Assalamu’alaikum Warahmatullahi Wabarakatuh
TFP Solutions Berhad, which stands for “Telecommunications, FinTech, and App Platform,” has progressed from a software developer to a software service provider, and now TFP has shifted into a FinTech entity that works in tandem with our existing Business Management Solutions (“BMS”).
As for year 2020, Covid-19 pandemic spread like wildfire, bringing repercussions to many businesses in Malaysia. This was a wake-up call as many businesses saw the emergence to transform into a cashless and digital ecosystem and to be In line with the recent Government’s MyDIGITAL, PEMERKASA and Paynet’s cashless initiatives, we are lucky to be in position to facilitate underserved groups to embark on the digital economy.
During the year, we recorded a loss after taxation of RM3.62 million, as a result of our business strategy transformation into fintech, we have also successfully completed our private placements and rights issue exercises raising a total of RM16.35 million with our support from our shareholders.
Going Digital with FinTech Infrastructure
In today’s world, communication is at the core of how we associate with one another – OneCALL mobile FinTech sim is more than a mobile operator; it is an everyday FinTech lifestyle. TFP Group, via our wholly-owned subsidiary MBP Solutions Sdn Bhd inked a co-branding agreement with Tune Talk to form OneCALL, which targets the B40/rural population, petty traders, and the undeserved gig economy by providing unique features of e-Wallet which helps to make bill payments, remittance and prepaid reload.
The digital cooperative system offered helps to cover all aspects of the businesses needs and provide an easy transition from their current system to a new one. Koperasi Perwaja Kemaman Berhad and Koperasi Pembangunan Usahama Masyarakat Maju Sabah Berhad (KOPUSAMAJU), both of which is under Malaysia Co-operative Societies Commission of Malaysia (SKM), are recent cooperative partnerships with which we are assisting in evolution and provision digital cooperative services. We hope with the success, it will set a precedent for the other 14,000 alliances in Malaysia.
Furthermore, by incorporating our SmartHR payroll system into the OneCALL e-wallet, we provide security for management to directly distribute salaries to their workers’ accounts, as well as allowing users to conveniently purchase prepaid top up, data plan, and pay for other numerous household bills with a single tap and for the foreign workers who subscribe under us can send back money to their families back home via our OTR (OneTransfer Remittance).
Brighter prospects ahead
Malaysia appears to be experiencing yet another period of challenges and uncertainty at the time of writing, however TFP will continue to optimise our resources in our ongoing efforts for high productivity coupled with prudent spending and investments where needed.
We see a potential for providing new insights to various businesses by assisting them with an improved digital transformation strategy through our FinTech services.
Fellow shareholders, thank you for your valued support and being with us on the journey regardless of the economic environment.
TFP’s upcoming collaborations are expected to further solidify the group’s position as the leading FinTech Solution provider in Malaysia, as well as to boost the group’s ongoing strategies aimed at transforming the company into a FinTech entity.
Wabillahitaufik Walhidayah, Wassalamualaikum Warahmatullahi Wabarakatuh