Bank Islam Malaysia launches digital banking app

Publicly listed Bank Islam Malaysia has officially launched its digital banking app Be U, targeting to sign up 350,000 to 400,000 users within the next 12 months.

Bank Islam Malaysia’s app Be U / Photo credit: Bank Islam

Mohd Muazzam Mohamed, the bank’s group CEO, said Be U is aimed at the younger generation, offering a savings account that allows for zero maintaining balance and enables fund transfers. The app also includes Nest, a savings feature that helps users reach specific financial goals.

In the next 12 months, the app aims to roll out more features including term deposits, a gig marketplace, debit cards, personal financial management, microfinancing, and micro-Islamic insurance.

The Be U app operates on cloud banking platform Mambu’s software and is housed in Amazon Web Services’ cloud.

The rollout comes two months after Bank Negara Malaysia awarded digital banking licenses to five applicants, including consortiums led by Grab and Sea Group. While Bank Islam was not one of the awardees, it will lean on its existing Islamic banking licenses to offer this service.

Bank Islam reportedly invested 34 million ringgit (around US$7.6 million) in setting up the digital bank.

Mohd Muazzam said the app is meant to broaden financial inclusion by enabling bank services without the hassle of visiting a branch. This was part of Bank Islam’s five-year strategic business plan to lead the Shariah-ESG banking sector.

Established in 1983, Bank Islam currently has 141 branches and over 900 self-service terminals in the country. It was the first Islamic bank to list on the Malaysia bourse.

See also: Pleasant surprise in Malaysia’s digibank race

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.45 ringgit.