![]() ![]() “They did their due diligence vetting us, it took several months to get approved because they needed to be absolutely sure that Pantas is helpful, and that it’s secure, and that it’s really free of charge,” Max shared. Pantas’s main service will be free for life, and to ensure their clients of it, it partnered with MDEC, CEDAR (a subsidiary of SME bank), and SME Corp for attestation. The team of engineers / Image Credit: Pantas The team imagines this feature to be a one-click financing solution for users, which will be how Pantas monetises. That will function as a proxy for a company’s cash inflow and outflow, which will help Pantas determine a business’s creditworthiness to provide them with financing such as loans. Max shared that the team is working on building a financing service in the backend, which will come with a fee.īy using Pantas, its algorithm will track a company’s invoicing, billing, and payment history. “The incentive here is that we offer Pantas for free, so it’s in our clients’ best interest to get all their other clients and suppliers on board too to help save time,” Max stated.īut I was still doubtful, as most accounting software companies charge a subscription fee for businesses to use the service. ![]() ![]() Some businesses don’t find this much of a hassle, but for those that do, Pantas offers users a more enhanced and quicker way to go about these processes. It’s where invoices are sent via email, and transactions have to be manually recorded onto the accounting systems. What happens then if A’s supplier, let’s call them C, doesn’t want to use Pantas? Well, the straightforward answer is that A and C would just have to transact the manual way. So for A to be able to bill, e-invoice, and pay in a way where all actions are reflected within Pantas, they would need all their clients and suppliers to use the same software. A will then be notified on the acknowledgement. Say A sends B an invoice, B will receive the invoice and accept it on their end. To make it more digestible, we’ll use the terms Company A and Company B, or simply A and B. “We see a lot of opportunity in SEA to provide similar services, and now our solution is tailored and localised to the Malaysian market or the SEA market,” they said. But its founders shared that they’ve decided to launch the system here as they see it lacking in SEA. Pantas’s end-to-end transacting system is not a new concept as such softwares exist in the West. A sample of the software’s dashboard / Image Credit: Pantas With Pantas, the whole process is integrated into the system, offering an end-to-end invoicing, billing, and payment software. A quick check of some other e-invoicing companies’ websites in Malaysia confirmed this. They shared that most other companies, though claiming to provide e-invoices, simply create PDF documents that a user has to send over via emails or WhatsApp. Pantas however, is a little different, as Max and Eong, who are the company’s CEO and CTO respectively, explained to me. Here, we’ve got options like Financio and Bukku, which also offer e-invoicing functions, and have been around for a while now. On the surface, Pantas seemed like just any other cloud-based accounting software on the market, which isn’t lacking in Malaysia or globally. It’s meant to help other businesses transact e-invoices, billing, and payments via a network effect. With combined experiences in the finance and software engineering fields, they built a system called Pantas and launched it on May 31, 2021. “But we decided to come back because we believe we can create that opportunity for ourselves and for other fellow Malaysians as well,” Max shared in our interview. While working in New York, they met many successful Malaysians who weren’t keen on returning due to the lack of opportunities they saw, especially in the fintech and software scene. Having spent at least half of their lives working and studying in the US, Max Lee, Syaheedah Jes Izman, and Eong Tat Ooi finally decided it was time to return to Malaysia after coming to a realisation.
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