FinTech: Malaysian Company MFMi Group To Launch Digital Islamic Banking Using Mambu’s Platform

July 8, 2020 | FinTech, News

The Malaysian company focuses on digitizing the Islamic financial experience.

MFMi Group, a unit of Malaysian fintech MFM Synergy, announced its intention to launch digital Islamic financial services choosing Mambu’s SaaS, a cloud-native banking platform. The initiative aims to enhance financial inclusion for Malaysia’s underserved consumers. (The Fintech Times)

COVID-19 a trigger for digitalization

Referring to the ‘new normal’ resulting from the COVID-19 pandemic, MFMi Group is placing a thrust on digitizing Islamic financial services. It intends to boost Islamic fintech and enhance Sharia Compliance ecosystems.

“Lockdown measures show how the capacity of a company or a bank to shift its business online is critical for its continuity,” said SPGlobal in their review of Islamic Finance for 2020-2021.

“For Islamic banks and Sukuk, higher digitalization and fintech collaboration could help strengthen their resilience in a more volatile environment and open new avenues for growth.”

Islamic products and Mambu

MFMi Group will start with the launch of a digital sharia-compliant factoring product called MFM Tawreeq. It will follow that up with an Islamic digital wallet. It then plans to develop, over the next five years, a suite of Islamic financial services.

“We focus completely on becoming a digital Islamic financial services provider. We have selected Mambu’s composable banking platform because it offers flexibility and is easily scalable,” said Mr. Ahmad Tarmizee, the Group Managing Director and Founder of MFMi Group. “ We’re excited to take our first step into digital Islamic financial services with Mambu’s powerful, cloud-native platform as our foundation.”

“We share a common goal of enhancing financial inclusion for under-served communities, so we take great pride in being chosen by MFMi Group to underpin its new suite of product offerings,” added Myles Bertrand, Managing Director, APAC, of Mambu.

Mambu on the cloud

Last month, Mambu, a global, white-label, SaaS banking platform announced its tie-up with Google (NASDAQ: GOOGL) Cloud.

Mambu said its cloud-agnostic banking platform would now be available end to end, and around the world, to customers in 50 countries.

Furthermore, its core banking and lending engines include current accounts, loans, deposits, mortgages, and other financial products. Even a large number of third-party services easily integrate with its platform.

Earlier, Mambu set up a collaboration with VeriTran.  VeriTran’s front-end capabilities now integrate with Mambu’s cloud-native banking platform. This allows for the quick launch of digital banking apps.

Related Story:  Global, White-Label, SaaS-on-Cloud Banking Platform Mambu Now on Google Cloud                 

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