BCA Syariah adopts Thought Machine's banking platform

By teaming up, BCA Syariah and Though Machine intend to augment Islamic banking in Indonesia with digital Sharia-compliant products and services. The financial institution went live with Vault Core and launched multiple products, including Wadiah savings, a top-up e-wallet, and an online Hajj Fee Deposit service. This initiative focuses on further accelerating the technology adoption and product development, with the bank planning to introduce term deposit products and gold financing in the upcoming period.

Optimising Islamic banking solutions

Implementing Vault Core supports BCA Syariah’s strategy to offer faster and more reliable banking services for its customers. In addition, Thought Machine’s Universal Product Engine enables the bank to develop and tailor a suite of integrated products on a unified platform, which in turn can augment the overall user experience. Thought Machine’s platform’s architecture and design are set to deliver BCA Syariah flexibility and increased market responsiveness while allowing them to move from traditional banking systems. This assists BCA Syariah in providing real-time services and adapting to market demands, preferences, and requirements, as well as to regulatory changes.

When commenting on the announcement, representatives from Thought Machine underlined that this initiative underlines their company’s commitment to enabling financial institutions to expand and optimise its operations in its markets. The current news comes shortly after Afin Bank partnered with Thought Machine to introduce a new digital bank for Africans living and working in the UK. At that time, the bank mentioned its plans to meet the financial needs of the African diaspora by providing digital-first financial services. By utilising Thought Machine’s Vault Core platform, Afin Bank worked towards offering mortgage options customised to those who face difficulties when borrowing due to nationality, visa restrictions, or lack of a UK credit history.