INTELLIGENT BRANDS // Cloud
Malaysia ’ s KAF to launch digital lending on the Temenos Banking Cloud and services to market faster will give KAF a competitive edge .
Demand for digital financial services in Malaysia has surged since the start of the pandemic . In 2020 , Malaysians conducted RM460 million worth of mobile banking transactions – a 125 % jump compared to the previous year .
The government ’ s Movement Control Order acted as a catalyst , helping to add three million new mobile banking service subscribers last year , pushing e-wallet usage and adoption to new highs .
Jean-Paul Mergeai , President , APAC – EMEA , Temenos , said : “ We are proud to welcome KAF , a trail-blazing bank and the first in Malaysia on the Temenos Banking Cloud .
Temenos , the banking software company , has announced that KAF , a financial services conglomerate in Malaysia , has selected the Temenos Banking Cloud to launch a digital lending business .
KAF will use Temenos Banking Services for retail loans and Islamic financing delivered on the Temenos Banking Cloud to offer conventional and Islamic products .
KAF ’ s on-going expansion into the retail market reflects an urgent need for digital finance in Malaysia , with people and businesses facing economic hardship and lockdown restrictions limiting access to branches .
By providing a seamless digital onboarding and origination experience , KAF aims to offer customers digital straight-through loan processing that focuses on better accessibility and affordability .
KAF ’ s ambitions extend beyond lending to include digitalization of a whole suite of financial products and services , including asset management , investment banking and stockbroking . With regulator approval , the Temenos Banking Cloud will enable the bank to quickly turn on new financial services to expand its offering and scale efficiently . The agility offered by the Temenos Banking Cloud to innovate and bring new products
“ There is a huge opportunity for digitalizing financial services in Malaysia and with our open banking platform , KAF is wellpositioned to capitalize on that growth . With new entrants in the digital space , the ability to self-provision financial services at the click of a button will be a real competitive advantage for KAF .”
Thariq Usman Ahman , Deputy CEO , KAF Investment Bank , said : “ We chose Temenos as we needed the agility and speed of a SaaS solution , and only the Temenos Banking Cloud offered the breadth of financial services functionality to meet our current and future needs .
“ Critically , it enables us to bring together digital lending for conventional and Islamic products on a single platform and seamlessly extend to full digital banking services . With Temenos , we will lead the way in bringing new and exciting digital financial products and services to all Malaysians .” p
www . intelligentcio . com INTELLIGENTCIO APAC 65