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May 12, 2022

Malaysia’s new digital banks turn to SEDANIA for banking solutions

Malaysian technology firm SEDANIA Innovator has revealed that it is implementing its digital banking platforms for two new digital banking licence awardees in the country. 

The firm is deploying a full suite of digital banking solutions through its fintech arm SEDANIA As Salam and technology partners.

In April, the central bank of Malaysia announced that five applicants have been awarded digital banking licences. 

A consortium involving AEON Credit Service was among those who were authorised under the Islamic Financial Services Act 2013 (IFSA).

Currently, AEON Credit Service uses SEDANIA As Salam’s Integrated Tawarruq Trading Solution for Islamic financial institutions.

Another client, who secured a conventional digital banking licence, leverages its partnership with the digital banking provider to offer Sharia-compliant personal financing products.

SEDANIA noted it is supporting its clients to launch market-ready solutions within the stipulated time frame.

SEDANIA As Salam CEO Khairul Nisa Ismail said: “Additionally, we are very keen to explore the possibility of partnering with the other three new digital banking licence holders. SEDANIA As Salam possesses the technological capabilities and experience to complement efforts aimed at establishing their respective digital banking infrastructures.”

Nisa revealed that in the last 12 months, SEDANIA As Salam has worked with its key partners who sought digital banking licences by integrating its platforms with their respective banking solutions.

The recipients of the digital banking licences will go through a period of operational readiness before they can start operations

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