Latest news with #AFS
Barnama
3 days ago
- Business
- Barnama
Bursa Malaysia Publicly Reprimands MCOM For Failing To Submit Audited Financials
BUSINESS KUALA LUMPUR, Aug 8 (Bernama) -- Bursa Malaysia Securities Bhd (Bursa Malaysia) has publicly reprimanded MCOM Holdings Bhd for failing to announce its annual audited financial statements (AFS) for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024 deadline. Bursa Malaysia said MCOM was found in breach of LEAP Market listing requirements (LEAP LR) for not issuing the audited financial statements together with the auditors' and directors' reports within the stipulated timeframe. 'As of now, MCOM has yet to announce the AFS 2024,' it said in a stock exchange filing. 'Bursa Malaysia views the breach seriously as timely submission of financial statements is a fundamental obligation of listed companies and of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and is necessary to aid informed investment decisions,' it said. The stock exchange regulator noted that MCOM attributed the delay to insufficient and inexperienced accounting staff, high turnover, and the resignation of its external auditors on Oct 29, 2024, over unsettled audit fees. "These reasons do not justify the delay, as all listed companies are required to have the necessary funds and resources, including sufficient and available finance and accounting staff, to prepare their financial statements and ensure compliance with the listing requirements. 'MCOM also failed to demonstrate reasonable efforts, including paying the outstanding audit fees to the external auditors, to enable the commencement of the audit and the issuance of the AFS 2024 by the due date,' it said. Bursa Malaysia said that de-listing procedures have been initiated against MCOM, but it has 'decided to defer the de-listing on the condition that the company announces the AFS 2024 on or before Aug 31, 2025, as represented by MCOM.' The extension also took into account that MCOM had appointed a new auditor on May 21, 2025, it added. -- BERNAMA
The Star
3 days ago
- Business
- The Star
Bursa Malaysia publicly reprimands MCOM for failing to submit audited financials
KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Malaysia) has publicly reprimanded MCOM Holdings Bhd for failing to announce its annual audited financial statements (AFS) for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024 deadline. Bursa Malaysia said MCOM was found in breach of LEAP Market listing requirements (LEAP LR) for not issuing the audited financial statements together with the auditors' and directors' reports within the stipulated timeframe. "As of now, MCOM has yet to announce the AFS 2024,' it said in a stock exchange filing. "Bursa Malaysia views the breach seriously as timely submission of financial statements is a fundamental obligation of listed companies and of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and is necessary to aid informed investment decisions,' it said. The stock exchange regulator noted that MCOM attributed the delay to insufficient and inexperienced accounting staff, high turnover, and the resignation of its external auditors on Oct 29, 2024, over unsettled audit fees. "These reasons do not justify the delay, as all listed companies are required to have the necessary funds and resources, including sufficient and available finance and accounting staff, to prepare their financial statements and ensure compliance with the listing requirements. "MCOM also failed to demonstrate reasonable efforts, including paying the outstanding audit fees to the external auditors, to enable the commencement of the audit and the issuance of the AFS 2024 by the due date,' it said. Bursa Malaysia said that de-listing procedures have been initiated against MCOM, but it has "decided to defer the de-listing on the condition that the company announces the AFS 2024 on or before Aug 31, 2025, as represented by MCOM.' The extension also took into account that MCOM had appointed a new auditor on May 21, 2025, it added. - Bernama
Coin Geek
6 days ago
- Business
- Coin Geek
AFS, Oman Arab Bank eye tokenization; Egypt's digital pay boom
Getting your Trinity Audio player ready... The Arab Financial Services (AFS) and the Oman Arab Bank (OAB) have announced the deepening of a long-running partnership designed to extend payment functionalities for customers. The new partnership extension will power the integration of tokenization with digital wallets, offering a raft of benefits for users. The feature leverages AFS's new digital platform, reducing merchant onboarding costs while allowing OAB to launch secure wallet services, sidestepping a traditionally complicated process. The new tokenization feature offers OAB's customers enhanced security by removing sensitive data from devices. Apart from its fraud reduction perks, the tokenization integration will enable wider merchant acceptance while making it easier for merchants and OAB to comply with regulatory processes. 'We are committed to embracing innovation that enhances our customer experience and future-proofs our services,' said OAB CEO Sulaiman Al Harthi. 'We are proud to be among the first banks to launch on AFS's new digital platform—a move that aligns perfectly with our digital transformation agenda and positions us to lead the market in seamless, secure payment solutions.' Before extending its collaboration with the AFS, the OAB had introduced tokenization for Apple Pay, Google Pay, and Samsung Pay. At the time, the move placed the OAB in pole position as the leading financial organization spearheading Oman's digital revolution. 'This renewal marks our collective intent to cultivate a new landscape of secure, agile, and supremely customer-centric financial services for the Omani market,' said AFS CEO Samer Soliman. Armed with the AFS functionalities, analysts predict that the $600 million OAB will extend its customer base and valuation. Meanwhile, the AFS has inked a partnership with Ternoa to roll out a payment solution for enterprises in the Gulf, broadening its reach across the Middle East and Africa. Oman turns its sights on digitization Oman has signaled an intention to keep pace with regional first-movers for the digitization of payments, turning to emerging technologies. The country is mulling the prospects of blockchain for financial inclusivity and other use cases in key sectors of its fledgling economy. To spearhead the push, the country is chasing a regulatory framework for digital assets to govern service providers' operations and their tax liabilities. It also has its sights set on block reward mining, mulling the prospects of improved digital economy growth and an efficient payment landscape. Egyptian