KUALA LUMPUR: Maybank Islamic Bhd and Telekom Malaysia Bhd (TM) recently established a partnership to deliver the country’s first Islamic Banking as a Service (BaaS) solution powered by 5G.
Targeted for consumers and micro, small and medium enterprises (MSMEs), this collaboration combines Maybank Islamic’s financial services and TM’s recognised Uni5G Postpaid Biz mobile packages, creating access and experiences for digital customers.
With local entrepreneurs and MSMEs to gain the most, Maybank Islamic and Unifi Business, TM’s digital business solutions arm, launched Go Niaga, a mobile business banking bundle to help businesses manage finances, improve incomes, and offer digital payment options powered by secure 5G connectivity and networks.
The bundle will address this segment’s current market gaps, enabling businesses to better participate in e-commerce and expand their customer reach.
Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said this partnership between TM and Maybank Islamic opens up unique opportunities in delivering Islamic banking services to customers.
“This partnership is a significant step forward in financial inclusion. By embedding Maybank Islamic’s BaaS solutions within Unifi Business platforms, previously unbanked or underbanked individuals and businesses will gain access to Maybank’s essential financial services and 5G mobile connectivity through TM’s technologies,” he said in a statement.
He said that while the technology originates from the BaaS concept, what makes it unique is its adherence to Islamic principles, making it the pioneering example of its kind in Malaysia.
It combines modern technology with the ethical requirements of Islamic finance, providing innovative and faith-based financial services, Mohamed Rafique said.
Unifi chief commercial officer for consumer strategy and business Shanti Jusnita Johari said MSMEs are a vital growth engine for the nation’s economy.
“This segment accounts for nearly 38 per cent of Malaysia’s gross domestic product (GDP), yet their potential is often dimmed by limited access to digital tools and financial services.
“This is even more apparent among underserved segments, micro and small businesses that face the most challenges in accessing financial services and digital innovations necessary to elevate their lives and livelihoods.
“As a trusted partner to more than 400,000 MSMEs across the nation, we believe this partnership is a timely intervention to effectively address these challenges and help local businesses seize the digital economy’s opportunities,” she said. Shanti said this partnership is the next milestone in TM’s vision to become a digital powerhouse by 2030. Its mission is to power a Digital Malaysia, improving businesses and communities through technology and paving the way for a digitally inclusive nation.
