Bank Islam, which is set to become the first publicly listed Islamic Bank in Malaysia, before its IPO, has decided to accelerate its digital transformation efforts with local telco, TM One.

Both organisations have signed a Memorandum of Understanding (MoU) which will see TM One deploy digital solutions in cloud, big data analytics, cybersecurity, and data centers to optimise the bank’s operations.

Muazzam Mohamed, CEO of Bank Islam, said that the partnership with TM One will improve the bank’s functions and services to its customers, which are important parts of the business especially ahead of its listing.

“These solutions will intensify BIMB’s information technology (IT) infrastructure and centre for digital experience (CDX) digital banking products, by allowing new buying experience, away from the traditional banking approach,” he added.

On being selected as Bank Islam’s preferred digital partner, Ahmad Taufek, Executive Vice President and CEO of TM One, said that the company is honoured to be given the opportunity to extend its digital expertise to Bank Islam. “We are fully aware that digital transformation, data security and protection are the top priorities, especially for the banking sector,”

“This befits our role as part of TM Group, as the enabler of ‘Digital Malaysia’,” he continued. With a rapid increase in tech adoption post-COVID, countries such as Malaysia Digital Economy Corporation (MDEC), the country is looking to establish itself as a digital hub in the region.