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July 18, 2022

Malaysia’s Bank Islam launches digital banking platform

Bank Islam Malaysia Berhad (Bank Islam) has announced the launch of a cloud-native digital banking platform, called Be U, reported Digital News Asia.

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Bank Islam said that the newly-launched banking app allows customers to perform banking transactions online, thereby helping it target the younger audience, reported The Sun Daily.

Mambu’s Digital core is serving as the technology platform for Be U, which is housed on Amazon Web Services’ cloud.

The app was launched to the public in mid-June this year and Bank Islam is targeting up to 400,000 downloads and users for the digital banking platform within the first 12 months of its operations.

Be U’s offerings include a fee-free account with zero balance and fund transfer capabilities while allowing customers to save for specific goals.  

In future, new functionalities such as term deposits, gig marketplace, debit card, personal financial management, micro-finance and micro takaful, will be launched on the Be U app.

Bank Islam group CEO Mohd Muazzam Mohamed was quoted by Business Today as saying: “It is a product that intends to redesign and catalyse Bank Islam’s future growth by leveraging the rapidly changing fintech landscape and further allowing customers access to an affordable and easy-to-use financial solution.

“Through Be U, Bank Islam is shifting from being product-centric to customer-centric in building products that fulfil customer needs. This effort aligns with our five-year business strategic plan (LEAP25), which aims to become the champion in Shariah-ESG total financial solution with leadership in digital banking and social finance.”

Earlier this year, the central bank of Malaysia awarded digital banking licenses to five applicants.

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