Organizations today run on data. There is data analytics, data security, data management and so much more. The digitization of companies has opened up a whole new arena of services, and needless to say, data is the centre of it all. Accurate data management processes can help you boost your analytics, which in turn helps you yield better performance. With the evolving landscape of businesses, the future of businesses is data driven.
We feel proud to feature RM Applications Sdn. Bhd. as one of the The Best of 5 Recommended Analytics Companies in 2020. RM Applications is transforming the businesses with their cutting edge solutions and setting a new bench mark in the field of digital payments, data management and analytics.
RM Applications Sdn. Bhd. (RMA) is a MSC Status boutique software company based out of Kuala Lumpur (Malaysia). RMA is founded by a group of experienced professionals with a thought “Why it can’t be done”. This is where the journey of RMA begins to venture into development oh bespoke solutions. RMA is driven by passion and vision to strive for excellence by delivering comprehensive and customer-oriented solutions. Their team, RMATEs is passionate about new technologies, new ideas and new ways of thinking and continuously upgrading solutions to serve their customer needs effectively in digital payments, data management and analytics landscape. Remittance & Payment, Data Management (Developing Bespoke Data Marts for Basel 3, IFRS9, ALM, FTP Reporting), Analytics and Regulatory Reporting is part of RMA’s larger vertical focusing on provide bespoke solutions in the areas of Domestic & Cross Border Payments and bespoke DataMart development. This solution addresses the pain points, niche requirements, seamless integration, which at times can’t be addressed through off the shelf solutions. RMA believes in collaboration and is also working with leading solution providers i.e. Localization and integration of Partners’ Solutions such as Fidelity National Information Services Inc. (FIS), MongoDB, Unscramble etc. In addition
- RMA has Obtained ISO Certification i.e. ISO 9001:2015
- They have expanded their footprints and now their clients are in Malaysia, Indonesia, Singapore, Thailand, Philippines and working aggressively to expand further.
- RMA has established partnerships with leading technology and Solution Providers such as FIS, Unscramble (Machine Learning Analytics and Chatbots), MongoDB, etc.
The Initial Obstacles
There is no such successful business that hasn’t faced hurdles in the initial days. These initial hurdles are vital for businesses as they create a beautiful path ahead where a business can map their growth. RMA also faced such challenges that helped them to learn and improve. They established with big Solution Providers as subcontractor to prove their capabilities and build a track record and increase there client food prints. They always have looked after their resources to overcome the talent issue. The key steps taken are such as flexible culture, better training and working platform, family kind environment which in turn has helped in building a strong core team.
RMA has been focusing on bespoke solutions and found that the existing Enterprise Data Warehouse is not meeting the requirement for reporting especially for regulatory.
Investment for R&D is always a challenge. Hence, they always craft the product roadmaps and expansion into new technology carefully and pursue with the development. It is always good to be funded as excess fun can assist in R&D activities and Product enhancements for Market fit. They sincerely believe that they will find a keen investor with a passion for delivery to take them to the next level. Marketing and Sales always is a challenge but the sincerity, passion, and commitment from RMA have become a driver for their clients to award them with new opportunities
And then the growth started
RMA has been focusing on bespoke solutions and found that the existing Enterprise Data Warehouse is not meeting the requirement for reporting especially for regulatory. The pain points, which they understood from clients, were no standardization of data values from the data flowing from different enterprise systems into warehouse, data quality challenges, dataset is exact replica of as per source system, minimal transformation at data warehouse and it seems to be more functioning as data repository. This is where they started venturing into developing bespoke data marts, which were fast, easier and deliver more value by serving the purpose of Clients i.e. make the semi-processed data available, which can be fed into the Risk and Regulatory Reporting engine to generate the reports and for analytics.
Today RMA is serving financial institutions spread across in South East Asia in the area of Data management and Analytics, building custom Data Marts and Data models to serve the regulatory and management reporting using their partner’s Risk Management Reporting platform. The Company is growing at an average growth rate of 20% year to year. They are adding 3 to 5 new customers within the South East Asia region. RMA’s offerings in the space of data Management are expanding to support niche reporting for ALM, IFRS9, FTP, LCR, NSFR, IRRBB, etc.
Business is all about relationships and trust which got to be earned and they can’t just demand it. At RMA, they manage to achieve the same with their capabilities and delivering a customer-centric solution. This is the core strategy, which helps them in meeting customers’ expectations. They listen to what customers want, get insights into their expectations and accordingly design and deliver their best solutions. Their hardworking, highly motivated and committed group of employees and are called RMATEs with the “Can Do” attitude has brought RMA to this stage and progressing further.
