Maybank Islamic, the Islamic banking arm of the Maybank Group, has selected Audax Financial Technology as its partner to lead the digital transformation of its banking services.
Backed by Standard Chartered, Audax is a provider of digital banking technology solutions. The firm will deliver customer-focused solutions built on Amazon Web Services (AWS).
The first product from this collaboration is expected to launch this year.
Headquartered in Malaysia, Maybank Islamic delivers Islamic financial products and services across the Association of Southeast Asian Nations (ASEAN) region.
Maybank Islamic CEO Dato’ Muzaffar Hisham said: “Partnering with Audax and AWS marks a significant milestone in our journey to build global Islamic banking leadership.
“This collaboration underscores our commitment to delivering customer-first solutions that are seamless, inclusive, and fully compliant with Islamic finance principles, in line with Maybank’s M25+ strategy.”
The partnership marks a significant step in Maybank Islamic’s efforts to enhance its digital banking capabilities across key markets, including Malaysia, Singapore, Indonesia, and the Philippines, said Audax.
Maybank Islamic aims to provide seamless digital access to Shariah-compliant financial products, featuring paperless onboarding, real-time account management, and instant banking services.
Audax’s cloud-native platform is expected to enable Maybank Islamic to meet customer demands swiftly while ensuring compliance with Islamic finance principles.
Audax is said to be the technology partner behind Asia’s first Banking-as-a-Service (BaaS) platform.
The initiative also aligns with the projected growth of the global Islamic finance market, expected to reach $4.94 trillion by 2025, with Southeast Asia contributing 22% of the sector’s assets, stated Audax.
Audax CEO Kelvin Tan said: “This collaboration with Maybank Islamic underscores our commitment to driving digital transformation in Islamic banking, and banking as a whole.
“Audax’s platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape.”
