope that the partnership will bring improved invoicing efficiency to over 30,000 Singapore SMEs, saving page 2 of 3 valuable time.

We have recently surpassed 1,000 InvoiceNow registrations and looking forward to see more businesses benefit from the free sending and receiving of e-invoices directly from our ABSS and FInancio accounting software.

We will continue our effort in transitioning the SMEs to achieve digital proficiency, in the near term,” said Rhys Brown, Chief Executive Officer of ABSS.

E-invoicing in the Asian market

“We are impressed by the uptake of e-invoicing in the Asian SME market and are proud to be part of this swift growth. ABSS has an experienced development team that had no difficulties connecting to our RESTful API.

The Government of Singapore has stimulated the expansion of e-invoicing in the Asian market, which led to an adoption speed not seen in any other Peppol country before. ABSS, by offering InvoiceNow registration to all their customers, is a key part of this growth”, said Dolf Kars, Chief Executive Officer of Storecove

ABSS is the developer and leading supplier of ABSS-branded financial management and accounting software provider that supports the Asian SME markets.

Their services include providing tools that simplify accounting management that extend throughout the Southeast Asia region, including Malaysia, Singapore and Hong Kong.

About Storecove

Storecove helps thousands of companies with faster and more efficient invoicing. As a fully AS4 compliant Peppol Access Point, Storecove connects large companies and ERP systems to the Peppol network. Companies choose Storecove for its unique global invoice format conversion and delivery.

In December 2019, Storecove became the first access point in the world to be accredited by the authorities in all four Peppol territories: the EU, Australia, New Zealand and Singapore. One connection, global connectivity.

About Censof Holdings Berhad

Censof Holdings Berhad (“Censof” or the “Group”) was established in 2008 as a technology holdings company that provides an extensive financial management solution for the government and commercial segments, small and medium enterprises, as well as start-ups.

The Group was listed on the Main Market of Bursa Malaysia Securities Berhad in January 2011. Through its subsidiaries, Censof is involved in providing (i) financial management solutions on the government front, (ii) financial management solutions to the SMEs and micro-SME segments, (iii) wealth management solutions, (iv) payment aggregation solutions and (v) embarking into emerging technologies. The Group is listed under the Technology Sector (Name & Code: CENSOF & 5195).

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