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Silverlake Axis picked to deploy software solution for newly-formed MBSB Bank in Malaysia

MAINBOARD-LISTED fintech company Silverlake Axis announced on Thursday it has secured a contract from the Malaysia Building Society Bhd (MBSB) to implement a "core banking solution" for newly-formed MBSB Bank in Malaysia.

The contract, whose value was not disclosed, is scheduled to be implemented within 12 months, Silverlake Axis said in its announcement.

On April 2 this year, MBSB acquired Asian Finance Bank (AFB), thereafter rebranding it as MBSB Bank.

The new bank holds MBSB's syariah-compliant assets and liabilities and is now the "second-largest full-fledged Islamic bank" in Malaysia.

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The contract will involve the conversion of MBSB's conventional Silverlake Axis Integrated Banking Solution to Silverlake Axis Islamic Integrated Banking Solution (SIIBS).

SIIBS will be the core banking system underpinning MBSB Bank, which aims to provide a wide range of syariah-compliant products and services for its retail, SME and corporate customers, Silverlake said.

AFB's core banking system will subsequently be folded into SIIBS.

In addition, Silverlake said it will employ digital solutions from subsidiaries Cyber Village, Silverlake Digitale and Silverlake One Paradigm to "drive syariah-compliant digital innovations" at MBSB Bank.

Silverlake Axis expects the contract to positively contribute to its results for the 2018 financial year and beyond.

The company highlighted that in keeping with the confidentiality clause stipulated in the contract, no further details of the contract will be disclosed.

Its counter closed 2.78 per cent down to S$0.525 apiece on Thursday, before the announcement was made.