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Sedania deploys solutions to some of Malaysia's new digital banks

KUALA LUMPUR: Sedania Innovator Bhd is deploying a full suite of digital banking solutions to the recently-announced recipients of Malaysia's digital banking licences.

In a statement today, the company said the solutions would be deployed via its fintech arm Sedania As Salam Capital Sdn Bhd and its technology partners.

On April 29, Bank Negara Malaysia announced the five successful applicants for the digital bank licences, as approved by the Ministry of Finance.

Among the winners under the Islamic Financial Services Act 2013 (IFSA) is a consortium involving Aeon Credit Service (M) Bhd, which currently uses Sedania As Salam's Integrated Tawarruq Trading Solution for Islamic Financial Institutions.

Additionally, another client of the company is part of a consortium, which secured one of the three conventional digital banking licences under the Financial Services Act 2013 (FSA).

Through its partnership with Sedania As Salam, the client currently offers a shariah compliant personal financing product to platform users of its super app.

Sedania As Salam chief executive officer Khairul Nisa Ismail said the company was supporting its clients to roll out market-ready solutions within the stipulated time.

"Additionally, we are very keen to explore the possibility of partnering with the other three new digital banking licence holders. Sedania As Salam possesses the technological capabilities and experience to complement efforts aimed at establishing their respective digital banking infrastructures," she said.

Among the partners that Sedania As Salam has partnered with are internationally-recognised technology players Crealogix and Mambu, both which are already operating seamlessly using digital solutions within these new types of digital banking environments.

Crealogix, a Swiss fintech 100 company, is a global leader in digital banking technology with 25 years of experience providing to world-leading financial institutions.

Mambu is a German software company headquartered in Berlin. It provides infrastructure for banks and financial service providers according to the software as a service model.


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