E-solutions provider Nova MSC eyes overseas markets

PETALING JAYA: E-solutions provider Nova MSC Bhd plans to venture into four overseas markets with the commercialisation of its Fornax ePlanCheck system in the construction sector.

Nova MSC chief executive officer Steven Chan told StarBiz that the adoption of its Fornax ePlanCheck system in Japan, the United States, China and Australia, besides Malysia, is expected to materialise within the next two years.

The Fornax ePlanCheck is an artificial intelligence-driven, cloud-based, software which inspects building plans prior to obtaining approvals authorities.

The system, which identifies errors and non-compliance in building plans, is said to be both time- and cost-efficient.

“Normally, it takes from two weeks to a few months for a building plan to be approved by the authorities across the world. Many construction projects have to go through a few rounds of inspections to ensure proper compliance with the local code of construction.

“With Fornax ePlanCheck, a building plan can be approved within a few hours. Not only that, our system allows cost savings of about 30% compared to the laborious manual checking, depending on the type of pro- from the relevant jects,” said Chan.

Currently, the Ace Market-listed Nova MSC is in the midst of discussions with governments and private players in its target markets. Chan pointed out that the system can be adopted not only by government bodies involved in approving building plans, but also by construction companies.

When asked on how the company plans to expand into the new markets, Chan said it will be done through strategic partnerships and joint-ventures (JV).

The costs related to the expansion will likely be co-funded by Nova MSC and its JV partners. “Since we already have the core system in place, we do not have to spend a high amount to tune the system in line with the building plan requirements of a specific country. Over the next three years, the Fornax ePlanCheck system will be a major revenue contributor for the group,” he said.

Earlier in June this year, Nova MSC secured the first contract worth S$5.17mil (RM15.4mil) for its Fornax ePlanCheck system. Singapore’s Public Utilities Board awarded the group’s wholly owned subsidiary, novaCITYNETS Pte Ltd, a contract to implement a building information modelling checking systems for building plan submission for about 20 months and maintain the project thereafter for the next 20 months.

The contract is expected to contribute positively to Nova MSC’s financials for the financial year ending March 31, 2019.