MAYBANK ISLAMIC & TM Unveil 5G-Powered Islamic Banking as a Service

Maybank Islamic Berhad and TM, leaders in Islamic banking and telecommunications in Malaysia, have joined forces to introduce the nation’s inaugural Islamic Banking as a Service (BaaS) solution powered by 5G technology. Specifically tailored for consumers and micro, small, and medium enterprises (MSMEs), this collaborative effort integrates Maybank Islamic’s diverse financial services with TM’s acclaimed Uni5G Postpaid Biz mobile packages, offering a seamless and digitally enhanced experience for today’s customers.

In a move aimed at benefiting local entrepreneurs and MSMEs, Maybank Islamic and Unifi Business, TM’s digital business solutions arm, have launched their first-of-its-kind ‘Go Niaga’ mobile business banking bundle. This bundle is designed to assist businesses in managing finances, increasing income, and providing digital payment options, all supported by secure 5G connectivity and networks. ‘Go Niaga’ addresses current market gaps in this segment, empowering businesses to actively participate in e-commerce and expand their customer outreach.

Dato’ Mohamed Rafique Merican, CEO of Maybank Islamic, emphasized the significance of this collaboration, stating that the partnership with Malaysia’s largest telecommunications company marks a substantial leap forward in financial inclusion. By integrating Maybank Islamic’s BaaS solutions into Unifi Business’ platforms, individuals and businesses previously excluded or underbanked will now have access to essential financial services and 5G mobile connectivity through TM’s cutting-edge technologies.

He highlighted the unique aspect of this collaboration, emphasizing its adherence to Islamic principles, making it a pioneering example in Malaysia. The combination of modern technology with ethical requirements of Islamic finance delivers innovative and faith-based financial services.

Shanti Jusnita Johari, Chief Commercial Officer for Consumer Strategy & Business at Unifi, stressed the importance of addressing the challenges faced by MSMEs, particularly in terms of limited access to digital tools and financial services. With a focus on becoming a digital powerhouse by 2030, Unifi sees this partnership as a crucial step toward powering a Digital Malaysia, supporting businesses, and communities through technology for a digitally inclusive nation.

Key features of the ‘Go Niaga’ offering include a lower minimum deposit for opening an SME First Account-i, payment acceptance facilities, credit facilities, Uni5G Postpaid Biz mobile plans bundled with free 5G devices, and cash rebates for Unifi Mobile bills when customers activate Maybank Tap2Phone merchant payment facility.

This comprehensive bundle, the first of its kind resulting from the collaboration between Maybank Islamic and Unifi Business, aims to address the essential banking needs of local entrepreneurs and MSMEs. The initial offering is available from February 21 to May 29, 2024, with customers encouraged to explore the benefits at selected Unifi Stores, Maybank branches, and designated Pusat Ekonomi Digital (PEDi) locations.

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