Bank Islam Malaysia Berhad has partnered with UK-based Islamic fintech Kestrl to roll out personal financial management tools for its new Be U digital bank in Malaysia.
The Be U digital banking app aims to expand financial inclusion in the country by allowing users to bank online without having to visit branches. It caters to the country’s young digital generation and its user interface is designed to “help users quickly understand and manage their finances”.
Bank Islam Group CEO Mohammed Muazzam Mohamed said the partnership with “values-driven” fintech Kestrl will allow both parties to capitalize on learnings in the Malaysian and UK markets.
Bank Islam hopes to acquire 350,000 Be U users over the next year and adding personal financial management tools to its financial services suite is part of this growth strategy.
Founded in 2019, Kestrl is a legacy technology operating in the UK and across the Middle East, built around Islamic beliefs. It applies machine learning and behavioral science to user transaction data to provide automatic budgeting and savings tools and personalized investment advice.
Bank Islam will integrate Kestrl’s personal money management tools into Be U by the end of the year.
Kestrl CEO Areeb Siddiqui adds that the fintech will develop new features for the Malaysian market alongside its personal money management offering.