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SEDANIA As Salam and CREALOGIX to accelerate digital transformation in Malaysia

The strategic partnership reaffirms both companies' commitment to accelerate the digital transformation for businesses in the region. SASC has served over 70 financial institutions with more than RM60 billion loans processed to-date, projecting growth in the demand for digital solutions in Islamic financial services. This growing demand is expected to continue, considering the major shift in digital behaviour towards banking habits amid the global pandemic Covid-19. CREALOGIX is a Swiss fintech 100 company, a global leader in digital banking technology with 25 years of experience in providing world leading financial institutions with a modern, unified, omnichannel front end for their client-facing products and services in banking and wealth management.

Stated in the joint statement today, the strategic alliance between the two companies is seen vital against the background of rapidly digitalising economies in Asia. Industry experts predicted branch-based banking models will be dead in five years' time. Based on the report published recently, it is estimated that there will be 567 closures in Malaysia within the decade, with the number of physical branches projected to drop by 23% to about 1,900 in 2030 from 2,467 in 2020. SEDANIA As Salam Capital's CEO, Pn. Nisa Ismail said,

"It is imperative for financial service institutions to revamp their business models strategy in the midst of technology transformation when the pandemic hits. With the growing pervasiveness of digitalisation, the timing is absolutely perfect for us in response to anchor our footing and commercial objectives in the industry."

The partnership between the two companies will enable clients to benefit from local expertise alongside feasible technology integration and solutions. With CREALOGIX product know-how in digital banking, SASC is confident that they will be able to expand their technological specs to serve their clients better. Nisa further added,

"Digital adoption has been fast-forwarded, the initial plan for full digitisation that was supposed to take between 3-5 years is now shortened to a maximum of 12 months. This is an opportunity for us to strengthen our innovation efforts."

While Covid-19 has disrupted global financial markets at an unprecedented scale, Islamic banking has shown its resilience. Islamic banking assets recorded a higher percentage growth as compared to conventional banking assets in Malaysia in 2020.

One of the key driving growth is the adoption of technology amongst players. We are confident that with SEDANIA As Salam Capital onboard it will unlock synergistic opportunities that will benefit our existing clients and prospects against market volatility amid pandemic challenges. Apart from consumer retail, SASC is looking objectively to serve prospect clients in the SME segment, added Nisa.

In a statement today, Karsten Kemna, Managing Director, CREALOGIX APAC said:

"This strategic alliance in the digital banking landscape in Malaysia is of enormous importance. The local market expertise of SEDANIA As Salam Capital, combined with CREALOGIX state-of-the-art product offering, means we can provide the market players with a competitive edge. Together we can help them grow their client business and ensure that digital delivers on its promise of driving new and exciting initiatives."

The partnership will see both companies leveraging on each other strength and core competencies to provide an end-to-end value stream platform to help their clients increase operational efficiency and accelerate digital transformation within their business.

SEDANIA As Salam Capital (“SASC”) CEO, Pn. Nisa Ismail concluded in the interview,

"The partnership reflects our shared vision to support businesses in the region to digitise and grow resiliently. We believe that both companies expertise and knowledge in the industry is critical to grow the Islamic fintech ecosystem in the region."


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