Tuesday, February 27, 2024
Editor's PickMBSB joins hands with telco to future-proof Islamic banking operations

MBSB joins hands with telco to future-proof Islamic banking operations

Malaysia’s largest telecommunications company CelcomDigi and MBSB Bank will explore opportunities in end-to-end smart Islamic digital banking solutions and cloud infrastructure technology, among others, as part of the Islamic bank’s strategy to future-proof its business amid greater competition.

Under an MoU, the partnership will cover initiatives in cyber security and smart retail financing solutions. MBSB Bank and CelcomDigi have also agreed on finding new commercial opportunities and joint go-to-market activities.

“We plan to establish industrial IoT solutions as part of the business financing, focusing on green tech adoption, automation and quality assurance. We also intend to leverage on cloud technology in order to advance our digital capabilities as this shall help to increase our competitiveness level,” explained Nor Azam M Taib, the group CEO of MBSB Bank.

Digital innovation in central to the MBSB Bank’s growth strategy: the bank last year launched e-KYC and inaugurated its virtual branch.

MBSB, which was initially established as an exempt finance company, became a fully-fledged Islamic bank in 2018. It has its eyes set on becoming one of the biggest Islamic banks by assets by acquiring Malaysian Industrial Development Finance, a merger expected to be finalized this quarter.

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