KAF taps Temenos to launch digital lending business in Malaysia

Malaysian financial services group KAF has selected banking software firm Temenos and its Banking Cloud solution to launch a new digital lending business in the country.

Malaysia is seeing a surge in demand for digital financial services

KAF will deploy Temenos Banking Services for retail loans and Islamic financing delivered on the Temenos Banking Cloud.

Temenos says the Malaysian firm is looking to “offer customers digital straight-through loan processing that focuses on better accessibility and affordability” with improved digital onboarding and origination capabilities.

The partnership comes as the Covid-19 pandemic continues to boost demand for digital financial services in Malaysia, with KAF also looking to digitise services including asset management, investment banking and stockbroking.

Temenos claims its Banking Cloud solution “will enable the bank to quickly turn on new financial services to expand its offering and scale efficiently”.

Thariq Usman Ahman, deputy CEO at KAF Investment Bank, says the partnership enables the firm “to bring together digital lending for conventional and Islamic products on a single platform” and further extend to full digital banking services.

Temenos’ Banking Cloud solution has also been picked up by US bank holding company Green Dot Corporation and Virgin Money Australia this year.