Bank Rakyat is launching the Bank Rakyat Fintech Community Hub in collaboration with the Fintech Association of Malaysia (FAOM), Plug and Play, and PayNet to standardise engagement with digital startups and accelerate the rollout of new products.
The Fintech Community Hub initiative aims to provide continuous access to evaluated digital financial solutions, supporting the Islamic bank’s broader digital transformation agenda.
An early result of this collaborative approach is the integration of Bank Rakyat’s Shariah-compliant Personal Financing-i applications into the BigPay digital wallet.
The integration allows BigPay users to apply for credit directly through the app.
The hub forms part of the bank’s LEAD30 aspirations, which aim to improve customer experience and competitiveness in the digital banking market.
“The implementation of this initiative marks Bank Rakyat’s evolution towards a more comprehensive fintech ecosystem, enabling strategic collaboration and innovation to be carried out on a larger scale,”
said Ahmad Shahril Mohd Shariff, Group Chief Executive Officer, Bank Rakyat.
He added that the hub will standardise governance and commercial models to ensure more efficient partnerships as the bank identifies and scales high-potential innovations.
Featured image credit: Edited by Fintech News Malaysia, based on image by Bank Rakyat
