Maybank Islamic has partnered with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered, and Amazon Web Services (AWS) to modernise its digital banking services.
This partnership aims to provide customers with enhanced, user-friendly digital banking experiences built on AWS’ secure cloud infrastructure. The first product launch is anticipated in 2025.
audax, which previously powered Asia’s first Banking-as-a-Service (BaaS) platform for a global bank, will help Maybank Islamic offer a wide range of Islamic financial products through digital channels.
This includes paperless, real-time onboarding, streamlined account opening, efficient account management, and immediate access to online banking services.
This initiative will enable Maybank Islamic to expand its reach across key markets in Southeast Asia, including Malaysia, Singapore, Indonesia, and the Philippines.
The collaboration comes as Southeast Asia is expected to contribute 22% of the global Islamic finance market, which is projected to reach US$4.94 trillion by 2025.
Dato’ Muzaffar Hisham, CEO of Maybank Islamic, highlighted the collaboration as a step forward in strengthening Maybank’s position in global Islamic banking.
He shared that this partnership aligns with Maybank’s M25+ strategy to provide seamless, inclusive, and fully Shariah-compliant solutions.
Kelvin Tan, CEO of audax, said,
“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.”
Peter Murray, Country General Manager for Malaysia and Asia Emerging Markets at AWS, said,
“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.”
Featured image: audax CEO Kelvin Tan, Maybank Islamic CEO Dato’ Muzaffar Hisham, and AWS Country General Manager Peter Murray announce the launch of the joint partnership to forge digital transformation in Islamic finance
