Bank Muamalat Malaysia has teamed up with Google Cloud to expedite its transformation into a major digital Islamic bank.
The multi-year collaboration is designed to enable Bank Muamalat Malaysia to offer tailored digital banking services to Malaysians by utilising the integrated capabilities of Google Cloud in data analytics, modern infrastructure, security, and generative artificial intelligence (AI)
Bank Muamalat Malaysia also aims to cater to the segments underserved by traditional banking with its new inclusive digital banking experiences.
The Malaysian bank’s cloud transformation also comprises the adoption of solutions from Mambu, a Google Cloud industry solutions partner, and Backbase. This will help Bank Muamalat Malaysia to deliver new digital banking solutions in line with Shariah principles.
In the process, Bank Muamalat Malaysia will migrate its digital applications and databases to Google Cloud and integrate them with Mambu’s digital core banking platform and the engagement banking platform of Backbase.
Bank Muamalat Malaysia president and CEO Khairul Kamarudin said: “It’s our mission to bring digital banking’s full range of benefits to Malaysia’s Islamic banking market.
“By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade gen AI and ultimately delivering superior banking experiences.”
According to Google Cloud, the bank’s move to an open cloud foundation will empower its developers to accelerate software development cycles.
Bank Muamalat Malaysia also intends to leverage Google Cloud’s Chronicle Security Operations and Security Command Center Premium platforms, integrated with Mandiant Threat Intelligence for threat detection, investigation, and response capabilities.
Besides, the Malaysian bank will deploy Google Cloud’s serverless database Firestore to prevent unintended data loss from potential human errors and natural disasters.
Google Cloud Malaysia country manager x said: “Bank Muamalat’s decision to leverage Google Cloud’s capabilities in modern infrastructure, security, data analytics, and gen AI as a unified whole, will help the bank drive new operational efficiencies and execution velocity, and expand the relevance and reach of its services.”