Bank Muamalat signs multi-year Google Cloud deal
Bank Muamalat Malaysia Berhad (Bank Muamalat) has signed a multi-year collaboration with Google Cloud to accelerate its digital transformation. This collaboration aims to leverage integrated capabilities in modern infrastructure, data analytics, security, and generative AI (gen AI) to deliver personalised and inclusive digital banking services to Malaysians.
Bank Muamalat’s holistic cloud transformation also encompasses the adoption of solutions from Mambu, a Google Cloud industry solutions partner, and Backbase, underscoring its commitment toward delivering digital banking solutions aligned with Shariah principles.
“It’s our mission to bring digital banking’s full range of benefits to Malaysia’s Islamic banking market,” Bank Muamalat CEO and president Khairul Kamarudin said.
“By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade gen AI and ultimately delivering superior banking experiences.”
To lay the foundation for delivering customer-centric banking products and services, Bank Muamalat is making a strategic shift to a cloud-based operating model.
This involves migrating Bank Muamalat’s digital applications and databases to Google Cloud, and integrating them with Mambu’s digital core banking platform and Backbase’s engagement banking platform to power Bank Muamalat’s new range of Islamic financing and deposit offerings.
In addition to achieving significant cost savings and enhancing operational efficiency, this transition to an open cloud foundation empowers Bank Muamalat’s developers to accelerate software development cycles. This translates to faster rollout of enhanced banking services to better serve customers and drive top-line growth.
For example, Bank Muamalat is leveraging Google Cloud’s modern infrastructure and developer cloud capabilities to improve its Muamalat Application Platform (MAP), which facilitates applications for personal financing, education financing, home financing, and more.
To further strengthen its security posture, Bank Muamalat is planning to deploy Google Cloud’s Chronicle Security Operations and Security Command Center Premium platforms, integrated with Mandiant Threat Intelligence. It also implementing Firestore.
“Mambu has emerged as a leader in enabling cloudbased banking, contributing to the success of established financial institutions in more than 65 countries,” said Fernando Zandona, Chief Executive Officer, Mambu. “The approval from Bank Negara Malaysia, Malaysia’s industry regulatory authority, to proceed with this initiative reinforces the trust and confidence placed in Mambu and Google Cloud. We look forward to supporting Bank Muamalat as it modernises its core systems,” Mambu CEO Fernando Zandona said.
As an extension of its secure-by-design digital core banking platform, Bank Muamalat is looking to use Google Cloud’s BigQuery and Looker, integrated with Google Marketing Platform.