Kuala Lumpur, Malaysia – CloudMile and Tookitaki have signed a memorandum of understanding (MoU) to collaborate on AI-driven financial crime prevention solutions for Malaysia’s financial services sector, combining cloud infrastructure and artificial intelligence capabilities to help financial institutions address evolving fraud threats.
The partnership will integrate Tookitaki’s anti-money laundering (AML) and fraud detection platform with CloudMile’s cloud architecture and deployment expertise to support regulated financial institutions in strengthening real-time financial crime prevention.
The companies said the collaboration comes as Malaysia’s growing adoption of digital banking and instant payment services, including DuitNow, has increased the speed and complexity of financial fraud. They also noted that evolving anti-money laundering and financial crime regulations from Bank Negara Malaysia have heightened expectations for financial institutions to improve fraud detection and compliance capabilities.
Under the agreement, CloudMile will design and implement secure cloud infrastructure to support the deployment of Tookitaki’s AI-powered financial crime detection technologies. The company said its role will focus on providing cloud architecture, AI-ready deployment, and managed implementation for regulated environments.
Tookitaki will provide its FinCense platform, which uses what the company describes as Collaborative Intelligence to enable financial institutions to share emerging financial crime typologies. According to Tookitaki, its Explainable AI technology has achieved a 50% reduction in false alerts and a 45% improvement in fraud detection cost efficiency based on internal data and customer case studies.
The companies said the partnership aims to help Malaysian financial institutions assess AI-driven approaches to financial crime prevention, including identifying mule account networks, improving alert investigation processes, and responding more quickly to emerging fraud patterns.
The MoU also covers joint solution development, go-to-market initiatives, and knowledge-sharing activities for Malaysia’s financial services industry, with the objective of helping institutions strengthen fraud controls while meeting regulatory requirements related to security, resilience, and operational governance.
“As Malaysia’s financial services sector accelerates digital transformation, financial institutions need more than standalone fraud detection tools. They need a secure, scalable, and AI-ready cloud architecture that can support real-time financial crime prevention while meeting the reliability and security expectations of the banking industry. “CloudMile and Tookitaki have forged a strategic alliance combining local deployment accountability, specialised AML application capability, and secure cloud-native infrastructure to revolutionise financial crime compliance for high-growth digital ecosystems. This unified partnership is essential to deliver a complete, regulator-ready AML platform, seamlessly bridging Tookitaki’s proven FinCense detection engine and AWS’s resilient cloud foundation with CloudMile’s on-the-ground AI CCOE capabilities systems integration and local managed operations”
“Financial crime is a network problem criminals move across institutions, and no single organisation can fight it alone. That’s why intelligence has to be collective, and controls have to be deployable. Our partnership with CloudMile solves exactly that: Tookitaki brings the ecosystem intelligence and detection capabilities, CloudMile brings the secure cloud infrastructure to deploy them. Together, Malaysian financial institutions get a smarter control environment — one that can adapt as threats evolve, not just react after the fact.” said Abhishek Chatterjee, Founder and CEO, Tookitaki.
