By ASILA JALIL
SEDANIA As Salam Capital Sdn Bhd (SASC) aims to enhance digital solutions for the Islamic financing sector this year as the pandemic accelerates the adoption of technology in Malaysian financial services.
The group is banking on an expected digital boom this year as a result of the second Movement Control Order enforced by the government to curb the spread of the Covid-19 virus.
Its CEO Nisa Ismail said the pandemic presented itself as an essential catalyst for financial services in the country, especially in bank digitalisation.
“For SASC, we know that Malaysia’s Islamic financing landscape is ready for a digital boost in transforming the conventional Islamic transaction banking to suit a new era of digitisation,” she said in a statement recently.
As part of efforts to bridge the gap between digital consumption behaviours and legacy infrastructure, Nisa said the group is planning to nurture strategic alliances for its GO Halal Programme through SASC’s credit community partners with takaful and e-mandate offerings in 2021.
“Despite the pandemic, we have managed to test out one of our new offerings for 2021, the GO Halal Programme, which is expected to benefit the credit communities with the Ministry of Housing and Local Government’s licence.
“We have also expanded our technology partnerships on e-KYC, cloud-based core banking and Middleware application progamming interface (API) for the digital banking platform,” Nisa said.
The platform module for SASC’s digital banking solutions is flexible, equipped with full API integration to complement the traditional financial markets in the current digital environment.
“The outlook for Islamic financing transactions is undoubtedly bright in the context of this new digital era, especially for the financial service institutions that adopted digital acquisition,” she added.
SASC has served over 70 financial institutions with more than RM50 billion loans processed to date, which the group said is projecting growth in the demand for digital solutions in Islamic financial services.
Its As-Sidq Tawarruq platform has made over 500,000 transactions, enabling its customers to get Shariah-compliant-based financing products across all partners.
“SASC enjoyed a healthy gross profit margin for its financial year 2020, mainly attributable to the company being the first fintech player that has developed a full API — enabled Tawarruq platform in helping its partners to facilitate loan processing in realtime, allowing room for optimisation of the platform for other Islamic products,” Nisa said.
She added that 2020 has given SASC opportunities to expedite the upgrade of their partners’ legacy infrastructure, simultaneously future-proofing their systems in facilitating new growth for the digitisation of banking.
SASC is a wholly-owned subsidiary of Sedania Innovator Bhd and plays a role as technology provider that empowers financial institutions with Islamic fintech solutions.