Maybank Islamic, the Islamic banking arm of the Maybank Group, has appointed audax Financial Technology, a digital banking technology solutions provider, to spearhead the digital transformation of its banking services.
By collaborating with Standard Chartered-backed audax, Maybank Islamic aims to deliver customer-centric digital banking solutions built on Amazon Web Services (AWS), the world’s most broadly adopted cloud, with its first product to launch later this year.
Maybank Islamic, which is the leading provider of Islamic financial products and services in ASEAN, with the goal of enabling Maybank Islamic to redefine customer experiences across its key markets including Malaysia, Singapore, Indonesia, as well as the Philippines through innovative, inclusive, and Shariah-compliant digital banking solutions.
Through the partnership, audax will enable Maybank Islamic to deliver a full suite of Islamic financial products via seamless digital channels. These include paperless, real-time onboarding, efficient account management, and instant access to digital banking services.
“This collaboration underscores our commitment to delivering customer-first solutions that are seamless, inclusive, and fully compliant with Islamic finance principles, in line with Maybank’s M25+ strategy,” explained Dato’ Muzaffar Hisham, CEO at Maybank Islamic. “We are confident that audax’s expertise and AWS’s secure cloud infrastructure will empower us to better serve our customers and drive growth across Southeast Asia’s rapidly expanding Islamic finance sector.”
Powered by AWS’s secure and scalable cloud infrastructure, audax’s platform ensures rapid, reliable, and secure deployment. This solution helps to meet customer needs with agility, as well as enables compliance with Islamic finance principles, reinforcing audax’s commitment to delivering inclusive and innovative banking solutions at scale.
Backing the growing Islamic finance market
Kelvin Tan, CEO of audax, commented: “This collaboration with Maybank Islamic underscores our commitment to driving digital transformation in Islamic banking and banking as a whole. audax’s platform will enable Maybank Islamic to deliver transformative customer experiences, ensuring they remain a leader in the rapidly evolving Islamic finance landscape.”
audax’s cloud-native platform aims to empower other banks and financial institutions in the region to better serve their customers. Estimates suggest that the global Islamic finance market will reach $4.94trillion by 2025, with Southeast Asia also contributing 22 per cent of the world’s Islamic financial assets.
Peter Murray, country general manager for Malaysia and Asia emerging markets at AWS, also commented: “AWS is the only global cloud service provider to have launched infrastructure regions in Malaysia, Singapore, Indonesia, and Thailand in ASEAN. Leveraging this unparalleled investment in Southeast Asia, Maybank Islamic can now offer services that anticipate their end customer needs, continuously optimise operational performance, and deliver innovative, cutting-edge Islamic banking services that are secure, scalable, and customer-centric.
“Working in partnership with industry-leading partners like audax, who deliver the building blocks of future finance, we are committed to helping Maybank Islamic redefine Islamic banking as a global leader and democratise financial access across ASEAN.”
