Malaysian lender Bank Islam Malaysia Berhad has become the first financial institution in Malaysia to implement Mastercard Move, a money transfer solutions that enables seamless digital fund transfers within Malaysia and across borders through direct integration with Mastercard’s global network.
Bank Islam said in a statement on Monday that the solution aims to simplify operations, optimize liquidity, reduce counterparty risk and provide end-to-end visibility for Bank Islam and its corporate customers.
The new service will be offered through Bank Islam’s internet-based cash and account management platform for corporate customers, eBanker Pro, in the third quarter of 2025.
Bank Islam Group Chief Business Officer – Institutional Banking, Sharifah Sarah Syed Mohamed Tahir, said that the service enhancement will ease cross-border payments for
customers conducting Foreign Outward Telegraphic Transfer (FOTT).
Customers can complete the FOTT transaction within 15 minutes of submission.
In February 2025, Bank Islam processed 3,919 cross-border transactions valued at more than MYR 169 million ($40.14 million).
With the implementation of Mastercard Move, the bank anticipates transaction volumes to grow up to 20 percent this year, driven by quicker processing times and enhanced
customer experience.
“We achieve this by providing faster transactions, cost-effective currency exchange rates, enhanced security, and customized solutions supported by Mastercard’s global expertise in payment technology,” said Sharifah Sarah.
According to her, it delivers faster; more reliable international payment solutions tailored to the demands of today’s global business landscape.
She also said the strategic alliance with Mastercard marks a key milestone in advancing Bank Islam’s digital transformation and strengthening Islamic banking in the country.
“In today’s fast-paced digital economy, providing an efficient and secure cross-border digital money movement service is essential,
“Bank Islam is committed to empowering our customers with a seamless international payment solution that supports their growth, agility and competitiveness,” she added.
She also said this initiative also reflects Bank Islam’s dedication to innovation and fortifying its role in supporting Malaysia’s financial ecosystem through strategic partnerships and advanced technology.
According to the statement, Mastercard Move provides banks, non-bank financial institutions and their customers with trackable payments, transparent fees, estimated delivery times, and flexible payout options, including to bank accounts, digital wallets, cards, or even cash, depending on the market.
The portfolio reaches more than 200 countries and 150+ currencies.
Meanwhile, Mastercard Malaysia and Brunei Country Manager Beena Pothen said, Bank Islam’s implementation of Mastercard Move marks a key milestone in Malaysia’s drive for a more inclusive and digitally empowered economy.
“As cross-border payments become increasingly critical for individuals, small and medium-sized enterprises (SMEs), and large corporates, Mastercard Move offers a fast, secure, and transparent way to transfer funds both locally and internationally,” she said.
According to her, this collaboration supports Malaysia’s MADANI Economy and MyDigital blueprint by enabling efficient money movement and strengthening the country’s role in the regional and global economy.
“It reflects Mastercard’s commitment to driving digital innovation and financial inclusion across Malaysia,” she added.