Kuala Lumpur: The Retirement Fund Inc (KWAP) has awarded a RM4.27 million contract to Censof Holdings Bhd’s subsidiary Century Software (Malaysia) Sdn Bhd to replace its accounting system with a new one.

According to BERNAMA News Agency, Censof, in a filing with Bursa Malaysia, stated that the system, more commonly referred to as the government resource planning (GRP) system, will be developed over a 12-month period. This will be followed by a 12-month warranty period to ensure seamless functionality and provide continued support for the system, in addition to a yearly subscription for a period of four years.

Censof emphasized that the implementation of this new RM4.3 million GRP system aims to migrate from on-premises infrastructure to cloud-based systems. The shift is intended to enhance operational efficiency, scalability, and accessibility, allowing for more streamlined processes and increased flexibility to adapt to evolving business needs.

Censof group managing director Ameer Shaik Mydin remarked that KWAP’s strategic decision to upgrade its accounting system to the GRP system illustrates a proactive commitment to leveraging modern technologies that boost operational efficiency, improve financial reporting accuracy, and bolster transparency. He noted that this aligns with modern digital transformation goals and highlights the team’s commitment to delivering high-quality work and innovative solutions that meet the unique needs of leading institutions like KWAP.