Their Quality Offerings
Data Management & Analytics, Remittance & Payments is part of RMA’s larger vertical focusing on providing bespoke solutions in the areas of Domestic & Cross Border Payments and bespoke DataMart development. This solution addresses the pain points, niche requirements, seamless integration, which at times can’t be addressed through off the shelf solutions
- OmniRemit (Remittance& Payments Solution Suite) enables end to end automation of Remittance and Payment Solution and is RMA’s flagship products tailor-made for Financial Institutions. The solution supports Omni-channels comprising of Mobile &Online Remittance, Branch Remittance, and Remittance Back Office solutions and is in compliance with Bank Negara Malaysia requirements and AMLA (Anti Money Laundering) guidelines. The approach followed to develop their solutions is 360 degrees customer-centric to meet dynamic and evolving business models and requirements of the remittance industry. The solution is MoneyGram ready and supports straight-through processing and real-time interface with cross border remittance corridors for transaction processing. The solution unique feature is facilitating crossborder payments using direct integration with a pre-designated overseas counterpart for processing payment using web services. Instead of the conventional method of using SWIFT or other payment networks.
- OmniData (Risk/Reporting Data Mart Development) & ETL Consultancy: RMA has been focusing on bespoke solutions and found that the existing Enterprise Data Warehouse is not meeting the requirement for reporting especially for regulatory. The pain points, which they understood from clients were no standardization of data values from the data flowing from different enterprise systems into warehouse, data quality challenges, dataset is exact replica of as per source system, minimal transformation at data warehouse and it seems to be more functioning as data repository. This is where they started venturing into developing bespoke data marts, which were fast, easier and deliver more value by serving the purpose of Clients i.e. make the semi-processed data available, which can be fed into the Risk and Regulatory Reporting engine to generate the reports and for analytics. The journey begin with Collaboration with partners having risk and regulatory reporting engine and do a joint implementation whereby RMA has provided Data Management Solution for ALM (Asset Liability Management), Basel 3 (LCR/NSFR), FTP (Fund Transfer Pricing), IFRS9, IRRBB Reporting and other Regulatory Reporting.
- OmniReport: Reporting Suite integrated with OmniData and third party solutions for customized Reporting, Dashboards & Alerting solution for various Business Verticals largely in the area of Compliance such as ALM, Basel 3 Liquidity (LCR / NSFR), AMLA, CRS (Common Reporting Standards), Regulatory and Management Reporting.
What the future holds
There is new technology rising with every new dawn. To be updated with the latest technologies is a key for businesses to maintain their position in the market place.
People at RMA see themselves as a company that is providing advanced innovative and value-added solutions in the remittance/payments and data management landscape leveraging on Big Data technology. They want to achieve a position where they are providing digital technology-driven solutions to move away from Cash-based payments to digital payments using advance hybrid technology with QR Based, Blockchain and using Digital Assets as a method of processing remittance and payments. RMA’s strategy for 2020 is :
- Implement the latest technology in current offering and technology they are exploring is ‘R’ for Modelling and Analytics.
- Blockchain for integration with OmniRemit (remittance suite) and Big Data as part of Data Management Offerings.
- The plan for 2020 is to have more Branding, create awareness about RMA. Strengthen the product portfolio.
- The strategy for 2020 is ‘Collaboration’ with Customers, Partners and penetrates a new market. Follow a collaborative and agile approach in creating bespoke solutions across the digital value chain using Web and Mobile platforms.
- Expansion into Islamic Fintech driven solution in collaboration with ICET – Islamic Centre for Emerging Technologies launched in Feb 2020.
Mr Lokesh Gupta – An unmatched leadership
A leader is one who keeps the holistic vision to grow together with the team and of course with the customers.
Mr Lokesh Gupta, Co Founder at RMA, has been attached to the Financial Technology Sector for around Eighteen Plus years. He is having rich experience in Conventional and Islamic Banking Domain as a Techno-Functional and specializes in Data Management, Remittance, Payments and Solutioning for bespoke solutions. He has always been passionate about creating long-term value for the customer, especially in the Financial Technology Solution space.
His journey started with the implementation of Card Management System and part of the VISA certification team for Citibank. Since then have been implementing projects for various regional banks in South East Asia ranging from Banking Merging System Integration, Bulk Payments, Core Banking, Cash Management, Payment Gateway, Core Remittance, Digital Remittance, Data Marts development for Regulatory and Operational Reporting etc.
Mr Gupta is passionate about Remittance, Payments and Data Management. Being part of a boutique software organization, he has honoured to wear many hats based on the situation and his role demands involvement in wide-scale with greater responsibilities. His primary role is to establish a collaborative environment at RMA, where they practice flat organization structure and develop his team (They call themselves as RMATEs) and create customer-centric innovative solutions. Being a co-founder, He can take end to end ownership by getting involved in all aspects of the organisation and see ideas transform from the conceptualization stage, to become a full-blown product and keep it evolving to match Industry needs and to be part of RMA’s expansion.
He has also co-authored books and published articles in Islamic Banking and Finance and an active speaker at conferences. His recent publication is ‘Islamic Finance: A Practical Perspective’, published by Palgrave. They soon will be launching a book in the area of Islamic Fintech i.e. “Fintech and Islamic finance: Digitalization, Development and Disruption”, also published under Palgrave.