MBSB Bank to launch fintech, internet banking

KUALA LUMPUR: MBSB Bank Bhd, which is now the second largest full-fledged Islamic bank in the country with the transfer of all Malaysia Building Society Bhd’s (MBSB) syariah-compliant assets and liabilities to Asian Finance Bank Bhd (AFB), will launch fintech capabilities in the third quarter of this year and internet banking for customers by the end of the year.

Its fintech capabilities will be for the acquisition of customers for wealth management products and trade facilities. It has also collaborated with a third party company to provide a real estate fintech platform that can speed up, simplify and save costs in property sales.

MBSB Bank is also targeting to introduce eight new products in the next one year.

AFB has been rebranded as MBSB Bank, which now has an asset size of RM43.7 billion.

MBSB Bank president and group CEO Datuk Seri Ahmad Zaini Othman said MBSB Bank will be a subsidiary of MBSB.

“We’re starting on a right footing. We continue to build our corporate and retail-based assets but (more importantly) we’re also looking at transactional banking, fee-based activities and trade financing,” Zaini said after the unveiling of the new brand today, which was launched by Second Finance Minister Datuk Seri Johari Abdul Ghani.

He said the vision of the new bank is to become a top progressive Islamic bank.

“We aim to be strong in four key areas: financial position, customer experience, innovative delivery channel & products as well as talent development.”

MBSB Bank will provide syariah-compliant products and services –consumer banking, business banking and trade financing –and possibly venture into bancatakaful via a collaboration with takaful partners, but has no plans to go into stockbroking or insurance.

Zaini added MBSB Bank’s 1,500 staff and 46 branches remain manageable and lean.