Singapore – Maybank Islamic has recently announced the selection of digital banking solutions firm audax Financial Technology as its strategic partner to lead the digital transformation of its banking services.
This new partnership will offer advanced, customer-focused digital banking solutions powered by Amazon Web Services (AWS), with the first product set to launch in 2025. Said move underscores audax’s crucial role in shaping the future of digital Islamic banking.
With audax’s support, Maybank Islamic can now provide a full suite of Islamic financial products via seamless digital channels. These encompass paperless, real-time onboarding, efficient account management, and instant access to digital banking services.
Backed by AWS’s secure and scalable cloud infrastructure, Audax’s platform also ensures quick, dependable, and secure deployment. Said solution offers customers flexibility and maintains compliance with Islamic finance principles, emphasising the company’s commitment to delivering inclusive, innovative banking solutions at scale.
Kelvin Tan, CEO at audax, said, “This collaboration with Maybank Islamic underscores our commitment to driving digital transformation in Islamic banking and banking as a whole. audax’s platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape.”
Dato’ Muzaffar Hisham, CEO at Maybank Islamic, further remarked, “Partnering with audax and AWS marks a significant milestone in our journey to build global Islamic banking leadership. This collaboration underscores our commitment to delivering customer-first solutions that are seamless, inclusive, and fully compliant with Islamic finance principles, in line with Maybank’s M25+ strategy.”
“We are confident that audax’s expertise and AWS’s secure cloud infrastructure will empower us to better serve our customers and drive growth across Southeast Asia’s rapidly expanding Islamic finance sector,” he shared.
Meanwhile, Peter Murray, country general manager for Malaysia and Asia emerging markets at AWS, stated, “AWS is the only global cloud service provider to have launched infrastructure regions in Malaysia, Singapore, Indonesia, and Thailand in ASEAN. Leveraging this unparalleled investment in Southeast Asia, Maybank Islamic can now offer services that anticipate their end customer needs, continuously optimise operational performance, and deliver innovative, cutting-edge Islamic banking services that are secure, scalable, and customer-centric.”
“Working in partnership with industry-leading partners like audax, who deliver the building blocks of future finance, we are committed to helping Maybank Islamic redefine Islamic banking as a global leader and democratise financial access across ASEAN,” explained Murray.
audax’s scalable, cloud-native platform is designed to empower other banks and financial institutions in the region to better serve their customers. By leveraging its expertise, Maybank Islamic is positioned to enhance its capabilities and set the stage for future advancements in Islamic banking across ASEAN and beyond.
