Our Vision
The Leading Home-Grown International Accounting Firm
Our Mission
One-Stop Professional Centre with Innovative Solutions For Excellence
Our Philosophy
We adopt a TOTAL professional business service approach to fulfill the needs of our clients. At all times, we endeavour to provide a complete range of professional services critical to our clients’ success within a complex and changing work environment.
Our Core Values
Integrity
Mutual Responsibility & Care
– Deliver with Professionalism
– Develop Work-life Balance
Flexibility
Innovation
Teamwork
Our Story
The journey has started humbly in the year of 1998. With just three staff at the time of its inception, today Cheng & Co Group has over 300 staff throughout 13 branches in Malaysia, located in Kuala Lumpur, Selangor, Penang, Negeri Sembilan, Johor, Malacca, Perak, Terengganu and Labuan, serving almost 8,000 of both corporate and individual clients.
Cheng & Co involved in the provision of multidisciplinary professional business services, comprising GBS – Accounting and business service outsourcing, tax, corporate secretarial, business consultancy and wealth management services.
On 28 June 2022, we are listed on the LEAP Market of Bursa Malaysia Securities Berhad and officially commenced trading under the stock short name of “CCIB” and stock code of “03053”
The history of our Group can be traced back to 1998 when Cheng & Co Taxation was incorporated by Dato’ Dr. Chua together with other shareholders. Subsequently, in 2004, Cheng & Co Taxation merged with Konsultax Sdn Bhd, a tax service provider based in Ipoh. Lam Kwai Soon, a staff identified from the merger, was tasked to head the tax service segment under Cheng & Co Taxation. Lam Kwai Soon is currently our Executive Director and Head of Taxation Services. In 2011, Cheng & Co Taxation merged with C.S. Ong Management Services, a sole proprietorship then owned by Ong Chee Seng and which was principally involved in the provision of management consultancy services as well as tax and accounting services. After the said merger, Ong Chee Seng was appointed as Executive Director of Indah Secretarial (KL) as mentioned below.
Our Group’s experience in offering business consultancy services began in 2006 under Pro B Bisnet. Pro B Bisnet was incorporated by Dato’ Dr. Chua together with other shareholders in 1997 and commenced activities in 2006 by offering general business consultancy services with the objective of improving clients’ operational effectiveness and business performance.
Pro B Bisnet later expanded its business consultancy service offerings to include corporate restructuring, forensic audit, financial due diligence, business valuation, merger and acquisition advisory and corporate recovery in 2009, and pre-IPO consultancy services in 2010 when it provided pre-IPO consultation to several companies including a local furniture company.
We acquired Cheng & Co Global Advisory in 2017, which assumed our Group’s business of offering business valuation, merger and acquisition advisory and pre-IPO consultancy services. Upon completion of the acquisition, the vendors of Cheng & Co Global Advisory ceased their involvement in the company, while our Chief Executive Director, Wong Khai Meng, continued to be a Director in Cheng & Co Global Advisory.
Cheng & Co Global Advisory then acquired Cheng & Co Corporate Advisory (which was then owned by Ong Chee Seng, Kang Sin Loon (our Head of Strategy and Human Resource) and another shareholder who has since ceased his involvement), Cheng & Co Corporate Recovery (which was then owned by Dato’ Dr. Chua and another shareholder who has since ceased his involvement), Pro B Bisnet (which was then owned by Dato’ Dr. Chua and Cheng & Co Quality Sdn Bhd) and Indah Corporate Governance (which was then owned by Indah Business Solutions Sdn Bhd) in 2018. Our Group’s experience in offering internal audit services began with the acquisition of Indah Corporate Governance in 2018.
In line with market trends, we started to offer online business consultancy services when we introduced iCSS to our clients in 2020. With iCSS, we believe that we are able to reach out to a larger number of clients as it increases the efficiency and affordability of our services.
In 2008, Cheng & Co Holdings, our holding company, acquired Cheng & Co Wealth Management (then known as Enrich Wealth Management) and began to venture into offering wealth management services. The wealth management services offered include, but are not limited to, financial planning as well as insurance and risk management services to corporate and high net worth individual clients. Upon completion of the acquisition, the vendors of Cheng & Co Wealth Management ceased their involvement in the company.
We expanded our wealth management services with the incorporation of CC Advisory in 2016, which successfully obtained the Capital Market Service Licence issued by the SC and the Approved Financial Adviser Licence issued by BNM in 2017. Both licences allow CC Advisory to operate as a full-fledged financial planning and advisory company.
