Malaysia's MFMi selects Mambu to power digital Islamic services

The company plans to build an Islamic digital wallet.

MFMi Group, a part of Malaysian fintech specialist MFM Synergy, will use Mambu’s SaaS cloud-native banking platform to power its new digital Islamic financial services, the companies announced in a press release.

The group said that it is building an Islamic digital wallet and plans to launch other Islamic financial produces over the next five years. The first to be launched is the digital Sharia-compliant factoring product MFM Tawreeq.

“As a start, enabling a core banking system with Mambu will help us to deliver tailor-made solutions to our customers,” said Kasful Khairi, the group executive director and founder of MFMi Group.