Bank Aladin Syariah is working on scaling up its technology infrastructure to better serve the Muslim community of Indonesia, and has engaged Google Cloud to assist it in its digital transformation.
Formerly known as Bank Net Indonesia Syariah, Bank Aladin Syariah positions itself as a digital-first Islamic banking company and has come a long way in its fintech journey. In its previous reiterations including as Bank Maybank Syariah Indonesia in 2010, the company had been a traditional brick-and-mortar financial institution. Over the last few months, the bank launched its app, secured regulatory approval to issue digital debit cards and formed multiple partnerships including with the national Hajj fund management agency Badan Pengelola Keuangan Haji, Alfamart, Halodoc and Facebook.
Its most recent strategic collaboration is with Google Cloud.
“By joining forces with Google Cloud, it will fuel Bank Aladin with scalable efficient infrastructure to enable its further mission in creating new banking experiences for the community to foster financial inclusion based on Shariah principles,” a spokesperson said.
The Islamic bank is looking to strengthen its capital to meet the minimum core capital of IDR3 trillion (US$208.56 million) by the end of 2023: it is reportedly holding an extraordinary general meeting in February to seek approval for a rights issue exercise.