We established multi-family office in 2019 to serve high net worth individuals, which expanded our range of wealth management services. In addition, as part of our financial planning services, we also recommend suitable unit trusts and private retirement schemes to assist our clients to achieve their financial and investment goals.
Our Group’s experience in offering corporate secretarial services began in 2011 with the merger with Indah Secretarial Advisory Sdn Bhd. Upon the merger between Indah Secretarial Advisory Sdn Bhd and Indah Secretarial (KL) in 2011, Ong Chee Seng was appointed as Executive Director of Indah Secretarial (KL).
Pro B Centre was incorporated in 2010 and commenced provision of accounting services in 2013. In 2016, Pro B Centre began offering GBS – Accounting and business service outsourcing and was granted the MSC Malaysia status by MDEC for offering the said service, which qualifies Pro B Centre, amongst others, to incentives such as tax exemption as a pioneer status company for up to 10 years and investment tax allowance for up to 5 years. Through our GBS – Accounting and business service outsourcing, our clients are able to outsource their accounting, human resource management and administrative activities to Pro B Centre. This enables our clients to improve their operational efficiency as well as enjoy cost-savings.
Between 2016 and 2021, the ownership of the above companies were transferred from Cheng & Co Holdings and/or other shareholders to CC International. As part of the re-organisation exercise, we centralised our management and business support functions to improve operational and cost efficiencies. In order to do so, we developed our own internal operation and management platform known as the “Pro B Platform”. Our Pro B Platform facilitates us in our client relationship management as well as our workflow and approval management, which improve task management and resource allocations. Our Pro B Platform can also track our employees’ performance and collection status of their projects to allow both employees and their supervisors to easily monitor employees performance against predetermined key performance indicators
How We Transform – Message from the Founder
Summary:
While the Balanced Scorecard (BSC) was officially implemented in 2014, taking the theme “Alignment”, planning for the execution of this methodology began in 2013.We wanted to ensure the performance measurement of our employees and business clusters are fully aligned with our firms vision, mission and growth strategies. The BSC is a crucial tool that initiated our firm’s transformation as it provided important indicators on employee performance, increased cost efficiency, and client satisfaction.
The journey has started humbly in the year of 1993. With just three staff at the time of its inception, today Cheng & Co Group has over 400 staff throughout 17 branches in Malaysia and four international offices in Australia, China, Hong Kong and Singapore. The firm has also expanded its service beyond by venturing into new successful business models such as Global Service Outsourcing (GBS), business consultancy, IPO advisory, financial wealth management and property investment consultancy.
Before our vision 2020 and 2025, I would like to take you all back in time to 2014 which has been the catalyst to all our strategies ever since. It is when we officially announced ALIGNMENT as our theme for the year which led to the establishment of the Balanced Scorecard (BSC) as our core method to achieve synergies throughout our business and support units.
Since then we have continually emphasised the importance of the implementation of the BSC to our firm’s performance and human capital development. BSC has helped us achieve synergies throughout our firm and enabled the translation of our vision, mission and strategies into tangible and measurable action plans.
We began our Transformation 2020 strategy in 2017 with the 10 + 10 + 10 as a three-year growth strategy which identified key areas of development to engineer our firm’s success for 2020 and beyond. Those transformation key area development includes Geographical, Financial, Digital, Business and People. Moving forward our Transformation strategy will continue to be evolved by the new vision towards – Sustainable Growth Vision by 2025 (i-SGV).
Our new vision for 2025 will be called Sustainable Growth Vision (i-SGV) and will spearhead our development further into the next five years. It has revolutionised our performance measurement methods and metrics and is one of the biggest reasons for the sustainable growth of our firm. This laid the foundation for our new vision for the next five years.
The recent global market is increasingly adopting new technology as it makes it easier to automate business and operations. Hence, we launched the I-business cluster in 2019. With the I-business cluster, we will be more tech aggressive and explore new technologies that will enhance our overall performance and services, with the goal of becoming the ultimate high-tech firm in Malaysia and also the ASEAN region.
Another big target for us in the near future is CC International Berhad’s IPO accomplishment. This venture has been three years in the making and will provide the platform and synergy to create more entrepreneurs and core members in our firm which will be the trendsetter in the accounting industry.
With the ever-changing business environment, professional firm practise like Cheng & Co needs to trigger progress through continual smart innovation while preserving the core. Through providing a complete range of One-Stop Professional services to Cheng & Co’s clients’ success within a complex and changing work environment, and sharing of key aspects of the firm’s business model with our business partners and advocates. Cheng & Co is looking forward to growing together in its march towards becoming the “Firm of the Future”.
