BIMB Holdings Partners RELDYN To Advance Shariah-compliant Digital Finance
KUALA LUMPUR, Feb 6 (Bernama) -- Bank Islam Malaysia Bhd’s wholly owned subsidiary, BIMB Holdings Sdn Bhd, has partnered with RELDYN Tech Sdn Bhd to advance the Shariah-compliant digital finance landscape.
Both parties entered into a strategic joint venture agreement today to establish FINODYN Sdn Bhd, a technology financial (TechFin) entity that will offer cutting-edge financial technology platforms, software, and services to the market.
Under the joint venture, BIMB Holdings holds 40 per cent equity, while RELDYN owns 60 per cent of FINODYN.
Bank Islam group chief executive officer (CEO), Datuk Mohd Muazzam Mohamed said the bank is leveraging advanced technology to build a resilient workforce that drives innovation and ensures a seamless, efficient digital banking experience for customers.
He said Bank Islam’s digital transformation journey is centred on continuous innovation, financial inclusion, and future readiness.
“By leveraging technology responsibly, fostering strategic partnerships, and embracing digital transformation, we remain committed to better serving our customers and communities.
“Our investments in financial and human capital for digitalisation to create a future-proof bank are not a choice but an imperative,” he said in his keynote speech at the In Conversation Series: Building a Future-Ready Bank event today.
Meanwhile, Bank Islam group chief digital officer Noor Farilla Abdullah said the purpose of the joint venture between BIMB Holdings and RELDYN is to market and sell software and platforms related to Islamic finance and Islamic banking.
“This is one of our ways to also proliferate Islamic banking and Islamic finance solutions. The clientele segment for the joint venture is a business-to-business (B2B) entity,” she added.
FINODYN will adopt a B2B model, focusing on delivering financial and banking platforms that provide Shariah-compliant financial solutions, consulting, maintenance, and support services to diverse businesses and organisations.
The joint venture agreement was signed by BIMB Holdings chairman, Mohamed Iran Moriff Mohd Shariff and RELDYN CEO JayaPrasad Rao Ethamukkala, with Mohd Muazzam and RELDYN director, Jaya Malar Arumugam, serving as witnesses at the signing ceremony.
The initiative aligns with Bank Islam’s five-year growth roadmap, LEAP25, which emphasises digital transformation as a driver of long-term sustainability. The strategic partnership also enables Bank Islam to offer Islamic Banking-as-a-Service (iBaaS).
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, followed by an accelerated sales phase to drive market penetration.
-- BERNAMA