KUALA LUMPUR: Bank Islam Malaysia Bhd
's wholly-owned subsidiary BIMB holdings Sdn Bhd has inked a partnership with RELDYN Tech Sdn Bhd to establish a technology financial entity called FINODYN Sdn Bhd.
In a joint statement, the parties said FINODYN will advance the Shariah-compliant digital finance landscape by offering a cutting-edge financial technology platform, software and services to the market.
BIMB will have a 40% stake in the joint venture, while RELDYN will own the controlling 60% stake.
FINODYN will adopt a B2B (business-to-business) model, focusing on delivering financial and banking platforms that offer Shariah-compliant financial solutions, consulting, maintenance, and support services to diverse businesses and organisations.
"We are optimistic this partnership will accelerate the expansion and advancement of the Islamic digital finance sphere while delivering long-term Shariah-compliant solutions that empower the market,” said Bank Islam group chief digital officer Noor Farilla Abdullah.
She said the joint venture will be executed in three strategic phases.
The initial phase, spanning up to two years, will focus on product and infrastructure development. This will be followed by an accelerated sales phase to drive market penetration.
"By combining our innovative cloud solutions with Bank Islam’s banking expertise, we are focused on delivering superior customer experiences, driving digital transformation, and creating a more agile, secure, and customer-centric financial services landscape,” said RELDYN CEO JayaPrasad Rao Ethamukkala.
