Bank Muamalat Malaysia Berhad (Bank Muamalat) is set to undergo a significant digital transformation, aiming to become a leading digital Islamic banking institution. The bank has announced a multi-year collaboration with Google Cloud, facilitated by implementation partner Trinitium Sdn Bhd (Trinitium). Through this collaboration, Bank Muamalat aims to leverage Google Cloud’s advanced infrastructure and capabilities to offer personalized, digital banking services to the people of Malaysia.
As part of the transformation, Bank Muamalat will transition to a fully cloud-based operating model, migrating all digital applications and databases to Google Cloud. This move is expected to bring about cost savings, improve operational efficiency, and speed up software development cycles. Khairul Kamarudin, President and CEO of Bank Muamalat, highlighted the anticipated benefits of the shift, emphasizing streamlined IT operations and enhanced responsiveness to drive innovation and deliver superior banking experiences.
In order to ensure robust security measures, Bank Muamalat plans to implement Google Cloud’s Chronicle Security Operations and Security Command Centre Premium platforms. These platforms are designed to enhance threat detection, investigations, and responses. Additionally, the bank will leverage Google Cloud’s serverless database, Firestore, to mitigate the risk of data loss.
Bank Muamalat also intends to harness the power of Google Cloud BigQuery and Looker, integrated with Google Marketing Platform, to analyze business data on a larger scale. This integration will enable the bank to gain valuable insights and tailor products to different market segments, potentially expanding its services to underserved sections of the Malaysian market.
Furthermore, Bank Muamalat plans to integrate solutions from industry partners Mambu and Backbase to deliver digital banking solutions in accordance with Shari’ah principles. Fernando Zandona, CEO of Mambu, expressed optimism about the partnership, highlighting the potential to accelerate time to market for new products and services while enhancing customer experiences.
The bank’s digital transformation also includes an AI-first strategy for banking accessibility and personalization. Patrick Wee, Country Manager, Malaysia, Google Cloud, underscored the significance of leveraging Google Cloud’s capabilities to drive operational efficiencies, execution velocity, and service relevance and reach.
This strategic move aligns with Bank Muamalat’s mission to revolutionize digital banking in the Islamic banking market of Malaysia. It sets the stage for a new era of digital Islamic banking, characterized by speed, ease of use, and trust between the bank and its customers.
