Cuscapi focuses on cloud-based POS solution

By RAHIMI YUNUS / Pic By ISMAIL CHE RUS

Cuscapi Bhd is strengthening its point-of-sale (POS) solutions to a cloud-based system and integrated payment solution for both its retail and non-retail segments.

The food and beverage (F&B) business management solution provider will expand its business offerings with a fourpronged approach: Migrate current customers from conventional POS to cloud-based with integrated payment solution; expand business to the broader retail market beyond the F&B sector and to a wider Asean market; and offers cloud-based software as a service (SaaS) to small and medium enterprises (SMEs).

“The trends in payment solution, partly driven by cashless payment such as e-wallets, have disrupted the POS solution. We are now looking at integrating it with a cloud-based system for a seamless process with customers,” chairman Datuk Larry Gan Nyap Liou (picture) told The Malaysian Reserve after the company’s EGM in Shah Alam, Selangor, yesterday.

Gan added that the company is currently in talks with current customers, especially large enterprises, to evolve their POS system into a cloud-based payment and integrated solution.

Some additional costs will be involved in the system migration.

Cuscapi plans to expand its POS solution to new markets like Myanmar, Cambodia and Laos.

“A lot of these emerging markets do not have the legacy system like credit or debit cards and that makes it easier for them to leapfrog to new technology such as the retail payment integrated system,” Gan said.

Cuscapi aims to broaden its retail offering by providing its POS solution in places like the Kuala Lumpur International Airport (KLIA) and KLIA 2.

On its plan to offer SaaS, Gan believes it would be easier to roll out the offerings over the cloud computing platform as there are just too many SMEs to approach for one-on-one selling.

The market and product expansion plans will be funded with RM53.2 million raised from the issuance of 200 million new ordinary shares at 25 sen a piece and 40 million new warrants at 88 sen to Ultimate Quality Success Sdn Bhd (UQS).

Shareholders and warrant holders approved the proposal at the EGM yesterday.

Last year, Cuscapi entered into subscription agreements with UQS and three individuals — Ong Chin Hui, Tan Sri Koh Kin Lip and Datuk Dr Tan Kim Hueng — that would entail issuing 300 million new shares and 60 million new warrants.

Later, UQS, its largest potential investor, expressed concerns over the issuance of the additional shares to the other three investors, which subsequently led Cuscapi to revamp and downsize the fund raising exercise due to UQS’ concerns.

Gan said Cuscapi may acquire other companies in the future to complement its POS solution business.

“Few companies have approached and discussed with us. It’s too early to reveal now, but most of them are iPad- or tablet-driven solution providers,” Gan said.