AmBank structurally ready to embrace fintech, says CEO
KUALA LUMPUR: Having invested RM500 million in revamping its core banking system in recent years, AMMB Holdings Bhd (AmBank Group) is now ready to embrace financial technology (fintech).
Group chief executive officer Datuk Sulaiman Mohd Tahir said the bank was structurally ready to transform its digital banking capabilities.
“We are structurally ready to embrace the new world. The base is ready. Thus, the next investment would not be that much, only some tailend delivery to optimise our core banking.
“I don’t foresee new major investment (in fintech) and currently its more about the know-how of the processes that we want to deploy,” he said at the launch of the lender’s, “Win A Porsche” campaign, here, yesterday.
Fintech, a portmanteau of financial technology that describes an emerging financial services sector in the 21st century, is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.
Sulaiman said AmBank’s digital journey would be customerled and involve a gradual transformation process.
AmBank Group is the sixth largest local banking group by assets in Malaysia, with a market capitalisation of around RM15 billion and assets of RM134.8 billion as at March 31 last year.
It also has more thanr three million customers and about 11,000 employees.
Meanwhile, following the aborted AmBank-RHB Bank merger plan, Sulaiman said the bank remained open to future possibilities.
“Right now, there is nothing on the table, but it doesn’t mean we stop growing our business. We would still aim to be among the top four local banking groups by market capitalisation by 2020,” he added.