‘BANKING ON SEDANIA AS-SALAM’
Sedania Innovator says As-Sidq platform will acccelerate firm’s regional push
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.