Wednesday, February 24, 2021
Editor's Pick Bank Islam: Digital transformation in pursuit of public listing

Bank Islam: Digital transformation in pursuit of public listing

In preparation to becoming Malaysia’s first public-listed Islamic bank, Bank Islam Malaysia (BIMB) is sparing no effort and has decidedly taken a digital pivot to support its transformation.

Less than a week since it signed on to become Muslim lifestyle app TheNoor’s official banking partner in a bid to boost business through digital means, Bank Islam has now engaged TM ONE, the business solutions arm of national telecommunications company Telekom Malaysia (TM), to assist it in its digital transformation journey.

“The partnership with Malaysia’s leading integrated telecommunication company such as TM will complement the bank’s effort to constantly improve our functions and the services we provide to the customers, thus further fulfilling [the] market’s need and expectations,” Mohd Muazzam Mohamed, CEO of BIMB, said. “This effort will then catalyze the growth of the bank and the Islamic banking industry as a whole.”

TM ONE will offer digital solutions and infrastructure including data centre and Cloud Alpha services, big data analytics and cybersecurity solutions to enhance BIMB’s product suite.

“These solutions will intensify BIMB’s information technology infrastructure and center for digital experience, digital banking products, by allowing [a] new buying experience, away from the traditional banking approach,” Muazzam explained. In recent years, BIMB — one of two fully-fledged Islamic banks in the country — have stepped up its digital game. From enhancing its overall digital architecture to creating new distribution channels through strategic alliances, such transformation is also seen in its sister companies such as BIMB Investment Management which began integrating artificial intelligence into its offerings.

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