Latest news with #KAFDigitalBank
The Sun
5 days ago
- Business
- The Sun
KAF Digital Bank gets BNM nod to open to public, rolls out prize campaigns
KAF Digital Bank has received regulatory approval from Bank Negara Malaysia (BNM) to onboard members of the public as customers starting Aug 8, following the successful completion of its PERINTIS Phase. The trial phase saw the bank test its systems, security, and user experience with a select group of participants, whose feedback helped refine its Shariah-compliant digital banking services. 'We are thrilled to receive the green light from the regulators to open our doors to the public,' said CEO Rafiza Ghazali, adding that the milestone reflected the team's dedication to delivering 'a truly innovative and seamless digital banking experience.' KAF Digital Bank will offer services including Shariah-compliant savings accounts, virtual debit cards, and payment solutions via a user-friendly mobile app. It also aims to promote financial inclusion and literacy through campaigns such as 'Daftar & Menang,' 'Imbas & Kumpul,' and 'CelikWang,' run in partnership with POD. Prizes up for grabs include new vehicles, travel packages, and gift vouchers. The bank is backed by KAF Investment Bank and a consortium of local industry leaders, including Carsome, MoneyMatch, Jirnexu, and StoreHub. Malaysians can download the KAF Digital Bank app from the Apple App Store and Google Play Store starting Aug 8 to open an account.
Business Times
6 days ago
- Business
- Business Times
KAF Digital Bank joins Malaysia's digital banking ranks, completing the first cohort
[KUALA LUMPUR] KAF Digital Bank began operations on Aug 8, marking the final entry from Malaysia's first batch of digital banking licensees approved by the country's central bank. The roll-out followed the completion of KAF Digital Bank's screening phase, which involved a closed-group trial that tested its systems, security and user experience. Feedback from early adopters was used to fine-tune the lender's syariah-compliant offerings. Chief executive officer Rafiza Ghazali said KAF Digital Bank aims to be a financial partner for all Malaysians, with a focus on empowering underserved communities through innovative banking services that are also aligned with syariah law. To this end, the product offerings and services have been designed to be accessible to a wider audience, she added. 'Our goal is to empower every individual and community that we serve to achieve their financial aspirations and wealth creation, regardless of their economic standing or location,' she told The Business Times in an e-mail interview. KAF Digital Bank's priorities over the next 12 months include refining the user experience on its mobile app, introducing a range of syariah-compliant investment products tailored to customers' values and risk profiles, as well as providing educational resources, workshops and digital content to boost financial literacy. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Rafiza said the bank will also leverage data analytics to offer personalised financial planning tools for goals ranging from savings to retirement, while developing intuitive digital platforms to simplify customers' financial journeys. The second Islamic digital bank in Malaysia Rafiza Ghazali, chief executive officer of KAF Digital Bank, said the lender aims to be a financial partner for all Malaysians. PHOTO: KAF DIGITAL BANK KAF Digital Bank is the second Islamic digital bank to go live in Malaysia, after Aeon Bank, which launched in May 2024. Its debut also marks the final step in bringing all five licence holders which obtained approval from Bank Negara Malaysia in April 2022 into the market. GXBank , led by Grab, was the first to start operations, in September 2023. It was followed by Boost Bank, a joint venture between Axiata's Boost and RHB Banking Group, in January 2024. Ryt Bank , jointly owned by YTL Digital Capital and Singapore's Sea, launched last December. KAF Digital Bank is backed by KAF Investment Bank and a consortium of local industry players, including Carsome, MoneyMatch, Jirnexu and StoreHub. The app's initial products are syariah-compliant savings accounts, virtual debit cards and payment services, among others. Synergy with Carsome Aaron Kee, Carsome Group's chief business officer, said the partnership with KAF Digital Bank will expand financing options, with a hire-purchase product for Carsome Certified Cars. This initiative will be a key part of the collaboration with Carsome Capital, the company's captive financing arm. Targeted for a 2026 launch, the product intends to provide flexible and user-friendly financing solutions for underserved and overlooked segments, he added. Carsome, Malaysia's first unicorn, is South-east Asia's largest integrated automotive e-commerce platform. It had more than 18 million monthly active users as at 2024, and manages over 14 million monthly visitors. It also works with more than 20,000 dealers across its network. 'By combining KAF's digital banking expertise with Carsome's platform, we aim to simplify the car financing process and provide more affordable options for a wider audience,' said Kee. He noted that these solutions will give customers better financial management, more transparent services, and improved access to banking products, ultimately making car ownership and financial decisions more accessible to a broader range of people.