enterprises embrace payments revolution Elsewhere, a new report has uncovered a significant surge in digital payments adoption among small and medium enterprises (SMEs) in Egypt, driven by several factors peculiar to the North African country. The report, compiled by payments giant Visa (NASDAQ: V), identified the glowing metrics and growth potential for digital payments among Egypt's SMEs. An estimated 53% of merchants surveyed by Visa have incorporated digital payment functionalities into their business operations over the last two years. Over half of the merchants running SMEs disclosed an intention to pivot to digital payment systems in the coming months, eyeing the benefits gleaned from their peers that have made the transition. Meanwhile, 80% of digital payment adopters have expressed overall satisfaction with the pivot, citing a spike in revenue and productivity. A slice of the early adopters revealed additional benefits, such as offering loyalty programs and obtaining data-driven insights. Changes in consumer behavior are also forcing SMEs to embrace digital payments in Egypt. A thriving e-commerce sector and the fusion of social media and online retail are contributing to the surge in adoption metrics. 'Across North Africa, Levant, and Pakistan, we are witnessing a transformative shift as small and medium businesses embrace digital payments,' said Essam El Daly, Visa's Head of Merchant Sales and Acceptance Solution for North Africa. To improve the glowing growth metrics, Egypt's Micro, Small, and Medium Enterprises Development Agency (MSMEDA) is eyeing a collaboration with Visa. MSMEDA CEO Bassel Rahmy disclosed ambitious plans to support local SMEs in making the leap to digital payment methods. Rahmy highlighted the upsides of Visa's suite of services, including Tap to Pay and contactless payment functionalities, as instrumental in onboarding new SMEs. Egypt's government weighs in on payment digitization Apart from the push by the private sector, the Egyptian government has thrown its weight behind jolting financial inclusion via digitization. Last year, authorities advanced plans for a central bank digital currency (CBDC) rollout by the end of the decade, following up with the rollout of a digitalization strategy at the start of 2025. To avoid becoming a digital colony, Egypt is spending a fortune on integrating emerging technologies into key economic sectors. Under its AI strategy, ambitious plans are being implemented to improve service delivery in governance, environment, and human resources. Watch | BSV Stories – Episode 4 – The Middle East's Blockchain Race title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
IOL News
04-08-2025
- Business
- IOL News
Commitment to 'clean governance' sees national Transport department achieve audit milestone
Transport Minister Barbara Creecy has welcomed the clean audit the national Transport Department received from the Auditor-General South Africa (AGSA). Image: GCIS The Department of Transport has received a clean audit from the Auditor-General South Africa (AGSA) for the 2024/25 financial year, the first in the department's 31-year history. Minister of Transport Barbara Creecy and Deputy Minister Mkhuleko Hlengwa welcomed the outcome and said it marked a significant shift towards sound governance. 'This is a step in the right direction towards a fully accountable and clean administration,' they said in a joint statement issued on Sunday. According to the AGSA's report, the department submitted its Annual Financial Statements (AFS) on time and without any material misstatements. Furthermore, the Auditor-General did not find any significant deficiencies in the department's financial management processes and noted that there were no findings on the completeness of the performance indicators used for planning and reporting. Creecy and Hlengwa attributed the result to 'the department's commitment to clean governance and accountability,' adding that the department's leadership had taken internal assurance processes seriously. They emphasised that management had ensured that 'assurance providers are appropriately resourced and capacitated,' and had responded positively to audit recommendations by addressing concerns 'timeously, through effective audit action plans.' The department also credited its proactive engagement with the Auditor-General's office, noting that preparing for the audit process in advance had ensured 'smooth seamless execution.' The ministers said the clean audit outcome was a result of 'a combined effort and assurance practice from all functions within the department, from Management efforts to Risk Management, Internal Audit, and oversight Committees – especially the Audit Committee.' They also acknowledged the Transport Portfolio Committee in Parliament, which they said had played a key oversight role. 'The role of the Transport Portfolio Committee ensured that the Department is accountable to Parliament,' the statement read. The AGSA's clean audit opinion is based on an assessment of financial statements, internal controls, and performance information, and is seen as a benchmark of good governance in the public sector. The Department of Transport's clean audit follows years of public concern over irregular expenditure and audit disclaimers in various state entities, with Creecy and Hlengwa positioning the result as evidence of institutional reform within the department. THE MERCURY
IOL News
04-08-2025
- Business
- IOL News
Department of Transport breaks 31-year streak, achieves first clean audit in 2024/25
The Department of Transport secures its first clean audit in 31 years, reflecting strong governance, timely financial reporting, and effective management responding positively to audit recommendations. The Department of Transport has received a clean audit outcome from the Auditor-General South Africa (AGSA) for the 2024/25 financial year, ending a long period without such recognition. This result reflects the department's progress toward fully accountable and transparent governance. Minister of Transport, Barbara Creecy, and Deputy Minister, Mkhuleko Hlengwa, welcomed the positive audit findings, which showed no material misstatements in the Annual Financial Statements (AFS) submitted on time. The AGSA found no significant deficiencies in internal controls, particularly in financial management processes, and identified no issues with the completeness of performance indicators used for planning and reporting. Creecy and Hlengwa credited the clean audit to the department's firm commitment to clean governance and accountability. They pointed out management's serious approach to assurance providers, ensuring they are well-resourced and capacitated.
