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Bank Muamalat targets digital leadership with Google Cloud partnership
Wed, 13th Mar 2024

Bank Muamalat Malaysia Berhad (Bank Muamalat) is preparing to transform into a leading digital Islamic banking institution, with the announcement of a multi-year collaboration with Google Cloud. With the support of Google Cloud implementation partner, the bank will integrate Google Cloud's modern infrastructure and capabilities, enabling it to provide personalised, digitised banking services to Malaysians.

The shift will see Bank Muamalat adopt a fully cloud-based operating model, migrating all digital applications and databases to Google Cloud. This modification enables cost savings, enhances operational efficiency and accelerates software development cycles. These improvements will serve customers better, promoting growth for the bank. Khairul Kamarudin, President and CEO of Bank Muamalat, emphasised the impact of the shift, saying, "By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade gen AI and ultimately delivering superior banking experiences."

To ensure high levels of security, Bank Muamalat intends to implement Google Cloud’s Chronicle Security Operations and Security Command Centre Premium platforms. This will help improve threat detection, investigations and responses. Google Cloud’s serverless database, Firestore, will also be utilised to prevent data loss due to human errors or natural disasters.

The bank also plans to make use of Google Cloud BigQuery and Looker, integrated with Google Marketing Platform, to consolidate and analyse unique business data on a larger scale. This integration will allow Bank Muamalat to generate targeted insights and design products according to different market segments, potentially broadening services to sections of the Malaysian market that have been underserved by traditional banking.

Moreover, Bank Muamalat intends to incorporate solutions from Mambu, a Google Cloud industry solutions partner, and Backbase. This will allow the bank to deliver digital banking solutions in line with Shari’ah principles. Fernando Zandona, CEO of Mambu, spoke on the partnership, stating that "Bank Muamalat can now speed up its time to market for new products and services, streamline IT operations, and build delightful customer experiences."

The bank's transformation also involves an AI-first strategy for banking accessibility and personalisation. Patrick Wee, Country Manager, Malaysia, Google Cloud, conveyed that the decision to utilise Google Cloud’s capabilities will help Bank Muamalat "drive new operational efficiencies and execution velocity, and expand the relevance and reach of its services."

This step towards digital transformation aligns with Bank Muamalat's mission to bring the full range of benefits of digital banking to the Islamic banking market in Malaysia. It indeed sets the stage for a new standard of digital Islamic banking that is faster and easier to use, fostering mutual trust between the bank and its customers.