KUALA LUMPUR (Feb 15): Maybank Islamic Bhd and Telekom Malaysia Bhd (TM) have joined forces to introduce 5G-powered Islamic banking-as-a-service (BaaS) solutions by launching the inaugural “Go Niaga” mobile business banking bundle on Thursday.

According to a joint statement by Maybank Islamic and TM's Unifi Business, the bundle is dedicated to helping businesses manage their finances, and offer digital payment options powered by 5G connectivity and networks, through the combination of Maybank Islamic’s financial services and TM’s Uni5G Postpaid Biz mobile packages.

It aims to address current market gaps in the micro, small and medium enterprise (MSME) segment, allowing these businesses to better participate in e-commerce and expand their customer reach, they added.

Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican highlighted that the partnership is a significant step towards financial inclusion, as previously unbanked or underbanked individuals and businesses would gain access to its financial services through 5G mobile connectivity.

“While the technology originates from the BaaS concept, what makes it unique is its adherence to Islamic principles, making it the pioneering example of its kind in Malaysia. It combines modern technology with the ethical requirements of Islamic finance, providing innovative and faith-based financial services,” he said in the statement.

Meanwhile, Shanti Jusnita Johari, the chief commercial officer for consumer strategy and business at Unifi, said the partnership is a timely intervention to address the challenges faced by local businesses amid a burgeoning digital economy.

“MSMEs are a key growth engine for the nation’s economy. At present, this segment accounts for nearly 38% of Malaysia’s gross domestic product, yet its potential is often dimmed by limited access to digital tools and financial services. This is even more apparent among underserved segments, micro and small businesses,” said Shanti in the statement.

To address these challenges, the Go Niaga bundle provides payment acceptance facilities through Maybank Islamic’s QRPayBiz and Tap2Phone, enabling cloud-based point-of-sale systems on mobile devices to facilitate digital and card payments.