CTOS Data Systems Sdn Bhd, Malaysia’s leading credit reporting agency, empowered more than 1,000 Northern region-based small medium enterprises (SMEs) for the digital age at its CTOS SME Biz Day 2024 Penang held today.
In line with the theme of “Future-Forward SMEs: Grow, Transform, Innovate,” SME participants gained insights into digital strategies such as adopting AI, leveraging cloud solutions, and implementing CRM systems to enhance competitiveness, mastering e-invoicing, formulating social media strategies, dos and don’ts in Environment Social and Governance (ESG) practices, protecting themselves from cyberattacks and business risks through credit management solutions and cybersecurity.
CTOS’ flagship SME business networking event – the inaugural iteration in Penang – was officiated by YB Datuk Wilson Ugak Kumbong, Deputy Minister of Digital.
The event was timely for SMEs to capture opportunities in Malaysia’s robust economy. Results of the most recent RAM-CTOS Business Confidence Index (BCI) Survey showed the strongest reading of 58.9 points in the third quarter – the highest confidence in 2024, indicating Malaysian SMEs’ positive outlook, particularly in sales and profitability, hiring and capital investment.
The RAM-CTOS BCI survey indicated that SMEs sought tax incentives and reductions to be a key focus for the Government in Budget 2025, as well as access to financing, and help in adopting tech and digital transformation.
In particular, the top 3 targeted policies that SMEs wish to see reinstated in Budget 2025 were automation grants, Industry 4.0 adoption and digital infrastructure development; training and skills development programs; and access to micro-financing and low-interest loans.
SMEs also sought increased funding for green technology and sustainable practices. Additionally, 25% of SMEs indicated that they were not ready for e-invoicing, citing concerns about cost of implementation and anticipated technical difficulties.
“We at CTOS want to help SMEs in Penang to grow further. This is why we have lined up experts in emerging aspects like digital transformation, e-invoicing, social media strategies and ESG compliance at this conference,” said Erick Hamburger, Group Chief Executive Officer of CTOS Digital Berhad.
“We believe that every enterprise and individual should be empowered to harness the best of digital technologies for greater accuracy, efficiency and transparency. Hence, CTOS SME Biz Day showcases vital digital technologies, and creates opportunities for learning and networking with real-life entrepreneurs. Combining our two events in Kuala Lumpur with this Penang edition, we have impacted more than 3,500 attendees,” he added.
YB Datuk Wilson Ugak Kumbong, Deputy Minister of Digital said, “It is a privilege for the Ministry of Digital to support industry leader CTOS to champion and strengthen the entrepreneurial ecosystem in the Northern region, through networking and inspirational sharing sessions from successful home-grown entrepreneurs.”
“Both CTOS and this ministry are strategically aligned, especially in bridging the digital adoption gap to help businesses enhance their operations and expand revenue streams through digital platforms.”
The event also featured notable guest speakers from public sector agencies and private sector, including MATRADE, Small & Medium Enterprises Association (SAMENTA), Digital Penang, ESG Association of Malaysia, Capital A, Lawrence Walter Seminars, Unifi Business, Good Foodie Media and SQL Account I ERP – HQ. CTOS’ SME Biz Day 2024 Penang was organized in exclusive partnership with Unifi Business, SQL Account I ERP – HQ and Microsoft.
The SME Biz Day 2024 Penang is just one of the many ways CTOS is a proactive enabler for the SME community. In preparation for e-invoicing implementation, CTOS has gone a step further by engaging experts to conduct a comprehensive training series that includes seven free webinars and in-person training sessions throughout the year, reaching approximately 500 SMEs.
Hamburger added: “Also, we consistently enhance our solutions to serve SMEs and businesses better. A recent example is our ISO/IEC 27001:2022 certification for Information Security Management Systems (ISMS), which we received earlier this year. With this certification, we are helping customers like SMEs improve cybersecurity and uphold data protection.”
“We at CTOS are doing our best to ensure that SMEs continue to enjoy the ease of obtaining credit, in line with business needs,” concluded Hamburger.
Issued by: CTOS Data Systems Sdn Bhd
Through: Continuum PR Sdn Bhd
ABOUT CTOS DATA SYSTEMS SDN BHD
CTOS, Malaysia’s largest private credit reporting agency, is a registered Credit Reporting Agency under the Credit Reporting Agencies Act 2010. Established in 1990, CTOS has over 30 years of experience in aiding credit grantors make better credit decisions. CTOS utilises information from its users and the public domain to support informed decisions and facilitate fact-based risk management when providing credit extension. CTOS delivers a complete portfolio of credit reports and value-added services and is widely used by the country’s banking and financial institutions, insurance companies, large corporations, legal firms, businesses and state and statutory bodies.
For more information, visit http://www.ctoscredit.com.my/
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