Today we have more than 400 staff in our nationwide and regional offices and our aim is to have a presence in 100 locations in Malaysia by the year 2025. By this time, we would have achieved our objective which is to become “The Firm of The Future” – The leading home-grown international accounting firm and play an important role in nurturing talent to help Malaysian government meet its target of producing 60,000 accounting professionals in the forthcoming.
Cheng & Co Group features a motivated and synergic workforce that brings competitive edge to the Group. There are age differences, but zero discrimination on age groups to determine partner-level or promotion. The determination factor for career progression will always be the significance of an individual’s 4Cs – Contribution, Character, Competency and Commitment. Cheng & Co’s ‘Growing Vision Tree’ guides everyone in following the established path to excellence. These are among the most important catalysts of our growth story since 1993.
Over the years Cheng & Co has strategically introduced systems such as Balanced Scorecard (BSC), Human Resource Management and Continuous Professional Development. Numerous in-house training programmes for staff at all levels as well as empowering women leadership are in place as we want everyone to grow with us and adopt the new skills for organisational efficiency.
As the growth of a company is significantly dependent on the quality of human assets in the specialized field. A significant milestone for Cheng & Co Group in 2011, saw the establishment of a Professional Leadership Centre funded by Cheng & Co Foundation, with the objective of investing in talent development for long-term growth.
This innovative move has helped to develop many capable and committed leaders and is now an on-going program for selected. At our leadership centre, through the Transformational Leadership Program, we have produced more than 150 young talented staff since 2013 and they are guided on extensively increasing their knowledge base, cultivating deep-rooted professionalism towards responsibilities that come with assuming higher positions in the firm.
The Women Leadership Centre based in Cheng & Co Malacca office, was established to empower women in building successful careers taking up decision-making roles in C-level positions, find appropriate work-life balance, also, it is equipped with high quality resource collections, learning materials and advanced technologies.
Hence, along with the expansion plan of Cheng & Co Group, we have also begun taking an active interest in doing our bit for society through corporate social responsibility. We have established Cheng & Co Foundation to provide financial aids to deserving employees of our firm as well as children of Cheng & Co Groups’ clients and associates. Moreover, we aim to aid our community through various initiatives.
As a progressive accounting firm that has experienced remarkable growth, thanks to the strategic vision of our leadership and major collaboration initiated since our establishment 23 years ago, it is important to have a carefully planned and tangible growth model that includes successful strategies such as mergers and acquisitions (M&A), new business model, embracing digital technologies, human capital development and improved customer service. Most importantly we are determined to cultivate our young talent and develop them into future leaders with the right knowledge and mindset to lead Cheng & Co Group towards and beyond 2025.
2014
Alignment
We started our transformation journey by introducing Balanced Scorecard (BSC) into Cheng & Co Group by watching the movie Money Ball. Financial, Customer, Internal Process and Learning and Growth are the aspects that we monitor and analyse every quarter in BSC to make sure our group is on path with our planning and strategy.
After introducing BSC into Cheng & Co Group, we immediately do an Alignment initiative in the following year. Alignment is to make sure every subsidiaries, departments and employees in Cheng & Co Group are heading towards the same direction to serve our customers better by using BSC.
2015
Forward
After getting the environment and service idea in place, we move Cheng & Co Group forward to corporate transformation. We set up business clusters and build in the synergy with each department to enhance the performance of every business clusters.
2016
Innovation
Innovation is a series of new ideas, practice, business process that we put into our services. We bring in a lot of Value Added Services (VAS) partners to serve our customers, such as Funding Society, Experian, Money Match etc. The objective is to provide an innovative service experience and environment to our clients to move towards the next technology era together.s clusters.
2017
Transformation
After go through all the process we have come to the Transformation stage. At Development stage, we have multi-disciplinary expansion (level of services, market shares, branches), building up skills, knowledge, and experience. We go through the Adaptation stage through a comprehensive partner network and align people, process and technology.
After adopting the network and technology into Cheng & Co Group, the processes bring us to combine expertise for greater opportunities and intelligent automation at Mutation stage Transformation is a series of painful changes takes a lot of courage, time and creative ideas to make the process Beautiful.
2021
Embracing Balanced Scorecard to Drive Sustainable Growth
iSGV 2025
Intelligence,
Innovation,
Integration for
Sustainable
Growth
Vision
Award and Recognition
