This article first appeared in The Edge Financial Daily on July 14, 2017 - July 20, 2017

KUALA LUMPUR: Dagang NeXchange Bhd’s (DNeX) wholly-owned unit Dagang Net Technologies Sdn Bhd has been appointed the reseller of Financio, a cloud-based accounting software, in Malaysia and Indonesia.

Dagang Net will target to sell Financio — designed for users with little accounting knowledge — to start-up firms, small business owners and micro small and medium enterprises (SME), DNeX said in a statement.

DNeX executive deputy chairman Datuk Samsul Husin said Financio will serve a “relatively untapped market” to meet the unique needs of today’s entrepreneurs and small companies who are looking for a user-friendly accounting software solution to help them grow their businesses.

Financio is developed by Asian Business Software Solutions Sdn Bhd (ABSS), a 51%-owned subsidiary of Censof Holdings Bhd. Censof is currently DNeX’s largest shareholder with a 17.53% stake.

ABSS is one of the leading providers of business solutions for SME. Its flagship financial management product — MYOB — is widely used by SMEs in Malaysia, Singapore and Hong Kong.

As for DNeX, it provides electronic services solutions. It is also involved in the oil and gas, and energy sectors.

Samsul owns substantial stakes in both DNeX and Censof.