Codebase Technologies to foray into new Islamic fintech markets this year, starting with Malaysia

A Dubai-headquartered Islamic fintech provider has begun executing its aggressive growth strategy in the hope of capturing other major Shariah finance markets, particularly Malaysia, the UK and North Africa.

Codebase Technologies expects to open an office in Kuala Lumpur over the next few months, using the Islamic financial center as its launchpad into the ASEAN market. 

“We are in the process of establishing our offices in the UK, ASEAN and African regions as we have been working closely with institutions across these spaces on not only innovations, but also enterprise grade systems,” Omar Mansur, the engagement lead for enterprise projects at Codebase Technologies, confirms with IFN Fintech. 

This network growth is expected to push headcount up by approximately 50% to at least 300. 

The firm is focusing on deepening its capabilities to include more robust use of artificial intelligence (AI), machine learning and blockchain integration with non-financial institutions, among others. It is understood that Codebase Technologies would be venturing into the healthcare sector and is currently working with telecommunication providers in the area of financial services. 

These measures are in line with the direction the industry is going, Omar explains. 

“The biggest change we are going to see within the next five years most probably lies within the infrastructure and customer facing/interactions side. As banks are now getting ready to provide more efficient services, the infrastructure is also morphing into an efficient one. Blockchain integration, AI and predictive analytics would play a very strong part in this,” he expounds. “Banks are now shifting their focus to more customer-friendly and easy interaction services poised around ‘lifestyle banking’.” 

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