Islamabad: Raqami Islamic Digital Bank (RIDB) has joined hands with Codebase Technologies to procure its DigiBanc Suite as the core technology stack of the bank, according to a press release.
Digibanc Suite is an award-winning, cloud-based, API-driven, and adaptable digital banking platform allowing institutions to deliver inclusive digital financial services. The platform features include core banking, mobile Apps, internet banking, API gateway, and middleware.
Its open architecture embraces a diverse ecosystem of partners and vendors, driving collaborative experiences across the financial services landscape.
The partnership aims to revolutionise the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers, stated Raheel Iqbal, Managing Partner, Codebase Technologies.
In January 2023, RIDB obtained a no-objection certificate from the State Bank of Pakistan (SBP) to establish a retail bank in the country. Subsequently, in September 2023 the SBP awarded principal approval to Raqami and four other aspirants for the digital bank license. The bank is developing its operational readiness for a pilot, followed by a commercial launch as a digital retail bank.
Codebase Technologies is an open API banking solution fintech firm with expertise in several digital, challenger, and neo-banks and financial propositions across the UAE, Malaysia, Bahrain, Britain, and Africa.
The company has won the Best Islamic Finance Solution Provider Award 2022, Best Islamic Product Software for Banking Industry 2021 Fastest Growing Open API Banking Solutions Provider Award 2021, and Most Effective Compliance/RegTech Deployment 2021 Award.
DigiBanc’s advanced features and modular architecture empower Raqami to deliver a secure, scalable, and customer-centric banking experience. This collaboration underscores our commitment to providing innovative solutions that drive digital transformation in the financial sector, ensuring Raqami is equipped with cutting-edge technology for sustained success, commented Rizwan Warsi, Founder & CTO, of Codebase Technologies.
“The need to support the financial health of Pakistan’s people has never been greater. The precariousness of household finances in the country has been pushed to the forefront by persistent inflation and rising commodity prices, which have come in quick succession to the COVID-19 pandemic, stated RIDB CEO Umair Aijaz.
Financial institutions need to play a role in their customers’ recovery but to do so effectively, the financial industry needs to offer more effective tools that enable financial access and activity. Via this partnership with Codebase, Raqami hopes to overcome the challenges hardwired into legacy technology solutions, capturing, and utilizing data to provide customer insights and offer efficient, tailored, and seamless Shariah-compliant digital finance solutions to all.
Nadeem Hussain, Coach RIDB, noted that one of the most valuable benefits of a robust core banking system is enhanced customer experience. He was confident that the selection of Codebase Technologies by Raqami will result in a long-term partnership that will set a new bar in Pakistan’s banking industry to provide more personalized and efficient services, offering customers quicker transaction processing, easier account access, and a range of convenient online services.