Bank Islam Malaysia Berhad taps RegTech Kamakura Corporation to ensure its digitalisation process remains compliant.
Enick Adi Asri Baharom, head of treasury at the bank, said it had picked the risk management information software company solution because the “asset and liabilities management system ensures that our regulatory submissions are accurate and consistent.”
Asri Baharom added that he was impressed by Kamakura’s expertise.
By tapping into Kamakura’s sandbox tools, the bank can now launch business growth target simulations to better determine future NII and liquidity impacts, as well as generating forward-looking FTP positions.
Among other things, the solutions provided include anti-money laundering prevention measures, ability to gauge credit as well as liquidity risks, capital management and planning tools, credit estimation and financial accounting solutions.
Wilson Yap, Asia-Pacific senior vice president and head of professional services at Kamakura, said, “Bank Islam now has an integrated risk framework with a single database and platform that generates liquidity, interest rate risk metrics and FTP results at the transactional level.
“Each simulation model or transfer pricing methodology is backed by reconciliation templates that not only help users validate the model but ensure that the bank meets all audit compliance rules. The fact that Bank Islam selected Kamakura after a comprehensive vendor evaluation proves that modular and integrated solutions offer distinct advantages over disparate systems.”
Bank Islam Malaysia Berhad is not the only traditional banking institution to venture onto a path of digitalisation.
European banks like HSBC, TSB Bank, Commerzbank and Deutsche Bank have all began to modernise their offerings in similar ways.
Often, the investment into automation and other tech solutions have led to thousands of their employees becoming redundant.
Islamic banking is also emerging in Europe. insha founder Yakup Sezer recently explained to FinTech Global why that is the case.
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