SophiaTX launches first real-world business application

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25.02.2019
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Following a successful trial phase with a leading accounting company, SophiaTX has launched E-XBRL, the first real-world business application of the SophiaTX blockchain, designed to simplify and automate financial reporting. The first adopters are Malaysian companies supported by the Malaysian Business Reporting System (MBRS) platform.

Following the recent announcement, the Companies Commission of Malaysia (SSM) requires all public and private companies to file their annual financial statements digitally through the Malaysian Business Reporting System (MBRS) platform.

In line with this announcement, the Swiss startup Equidato has launched E-XBRL to accelerate and improve the accuracy of the financial reporting process. E-XBRL enables 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. 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 unauthorized revisions. Thus, data shared on E-XBRL is more accurate, consistent, and transparent than when pushed through paper-based processes, which slow down productivity.

Successful trial phase with an accounting company
The E-XBRL trial phase with Cheng & Co – a leading South East Asian accounting and outsourcing services company ­­– starting November last year has proven successful, and the platform has been commended by many users for its reliability and completeness as a business reporting solution.

“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.

“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.

About SophiaTX
SophiaTX is a project of Equidato Technologies AG, a joint venture company established by Decent and SAP experts that are dedicated to making SophiaTX the “first open-source platform” ever to primarily integrate blockchain technology with SAP. Designed as an evolutionary Blockchain Platform and Marketplace, SophiaTX integrates leading enterprise applications and solutions, covering major ERP, CRM, and SCM systems, into a collaborative environment across multiple industries. SophiaTX has its headquarters in Lupfig (Canton Aargau) and offices in China, Saudi Arabia and Malaysia.

(Press release - RAN)

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