Agensi Kaunseling dan Pengurusan Kredit’s “Digital Transformation Roadmap” wins at Malaysia Technology Excellence Awards 2023

The firm is on the right track in changing the financial wellness game. 

The recently concluded Malaysia Technology Excellence Awards 2023 has announced the Credit Counselling and Debt Management Agency, or Agensi Kaunseling dan Pengurusan Kredit, as its winner as an outstanding company that has made exceptional impacts in the pursuit of technological innovation. 

The Malaysia Technology Excellence Awards (MTEA) 2023 annually recognises companies on the top of the technological revolution in various technological and industrial categories. 

Besting other companies in the awards criteria – uniqueness and innovation, effectiveness and impact, and dynamism – AKPK tells a story of a successful initiative that is rooted in customer-based needs and effective financial management. 

Agensi Kaunseling dan Pengurusan Kredit, more popularly known as AKPK, was established in 2006. It has continuously developed and extended its services to better cater for diversified customers and keep up with global digitalisation. 

AKPK’s Digital Transformation Roadmap (DTR) projects are highlighted in this year’s MTEA by catering to multifaceted customer groups. The DTR projects of AKPK are specifically mandated to serve the household and the business community. 

Through the DTR, and by understanding the business owner, AKPK has introduced basic digital financial services to micro SMEs (MSMEs) through its SME Toolkit – MyBijakNiaga. This toolkit uses Optical Character Recognition which gives MSMEs a convenient avenue to record business transactions in receipts or invoices. In addition, it provides business health checks based on current business financial standing, allowing them to better manage their finances. In short, it simplifies the tracking and recording of financial transactions – paperless – and analyses the financial capacities of the business owner. 

To provide holistic financial solutions and closely monitor the financial progress of customers, AKPK has also developed an initiative called the Financial Advisory System (FAS) –MyBijakKewangan. It aims to provide sound financial advice on managing finances wisely and afford specific end-to-end financial advisory that covers the financial calculator, monitoring and tracking, and financial advisories such as education, planning, resolution, and simulation. Through MyBijakKewangan customers can understand sound financial values, determine processes of overcoming financial worry, and adjust financial behaviours that will allow them to achieve their specific financial goals. 

AKPK values intimacy with its customer both from household and MSME sectors while simultaneously understanding that connection need not be established in physical spaces. In fact, paper-based transactions and physical financial processes often lead to delays and can burden customers. To address this, AKPK introduced Electronic Know-Your-Customer (eKYC), a system that improves the customer’s experience with simple and remote verification of their personal details and financials during applications and other transactions. It simplifies processing and compliance checks, eases tracking and monitoring, and cuts costs too. This digital approach to establishing that connection with customers is really forward-looking. 

Understanding financial consumers in general and the specific needs of customers is a critical factor in excellent service delivery, and is notably observed in AKPK. Using cutting-edge innovation to take advantage of progressive change and opportunities, in its mission to become a trusted and leading authority in financial wellness, AKPK is well on its way to becoming a leading and highly innovative FinTech company in Malaysia and rightfully so.

The Malaysia Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].