Malaysian FinTech firm JurisTech on Wednesday announced a partnership with Germany-based cloud-native core banking platform Mambu to propel the growth of the digital banking ecosystem in Malaysia.
This new collaboration will act as a catalyst for further expansion of the industry, with the result being greater support for both unbanked and underserved markets in Malaysia, and a boost to overall financial inclusion in the country, JurisTech said in a statement.
The partnership of the two software powerhouses will look to streamline exchanges to create a seamless customer and user journey in the credit and financing application lifecycle. The connectivity between Mambu and JurisTech’s products allows JurisTech to offer a holistic credit management platform from digital onboarding, loan origination, debt collection, and artificial intelligence to the digital banking sector.
“It is my pleasure to announce JurisTech’s partnership with Mambu to serve the digital banking ecosystem in Malaysia. Mambu is known for its cloud-native, composable banking platform and will play a strong role together with JurisTech in driving new digital innovations to bridge the gaps in providing access to credit for the underbanked community,” said See Wai Hun, Chief Executive Officer of JurisTech.
With Mambu’s unique ecosystem of high-performing, best-in-breed partners bringing extensive industry experience in payments processing, accounting and finance, regulatory reporting, and card issuing and processing, JurisTech said its partnership with Mambu will enable unique digital transformation initiatives in the Malaysian fintech industry.
JurisTech aims to leverage Mambu’s capabilities such as global market presence and clientele to drive the company to grow globally. This will not only propel JurisTech to grow in Malaysia’s digital banking sector but also in the digital banking sector globally.
Through its partnership with Mambu, JurisTech believes that it will transform and revolutionise the digital banking ecosystem providing high-impact solutions and creating more value for both consumers and financial institutions, putting innovation at the heart of its products.
“The financial services industry in Malaysia is on the verge of a period of significant change with the new digital banking licences due to be announced by Bank Negara Malaysia any day now. Our new partnership with JurisTech will enable Mambu to continue to drive innovative change within the Malaysian digital banking ecosystem as the impact of the new licences begins to be understood. We have been very impressed with JurisTech’s innovative technology and look forward to seeing the impact that we can have together, with the combined force of our market-leading solutions,” said William Dale, Commercial Director at Mambu Asia Pacific (APAC).
JurisTech is a Malaysian-based fintech company specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond. Founded during the 1997 Asian Financial Crisis with revolutionary software to connect banks to legal firms for late-stage debt recovery, the firm has since continued to innovate to handle the end-to-end needs of digital banking from digital customer onboarding to orchestrating complete digital ecosystems.
With the rising trends of the digital ecosystem, JurisTech has opened its doors to connect with new partners in the digital banking ecosystem. With Malaysia becoming the third country in ASEAN to issue digital banking licences, it marks an important milestone in the development of the nation’s future financial economy. JurisTech said its expansion into the digital banking ecosystem will present a myriad of opportunities for fintechs and digital banking players to accelerate their financial services by leveraging robust technologies, in tandem with the nation’s growing economy.
Launched in 2022 in Berlin, Mambu is a software as a service (SaaS) cloud banking platform that fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, FinTechs, retailers, telcos and more. It has 900 employees that support 200 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO and Orange Bank.
Mambu APAC launched in Singapore in 2016 and is now very active in the Asia Pacific region, most notably in Singapore, Malaysia, Vietnam, Thailand, Indonesia, the Philippines and Australia. Its customers in APAC include TNEX, Timo and Cake in Vietnam, Bank Jago and Bank INA in Indonesia, leading Islamic bank Bank Islam in Malaysia, UNO in the Philippines, and Bluestone, Nimble, Tyro, Lumi and Hay in Australia.
It completed a Series E funding round in December 2021, raising 235 million Euro ($256 million), taking the valuation of the company to just under 5 billion Euro ($5.45 billion). Its lead investors are EQT, Acton Capital, Bessemer Venture Partners, Runa Capital and TCV.