Bank Islam is gearing itself to be a prominent Islamic financial institution when it becomes Malaysia’s first public listed Islamic bank, with the plan scheduled to take place sometime this year, the bank is also embarking on a massive digital transformation exercises to better serve its customers in a post pandemic world.
To lead this undertaking, the bank has appointed Telekom Malaysia Berhad via its enterprise and public sector business solutions arm, TM ONE as the preferred digital partner in realising Bank Islam’s transformational strategy. Both parties signed an MOU detailing the various aspects of the project.
Chief Executive Officer of Bank Islam, Mohd Muazzam Mohamed believes as the bank embarks on its new endeavour by becoming Malaysia’s First Public Listed Islamic Bank, its crucial to pursue the latest technological advancements to facilitate its customers needs.
He added, “We are very excited and look forward to a meaningful partnership with TM, via TM ONE as digitalisation will enable core infrastructure that will support Bank Islam’s key strategic pillars of Sustainable Prosperity, Value-based Culture, Community Empowerment, Customer Centricity, Real Economy as we move forward.”
Commenting on the collaboration, Ahmad Taufek Omar, Executive Vice President and Chief Executive Officer of TM ONE said, “We are honoured to be given the opportunity to extend our digital expertise to Bank Islam. We are fully aware that digital transformation, data security and protection are the top priority, especially for the banking sector. With the agreement in place, TM ONE will be providing Bank Islam with solutions such as cloud services, cybersecurity and big data analytics. This will enable the bank to optimise its processes, expand offerings via omni-channel platforms and allow the bank to monetise its data more efficiently.
TM ONE will be deploying its propriety digital solutions like the Cloud Alpha and provide sovereignty over data at the telecommunications owned data centres. As large corporations look to transform their operations and move their data to cloud, the considerations to where all these information’s sits becomes contentious. Data centres located with the country is often the choice, especially when the data is considered private and confidential.
These would have been some of the factors that would have swayed Bank Islam to pick TM ONE as its preferred digital partner to intensify its IT infrastructure and Centre for Digital Experience (CDX) digital banking products.