Bank Islam Malaysia Berhad has launched a fully cloud-native digital banking platform, Be U.
It claims this is the first-of-its-kind technology stack and claims this cloud-native solution will be the “cornerstone of all upcoming digital banks to be introduced in Malaysia.”
This new banking app allows users to do their banking transactions seamlessly, without needing to visit a branch. The app is aimed at the younger generation, with a saving account that allows zero balance, fund transfer capabilities and a Nest feature that helps users save for specific goals.
Bank Islam Malaysia Group CEO Mohd Muazzam Mohamed said, “Be U is a gamechanger for Bank Islam and the Islamic banking industry. 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 fulfill 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.”
Muazzam stated new features will be added frequently over the next 12 months. Additional services will include term deposit, gig marketplace, debit card, personal financial management, micro-financing, micro takaful and much more.
The bank is aiming to reach between 350,000 and 400,000 downloads for the Be U app within the first 12 months.
Earlier in the year, Malaysia-based financial wellbeing platform Payd raised $1.7m in its seed funding round as it grows its Southeast Asian operations.
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