Sedania In­no­va­tor says As-Sidq plat­form will ac­c­cel­er­ate firm’s re­gional push

New Straits Times - - Business / News - KUALA LUMPUR

SEDANIA In­no­va­tor Bhd, a tech­nol­ogy em­pow­er­ment com­pany, is bank­ing on its newly-ac­quired Sedania As-Salam Cap­i­tal Sdn Bhd to take the com­pany for­ward this year.

Sedania As-Salam chief ex­ec­u­tive of­fi­cer Ridzuan Aziz said As-Sidq, the fi­nan­cial tech­nol­ogy (fintech) plat­form, would be its main prod­uct, which would be ex­panded ag­gres­sively within the global fintech busi­ness seg­ment so as to po­si­tion the firm on the path of ex­po­nen­tial growth.

“The in­clu­sion of As-Sidq into our fold will ac­cel­er­ate Sedania As-Salam’s launch into the re­gional space as Is­lamic bank­ing per­sonal fi­nanc­ing is on the rise, gar­ner­ing a 41.7 per cent share of all per­sonal fi­nanc­ing trans­ac­tions that to­talled RM28.8 bil­lion in 2016,” Ridzuan told NST Busi­ness re­cently.

Sedania re­ceived share­hold­ers’ nod in June to buy As-Sidq for RM12 mil­lion, thus be­com­ing Malaysia’s first and largest syariah-com­pli­ant fintech.

It is now used by 21 fi­nan­cial in­sti­tu­tions in Malaysia for Is­lamic-based per­sonal fi­nanc­ing and has pro­cessed over 300,000 trans­ac­tions worth RM25 bil­lion to date.

Among the 21 lo­cal fi­nan­cial ser­vices com­pa­nies are RHB Is­lamic, Bank Rakyat, Agrobank, Bank Sim­panan Na­sional, Kop­u­tra, Kop­erasi Ukhwah, Bank Per­sat­uan, Angkasa, and Af­fin Bank.

“Sedania As-Salam will start con­tribut­ing from the third quar­ter on­wards and we are def­i­nitely ac­cel­er­at­ing its growth pace and in­vestors would surely sit up once the con­tri­bu­tions start to flow in.

“We are cur­rently talk­ing to var­i­ous par­ties na­tion­wide that in­clude 1,000 new credit co­op­er­a­tives de­rived from the Angkasa Tawar­ruq pro­gramme.

“We are also in talks with fi­nan­cial in­sti­tu­tions in Malaysia and over­seas and are hope­ful of in­creas­ing the num­ber of our cus­tomers to 25 from 21 by end of this year.”

Sedania posted a RM200,000 net profit in the first quar­ter ended March 31, com­pared to a net loss of RM800,000 a year ago, while rev­enue jumped 243.3 per cent to RM6.1 mil­lion ver­sus RM1.8 mil­lion a year ago.

(From left) Sedania In­no­va­tor Bhd non-ex­ec­u­tive di­rec­tor Tan Sri Nu­raizah Ab­dul Hamid, ex­ec­u­tive of­fi­cer Noor Syafiroz Mohd Noor, chief ex­ec­u­tive of­fi­cer (CEO) Ma­hadzer Ar­shad, chair­man Tan Sri Ab­dul Halim Ali, founder and man­ag­ing di­rec­tor Datuk Azrin Mohd Noor, Sedania As-Salam CEO Ridzuan Aziz, non-ex­ec­u­tive di­rec­tor Lau Kin Wai and non-ex­ec­u­tive di­rec­tor Datuk Syed Izuan Syed Ka­marul­bahrin at a re­cent share­hold­ers meet­ing.

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