MBSB Inks MoU With CelcomDigi To Explore Smart Banking Solutions

MBSB Bank Berhad recently signed a Memorandum of Understanding with CelcomDigi to collaborate on finding new commercial opportunities and joint go-to-market activities, including smart banking solutions for cyber security, smart retail solutions financing, and cloud infrastructure technology, amongst others.

“We plan to establish industrial IoT solutions as part of the business financing, focusing on green tech adoption, automation and quality assurance. We also intend to leverage cloud technology to advance our digital capabilities as this shall help to increase our competitiveness level,” said Nor Azman M. Taib, MBSB Bank group chief executive officer.

Nor Azam had stated last year that MBSB is targeting to grow its corporate portfolio, focusing on large corporations including Government-linked companies and multinational corporations, and hopes to achieve green financing between 20% to 25% from the corporate portfolio by 2030.

“We believe we have the right expertise and resources that will help advance MBSB Bank's digital capabilities, as the bank progresses in leveraging technology to bring enhanced products, services, and experiences for its customers. We look forward to unlocking more value from our synergies, as we innovate together while supporting the nation's digital agenda,” added Idham.

The MOU was signed between Nor Azam and CelcomDigi chief executive officer, Mohamad Idham Nawawi at a ceremony held at CelcomDigi Tower, Petaling Jaya.

In 2018, MBSB acquired Asian Finance Bank for approximately RM 650 million and rebranded it as MBSB Bank following shareholder approval. As part of its strategy to expand beyond its consumer banking business into investment banking and asset management, MBSB is currently in the process of acquiring Malaysian Industrial Development Finance Bhd (MIDF). Upon completion, the merger will solidify MBSB's position as the second-largest independent Islamic bank in the country by assets, with only Bank Islam Malaysia Bhd having a larger size.