CTOS Digital says its services and solutions will remain essential as Malaysia and the rest of Asean continue to expand their digital economies. 

In a statement, group chief executive officer Erick Hamburger said the company will continue investing for future growth by strengthening its marketing and support teams locally and regionally to increase market penetration, boost consumption and cross-sell value-added solutions.

“With our superior data assets and sophisticated capabilities, we are confident of our ability to continue delivering sustainable value to our customers and share-holders,” he stated. 

Hamburger added its international operations under the FinScore brand has been gaining traction, evidenced by rising usage volumes since completing the acquisitions.  CTOS recently acquired an 80% stake in PT Prime Analytics Indonesia and 100% stake in the Philippine-based financial technology startup FinsScore, last year.

Hamburger said the integration of its alternative data platform with existing analytics capabilities uniquely positions it to meet the evolving credit solutions demands on these markets.   “Moving forward, we are set to aggressively upsell our analytics and digital solutions, deepening client value and enhancing our profit margins.  Numerous growth vectors have been identified in regional markets, and we are poised to capitalize on these exciting opportunities,” he noted.

Meanwhile, CTOS registered a 23% on-year surge in its revenue to RM76.6mil in the second quarter ended June 30th, 2024.  Hamburger attributed the solid performance to growth across all businesses (key accounts, commercial and direct-to-consumer), both year-on-year and quarter-on-quarter.  The international operations comprising the subsidiaries in the Philippines and Indonesia demonstrated robust momentum. Contributing RM9.9mil to group revenue during the quarter. Net profit saw an increase of 20.7% to RM25.5mil for 2Q24 compared to 21.13mil in the quarter last year.

Hamburger said the growth was driven by positive results across all business segments, particularly the comprehensive Portfolio Review and Analytics and Digital Reports which experienced the highest surge in demand.

Source: The Star August 02, 2024