By NG MIN SHEN / Pic By ISMAIL CHE RUS
Sedania Innovator Bhd via its subsidiary, Sedania As-Salam Capital Sdn Bhd, is partnering with digital banking company Crealogix Pte Ltd to offer digitalisation of financial products and services to financial institutions in Malaysia.
“We expect to see positive contribution to group earnings from the partnership within our financial year ending Dec 31, 2018,” Sedania group CEO Daniel Ruppert told reporters after the signing ceremony in Kuala Lumpur yesterday.
Under the partnership, Sedania will become the system integrator for Crealogix’s banking middleware, allowing financial institutions to digitalise products and services.
“The partnership enables financial institutions (FIs) to transform their services towards fulfilling consumers’ evolving behaviour in Malaysia, as well as across Asia. It will speed up the financial technology (fintech) ecosystem,” Sedania MD Datuk Noor Azrin Mohd Noor added.
The digital banking solutions have been established by Crealogix, while the implementation, maintenance, advisory and project management in Malaysia will be handled by Sedania.
Sedania will also make its Islamic fintech platform, As-Sidq, available as a module to Crealogix’s global clients, for which both Sedania and Crealogix will have exclusive global partnership rights.
The As-Sidq platform is a fully Shariah-compliant tawarruq commodity trading system established in 2009.
To date, it has processed over 350,000 transactions with a total value of over RM30 billion, with over 40 FIs in Malaysia subscribing to its resources.
“The benefit is that we’re able to offer the digital banking hub solution to any type of FI in Malaysia — not just banks but also others like cooperatives, fund management companies, stockbrokers, asset management firms and government- fund agencies like Permodalan Nasional Bhd and Majlis Amanah Rakyat,” Sedania As-Salam Capital CEO Mohammad Ridzuan Abdul Aziz said.
He added that the Sedania- Crealogix partnership would boost the number of FIs subscribing to As-Sidq to above 50, from the current 40 bodies.
“Definitely it would be 50 and more, because we can now offer a really comprehensive digital banking solution to FIs, at a very affordable cost. We’re trying to make sure that the domestic financial industry — whether convent ional or Islamic — matures and understands how to deploy fintech in the best way possible,” he said.
While the partnership with Sedania marks Crealogix Holding AG’s foray into the Malaysian market, Ruppert added that the two parties are also looking to venture into other countries in South-East Asia as well as the Middle East.