Today, Backbase serves over 120 financial institutions worldwide, including an increasing number of Islamic banks such as Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank. Backbase's extensive global reach also extends to leading banks in the APAC region, including ABBANK, BDO Unibank, Bank of the Philippine Islands, China Bank, EastWest Bank, HDFC Bank, JudoBank, OCB, Techcombank, and TPBank.
Riddhi Dutta, Regional Vice President of Asia at Backbase, remarked, "Islamic banks, especially in Asia, are keen to enhance their digital banking solutions to stay competitive. At Backbase, we've had the privilege of collaborating with Islamic banks across the globe, gaining invaluable insights into their unique needs and challenges. Our Engagement Banking Platform is designed with flexibility at its core, offering pre-built journeys and microservices that can be customized to meet the unique requirements of Islamic banking. Our partnership with Bank Muamalat exemplifies our commitment to support Islamic banks in their digital transformation endeavors. Additionally, we hold a deep appreciation for Malaysia's vibrant Islamic banking culture and dynamics, which stand as a beacon of innovation and growth in the global Islamic finance sector."
Bank Muamalat's holistic cloud-based transformation encompasses Backbase for progressive modernization and customer-centric Engagement Banking, and Mambu for digital core capabilities. Transitioning to a cloud-based model not only enhances its banking services and product offerings but also yields significant cost savings and operational efficiency gains. In addition, it empowers Bank Muamalat's developers to accelerate software development cycles by leveraging Mambu's digital core to meet regulatory requirements and fortify its security controls, essential for a financial institution.
"Mambu is a key player in the cloud-native core banking space, today powering financial institutions across 65 countries. As one of the first traditional banks in Southeast Asia to embrace our cloud banking platform, we look forward to enabling Bank Muamalat to build innovative products and services, streamline IT processes, and craft exceptional customer journeys," said Perminder Grewal Dallow, Director of Solutions Engineering at Mambu. "The endorsement from Bank Negara Malaysia, the regulatory body for Malaysia's financial sector, to advance this project underscores the trust and assurance in both Mambu and Backbase. We look forward to a strong partnership with Bank Muamalat as it modernizes its technology foundation."
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In this transformative journey, Mambu plays a pivotal role as one of Backbase's leading core partners. The synergy between Backbase's Engagement Banking solutions and Mambu's core banking platform creates a robust foundation for banks of all sizes to liberate themselves from siloed, legacy cores and undergo a holistic digital transformation. The Backbase and Mambu partnership ensures a seamless and future-proof transition to modern banking standards with a fully integrated, end-to-end cloud-native digital banking solution on an open architecture. With this combined offering, banks are empowered to meet the evolving needs of today's digital-savvy consumers and the wider banking ecosystem.