Malay Mail
08-08-2025
- Business
- Malay Mail
KAF Digital Bank gets nod from BNM to open services to public starting today
KUALA LUMPUR, Aug 8 — KAF Digital Bank has received approval from Bank Negara Malaysia (BNM) to begin onboarding the public after successfully completing its PERINTIS Phase, Fintech News Malaysia reported. According to the report, services will be available through the bank's mobile app starting today. During the PERINTIS Phase, the bank tested its systems, security protocols and user experience with a select group of participants. Feedback from this group was used to refine the platform to ensure a smooth and secure rollout. According to the report, KAF Digital Bank offers Shariah-compliant services including savings accounts, virtual debit cards and payment features, with its platform aimed at improving financial access through a user-friendly, technology-driven approach. To mark the launch, the bank is introducing three campaigns — 'Daftar & Menang', 'Imbas & Kumpul' and 'CelikWang' — in partnership with POD. These initiatives reward users for completing financial education activities and transactions, with prizes such as vehicles, travel packages and gift vouchers through a loyalty programme. The report said the bank is backed by KAF Investment Bank and supported by local partners including Carsome, MoneyMatch, Jirnexu and StoreHub. The app will be available for download on the Apple App Store and Google Play Store from today. 'We are thrilled to receive the green light from the regulators to open our doors to the public. 'The successful completion of our PERINTIS Phase is a testament to the hard work and dedication of our team, and it underscores our commitment to delivering a truly innovative and seamless digital banking experience. ' We thank the PERINTIS users for their invaluable feedback,' KAF Digital Bank chief executive officer Rafiza Ghazali was quoted as saying.
Finextra
03-06-2025
- Business
- Finextra
KAF Digital bank goes live on Temenos
Temenos (SIX: TEMN), a global leader in banking technology, today announced that KAF Digital Bank has gone live with Temenos SaaS to power its new Islamic digital bank in Malaysia. 0 KAF Digital Bank has begun onboarding early access customers, marking a significant step in its mission to redefine Islamic digital banking. This early success paves the way for a full public launch in the near future. With Temenos SaaS, KAF Digital Bank is set to deliver innovative Shariah-compliant financial solutions that simplify financial management and enhance digital convenience with a cutting-edge, user-centric banking experience. The go-live on Temenos SaaS includes comprehensive Core and Digital banking services together with Payments, Analytics, and Temenos Data Hub on Microsoft Azure cloud infrastructure. Adopting a SaaS model empowers KAF Digital Bank to focus on delivering exceptional customer experiences and driving business growth, not managing the technology. Islamic banking is a major and rapidly growing segment of Malaysia's financial sector, driven by increasing demand for Shariah-compliant financial services. Rafiza Ghazali, CEO, KAF Digital Bank, commented: 'Powered by Temenos SaaS, KAF Digital Bank is redefining Shariah-compliant banking with smarter, simpler financial solutions and a seamless, customer-first digital experience. The successful go-live and early access customer launch marks a key milestone in our journey, enabling Malaysians to take control of their financial futures with greater confidence.' Will Dale, Managing Director - APAC, Temenos, said: 'This go-live not only strengthens Temenos' regional footprint in SaaS, but also shows the unique breadth of functionality and advanced technology we deliver. With proven capabilities tailored to the Malaysian market and Islamic banking, Temenos SaaS empowers KAF Digital Bank to achieve faster time to market, greater efficiency, and drive future growth. We are proud to partner with KAF Digital Bank.'
