The collaboration between CTOS and Maybank Islamic aims to provide SMEs and retail customers with personalized, Shariah-compliant financial solutions, offering tailored services and incentives.
CTOS Data Systems, Malaysia’s top credit reporting agency, has partnered with Maybank Islamic to launch the country’s first Banking-as-a-Service (BaaS) initiative. The offering combines credit reporting, risk management, and Islamic banking solutions.
By integrating CTOS’s advanced credit scoring tools with Maybank Islamic’s banking services, the initiative creates a seamless financial ecosystem that helps businesses and individuals make informed decisions while adhering to Islamic banking principles.
Islamic banking principles are financial rules based on Shariah law (Islamic law) that guide how banking and finance should operate. For instance, Islamic banks cannot charge or pay interest (riba) on loans or deposits. All financial activities must be backed by real assets or services. In addition, transaction risks and rewards must be fairly shared between the bank and customers.
As part of this initiative, CTOS and Maybank Islamic offer exclusive benefits, including free CTOS Company Reports, a two-month trial of CTOS Credit Manager, and RM5,000 worth of halal certification facilitation for SMEs. Retail customers can also access personalized banking products with added incentives, such as a chance to win a trip to Korea or other exciting prizes.
Erick Hamburger, Group CEO of CTOS Digital Berhad called this collaboration “a crucial first step to incentivizing SMEs in their journey of adopting digital financing, business digitisation services, and halal certificate facilitation.”
This initiative blends banking and credit management to create a more inclusive and accessible financial ecosystem. Although Malaysia’s financial ecosystem is already robust, especially compared to many other countries in the region, certain gaps remain.
The country has a high banking penetration rate, a strong Islamic finance sector, and an expanding digital banking landscape. However, many SMEs, especially new or small businesses, struggle to secure financing due to a lack of credit history or strict lending criteria. Many individuals in Malaysia participate in a gig economy, having freelance, part-time, and short-term jobs. While that offers flexibility and opportunities to break away from traditional employment models, they may also face some obstacles in credit access. Therefore, CTOS’s credit insights help SMEs build credibility, improving access to financing. The institution also provides credit insights for individuals, helping them better understand their financial health and improve their creditworthiness.
Besides, a lot of Malaysians, particularly in underserved communities, lack awareness of financial products and credit management. That is why the fresh partnership includes education on credit and risk, helping businesses and individuals make smarter financial decisions.
