TM and Maybank Islamic launch 5G-powered banking-as-a-service

TM and Maybank Islamic launch 5G-powered banking-as-a-service

Telekom Malaysia (TM) and Maybank Islamic announced on Thursday that they have partnered to create what they’re billing as Malaysia’s first Islamic banking-as-a-service (BaaS) solution powered by 5G.

Targeted at both consumers and micro, small and medium enterprises (MSMEs), the partnership aims to bundle Maybank Islamic’s financial services with TM’s Uni5G Postpaid Biz service.

“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,” said Maybank Islamic CEO Dato’Mohamed Rafique Merican in a statement. “It combines modern technology with the ethical requirements of Islamic finance, providing innovative and faith-based financial services.”

The first offering out of the gate is ‘Go Niaga’, a mobile business banking bundle designed to help MSMEs manage finances, improve incomes and offer digital payment options. Banking services include accounts and credit facilities tailored for MSMEs, as well as payment acceptance facilities through Maybank Islamic’s QRPay Biz, and Tap2Phone, which enables cloud POS via mobile devices to facilitate digital/card payments.

The Go Niaga bundle includes any of Unifi’s three Uni5G Postpaid Biz packages, along with free 5G mobile devices, which TM says will ensures secure access to financial services, as well as bring 5G capabilities to more communities.

Shanti Jusnita Johari, chief commercial officer for Consumer Strategy & Business at Unifi said the bundle – which is being offered via its digital business solutions arm, Unifi Business – will address current market gaps among the MSME segment, and enable businesses to better leverage e-commerce and expand their customer reach.

“MSMEs are a key growth engine for the nation’s economy. At present, this segment accounts for nearly 38% of Malaysia’s GDP, yet their potential is often dimmed by limited access to digital tools and financial services,” she said in a statement. “This is even more apparent among underserved segments, micro and small businesses who face the most challenges in accessing financial services and digital innovations that are necessary to elevate their lives and livelihoods.”

Maybank Islamic’s Rafique also described the partnership as 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 cutting-edge technologies,” he said.

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