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Bank Muamalat partners with Backbase

Tuesday 21 May 2024 08:55 CET | News

Bank Muamalat Malaysia Berhad has announced a long-term partnership with Netherlands-based Engagement Banking Platforms provider Backbase.

 

This collaboration aims to transform Bank Muamalat’s offerings by integrating Backbase’s Engagement Banking Platform and Mambu’s core banking solutions. 

The initiative is part of Bank Muamalat’s broader strategy to provide a unified digital banking experience, streamline operations, and bridge traditional banking silos. The Backbase platform will support various functions including onboarding, transactions, financing, and backend services, allowing Bank Muamalat to develop secure, scalable, and consistent customer journeys.

 

Bank Muamalat Malaysia Berhad has announced a long-term partnership with Netherlands-based Engagement Banking Platforms provider Backbase.

 

Bank Muamalat’s digital transformation 

A significant element of this transformation is the creation of a digital Islamic banking super app, which is designed to improve retail banking services by offering personalised customer experiences. The new app will not only address traditional banking needs but also provide features related to financial and faith-based empowerment, ensuring security and peace of mind in transactions. Future plans include extending these innovations to commercial and SME banking segments. 

Bank Muamalat’s digital journey is driven by several strategic priorities, including business growth, expanding access to Islamic banking, and enhancing customer centricity. Backbase supports over 120 financial institutions globally, including numerous Islamic banks. The company’s platform offers flexibility and various customisation options that aim to meet the specific requirements of Islamic banking. In Asia, Backbase has partnered with several banks, gaining insights into their unique challenges and needs. 

Mambu, a company specialising in cloud-native core banking, will support Bank Muamalat in transitioning to a cloud-based model. This transition is expected to improve banking services, enhance operational efficiency, and reduce costs. The collaboration with Mambu allows Bank Muamalat’s developers to expedite software development and meet regulatory requirements while strengthening security controls.


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Keywords: partnership, banking, financial services, digital banking
Categories: Banking & Fintech
Companies: Backbase, Bank Muamalat
Countries: Malaysia
This article is part of category

Banking & Fintech

Backbase

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Bank Muamalat

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