Sedania Innovator Bhd is deploying a full suite of digital banking solutions to the recently announced recipients of Malaysia’s digital banking licences, via its Fintech arm SEDANIA As Salam Capital Sdn Bhd and its technology partners.
Currently winners under the Islamic Financial Services Act 2013 (“IFSA”) a consortium involving AEON Credit Service (M) Berhad, already uses the Sedania As Salam’s Integrated Tawarruq Trading Solution for Islamic Financial Institutions.
Additionally, another client of the Group is part of a consortium, which secured one of the three (3) 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.
“We are delighted that our existing clients obtained the much sought-after digital banking licences, be it in the conventional or Islamic space. We are supporting our clients to roll out market-ready solutions within the stipulated time,” said Sedania As Salam Chief Executive Officer Khairul Nisa Ismail.
The tech firm has been powering more than 80 clients with its patented API-based Digital Commodities Platform that enables seamless Straight Through Processing capabilities for Islamic Consumer Retail Products.
Nisa adds that SEDANIA As Salam’s unique Digital Akad sets SASC apart from other peers in the market and the region as it helps Islamic Banking sectors to connect with customers for seamless Akad processes and subsequently, enable faster turnaround times for financing disbursements.
“Our latest agile and composable ecosystem resonates well with Financial Services Institutions (FSIs) that are moving fast towards digital banking readiness. In the last 12 months, SEDANIA As Salam has been continuously working closely with our key partners who were contending for the digital banking licences by better integrating our technology platforms with their respective banking solutions,” Nisa elaborates.
Among the notable tech partners that SEDANIA As Salam has partnered with include internationally recognised technology players including CREALOGIX and MAMBU, both of 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.
Meanwhile, 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.