Swedish FinTech firm Vilja has announced the opening of a new development center in Kuala Lumpur, Malaysia, which will launch in 2025.
The company said in a statement on Monday that it will invest an initial MYR 50 million ($11.18 million) over the first five years.
This aligns with the company’s global expansion strategy to drive digital innovation, focusing on artificial intelligence (AI) and cyber security.
“We see strong demand for our cloud-native core banking platform in ASEAN,
“Kuala Lumpur has our headquarter was an easy choice due to its talent pool, government support, and regional connectivity,” said Vilja Chief Executive Officer Fredrik Ulvenholm.
Robert Pettersson, chief strategy officer (CSO) of GM Subsidiaries at Vilja, said this development center will bring the firm closer to its ASEAN customers.
“We will bring our Swedish expertise and collaborate with local partners to continue to develop the best core banking solutions for our customers,” he added.
Meanwhile, Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer Anuar Fariz, said that the agency welcomes Vilja’s commitment to establishing a new development center in Malaysia.
“This investment by a globally renowned technology leader such as Vilja highlights Malaysia’s position as a leading digital hub in ASEAN, and a gateway to the broader Asia Pacific (APAC) region,
“Leveraging on the Malaysia Digital initiative, MDEC remains dedicated to supporting and collaborating closely with the Vilja team to ensure the success of this venture,” he added.
The announcement was made at Sweden-Malaysian Digital Day in Stockholm on November 22, in a ceremony between Vilja CEO Fredrik Ulvenholm and MDEC Head of FDI Kamelinder Singh.
It was witnessed by the Ambassador of Malaysia to Sweden H.E Sarimah Akbar alongside Deputy Director, Ola Pihlblad from the Swedish Ministry of Foreign Affair. Vilja had earlier announced partnerships with four Malaysian firms which is InsiteMY, Finology, Neurogine, and RC Technology.