Malaysian lender Bank Islam Malaysia Berhad announced Thursday it has partnered Malaysian cloud technology firm RELDYN Tech Sdn Bhd to set up a technology finance (TechFin) entity to provide finance-related digital technology products, services.

Bank Islam said in a statement that its wholly owned subsidiary BIMB Holdings Sdn Bhd has entered a strategic joint venture agreement with RELDYN to establish FINODYN Sdn Bhd.

This partnership will operate as a TechFin entity, advancing the Shariah-compliant digital finance landscape by offering cutting-edge financial technology platform, software and services to the market.

By taking this bold step into the TechFin space, Bank Islam said it is cementing its position as a leader in Islamic digital finance.

According to the statement, the joint venture will be executed in three strategic phases.

The initial phase, spanning up to two years, will focus on product and infrastructure development.

This will be followed by an accelerated sales phase to drive market penetration.

Under the joint venture, BIMB Holdings and RELDYN hold 40 percent and 60 percent equity respectively in FINODYN.

FINODYN will adopt a business-to-business (B2B) model, focusing on delivering financial and banking platforms that offer Shariah-compliant financial solutions, consulting, maintenance, and support services to diverse businesses and organizations.

By harnessing the combined expertise and innovation of both entities, FINODYN is committed to delivering platforms that offer Shariah-compliant financial solutions – fully aligned with Islamic finance principles to ensure ethical and responsible financial offerings.

It is also committed to provide ready-to-deploy platforms, which are designed for seamless implementation with minimal
customization, ensuring faster time to market.

It is also committed for cost-efficient development which streamlined processes optimizing time and resources while driving continuous innovation.

The effort aligns with Bank Islam’s five-year growth roadmap, LEAP25, which emphasizes digital transformation as a driver of long-term sustainability, said the statement.

“The establishment of FINODYN represents a symbiotic collaboration, enabling Bank Islam, through BIMB Holdings and RELDYN, to leverage our respective strengths in driving
sustainable growth and mutual value,

“We are optimistic this partnership will accelerate the expansion and advancement of the Islamic digital finance sphere while delivering long-term Shariah-compliant solutions that empower the market,” said Bank Islam Group Chief Digital Officer, Noor Farilla Abdullah.

The strategic partnership enables Bank Islam to offer Islamic Banking-as-a-Service (iBaaS), a step forward in its delivery of innovative financial solutions across diverse markets.

“We are thrilled to partner with Bank Islam to shape the future of finance. By combining our innovative cloud solutions with Bank Islam’s banking expertise, we are focused on delivering superior customer experiences, driving digital transformation, and creating a more agile, secure, and customer-centric financial services landscape,” said JayaPrasad.

Bank Islam is the first Islamic bank publicly listed in the main market of Bursa Malaysia.

Established in July 1983, the bank has 135 branches and over 900 self-service terminals across Malaysia.

The bank provides retail banking and corporate financial solutions that strictly adhere to Shariah rules and principles.

Its Islam’s core subsidiaries BIMB Investment and BIMB Securities, offer various Islamic financial services, including investment and stockbroking.

RELDYN is a provider of cloud-native technology solutions, specializing in end-to-end digital banking platforms, mobile UI/UX, and backend management portal systems.

Its expertise helps digital banks rapidly scale operations, enhance customer experiences, and drive operational efficiency through agile, cloud-first solutions.

The firm partners with major cloud providers like AWS and technology vendors like Mambu, Jumio and Onfido to deliver scalable, cost-efficient, and Psecure infrastructure.

Its solutions leverage microservices and event-driven architectures to help banks achieve faster deployment, greater scalability, and lower operational costs.

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