BIMB Holdings, a wholly owned subsidiary of Bank Islam Malaysia Berhad, has entered a strategic joint venture agreement with Relydyn Tech to establish FINODYN a technology financial entity, advancing the Shariah-compliant digital finance landscape by offering cutting-edge financial technology platform, software, and services to the market.
BIMB with 40% and 60% equity to Relydyn will see FINODYN adopt a B2B (business-to-business) model, focusing on delivering financial and banking platforms that offer Shariah-compliant financial solutions, consulting, maintenance, and support services to diverse businesses and organisations.
The group said the strategic partnership will enable Bank Islam to offer Islamic Banking-as-a-Service, a step forward in its delivery of innovative financial solutions across diverse markets. By taking this bold step into the TechFin space, the Bank said it is cementing its position as a leader in Islamic digital finance.
The joint venture will be executed in three strategic phases. The initial phase, spanning up to two years, will focus on product and infrastructure development. This will be followed by an accelerated sales phase to drive market penetration.
“We are thrilled to partner with Bank Islam to shape the future of finance. By combining our innovative cloud solutions with Bank Islam’s banking expertise, we are focused on delivering superior customer experiences, driving digital transformation, and creating a more agile, secure, and customer-centric financial services landscape,” said JayaPrasad, Chief Executive Officer of RELDYN,
