March 28, 2011
Kuala Lumpur, 28 March 2011 - eBworx Bhd (0030), a software developer, aims to double its net profit this year as it rides on the expansion of banks in the region.
The company, which helps banks carry out online banking services and manage loan applications, made a net profit of RM4.77 million for the year to December 31 2010, more than double what it made a year earlier.
"Many of the banks are going regional which is why our business has grown because they need our expertise to give them the right solutions to make their businesses grow," group chief executive officer Tan Suan Fong told Business Times in an interview last week.
eBworx aims to rake in annual profits of RM20 million by 2013.
Half of its revenue comes from retail and corporate Internet banking and mobile Internet banking, while the rest comes from its credit management software, which banks use to gauge an applicant's eligibility for a loan. "Our order book for the past six months is standing at RM35 million and we are also looking at another increase of up to RM40 million and by June, I can safely say that our order book will grow to RM70 million from the many projects that we are going to secure locally and in Southeast Asia," he added.
However, Tan did not want to specify the contracts that it had secured.
eBworx will invest between RM5 million and RM6 million this year to develop new software specifically tailored for the commercial banks.
Tan added that the company, which he founded with two other friends, was also a market leader in Malaysia for such banking solutions.
In fact, the company is on a drive to recruit more foreign and local talent and hopes to raise its workforce from 220 to 300 by year-end.
At present, clients include banks like United Overseas Bank, ING Insurance, Bank Central Asia, Bank Danamon, RHB Bank Bhd, AmBank Group, Hua Xia Bank, and Equitable PCI Bank. - as reported by the Business Times.
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