Bank Rakyat has launched the Bank Rakyat Sandbox platform to enhance its digital offerings and foster collaboration with FinTech firms. This initiative aims to accelerate the development of digital products and services while revolutionising the Islamic financial sector.
Bank Rakyat, Chief Executive Officer, Datuk Dr. Mohammad Hanis Osman highlighted the significance of the Sandbox platform as a gateway for innovation.
He emphasised its role in providing a secure environment for FinTech companies to ideate, collaborate, and test groundbreaking concepts, ultimately driving the evolution of Islamic finance.
“The Bank Rakyat Sandbox platform is designed to facilitate collaboration among FinTech companies, fostering the exchange of expertise and the testing of innovative ideas to address industry gaps and unlock new opportunities,” said Mohammad Hanis. He also stressed its importance in accelerating the adoption of innovative solutions compliant with shariah principles.
Aligning with Bank Rakyat’s digital transformation efforts and the values of MADANI’s Creativity and innovation, the Sandbox platform integrates technology to develop efficient banking services and products that meet market demands.
Moreover, it enables FinTech companies to create Minimum Viable Products (MVPs) through collaborative partnerships with the bank.
