KAF, a Malaysia-based financial services conglomerate, has selected the Temenos Banking Cloud to launch a digital lending business.
KAF will use Temenos Banking Services for retail loans and Islamic financing delivered on the Temenos Banking Cloud to offer conventional and Islamic products.
KAF’s ambitions extend beyond lending to include digitalisation of a whole suite of financial products and services, including asset management, investment banking, and stockbroking.
With regulatory approval, the Temenos Banking Cloud will enable the bank to turn on new financial services to expand its offering and scale efficiently.
Demand for digital financial services in Malaysia has surged since the start of the pandemic. In 2020, Malaysians conducted USD 109 million worth of mobile banking transactions – a 125% jump compared to the previous year.
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