Sedania's fintech arm offers digital solutions to two recipients of Malaysia's digital bank licences

Chief executive officer Khairul Nisa Ismail said the group is supporting clients to roll out market-ready solutions within the stipulated time.

She said SEDANIA As Salam's unique Digital Akad sets SASC apart from other peers in the market by allowing the Islamic banking sector to connect with customers for smooth 'Akad' (agreement) procedures, resulting in faster turnaround times for financing disbursements.

On April 29, Bank Negara Malaysia announced the five successful applicants for the digital bank licences, as approved by the Ministry of Finance.

Among the winners under the Islamic Financial Services Act 2013 is a consortium involving AEON Credit Service (M) Bhd, which currently uses SEDANIA As Salam's Integrated Tawarruq Trading Solution for Islamic Financial Institutions.

Another client of the group is part of a consortium, which secured one of the three conventional digital bank licences under the Financial Services Act 2013. Through its partnership with SEDANIA As Salam, the client currently offers a Shariah-compliant personal financing product to platform users of its super app.

"In the last 12 months, SEDANIA As Salam has been continuously working closely with our key partners who were contending for the digital bank licences by better integrating our technological platforms with their respective banking solutions," Khairul Nisa said in a statement today.

SEDANIA As Salam's notable tech partners include internationally recognised technology players such as CREALOGIX and MAMBU, both of which are already operating seamlessly using digital solutions within these new types of digital banking environments.