Bank Muamalat signs long-term partnership with Backbase for Engagement Banking platform

 

Bank Muamalat in Malaysia has entered a long-term partnership with Dutch front-end digital banking solutions provider Backbase to leverage its Engagement Banking platform as it looks to launch a digital Islamic banking super app for its retail customers.

Powered by Mambu’s core banking platform and supported by Backbase as the app’s “anchor platform” for onboarding, transaction processing, financing, consumer servicing and engagement, Backbase says the upcoming super-app will accommodate “the needs of diverse consumers in Malaysia beyond traditional banking services”.

Backbase says the launch of the app is “central” to the bank’s ongoing digital transformation efforts, predicting that the development will generate “personalised banking journeys, tailored to [the] unique preferences of its customers”.

While the app is intended to first operate within a retail capacity, Backbase adds that Bank Muamalat “has set its sights on extending these innovations to its commercial and SME banking segments in the near future”.

Expanding on this, Khairul Kamarudin, president and CEO of Bank Muamalat, claims the bank is currently focused on tailoring its banking services to be “more modern, customer-centric, and digitally progressive”, before revealing that it intends to launch its app “by the end of the year”.

Bank Muamalat recently inked a multi-year partnership with Google Cloud, selecting a string of different solutions from the vendor’s suite to support its digital transformation efforts. Chief among this selection was Google Cloud’s Mandiant Threat Intelligence platform for cybersecurity, its infrastructure modernisation solution and developer cloud, and its Vertex AI Search and Conversation platform.

Source: fintechfutures.com

Hipther

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