Raqami partners with Codebase Technologies on digital banking
In a transformative move toward digital innovation, Raqami Islamic Digital Bank has sealed an exclusive partnership with Codebase Technologies, securing its state-of-the-art DigiBanc Suite as the cornerstone of the bank’s technology infrastructure.
Codebase Technologies, renowned for its award-winning and adaptable digital banking platform, Digibanc Suite, offers a cloud-enabled, API-driven solution. This collaboration marks a significant step for Raqami in delivering inclusive digital financial services.
The DigiBanc Suite encompasses Core Banking, Mobile App, Internet Banking, API Gateway, and Middleware, featuring an open architecture that fosters collaboration across the financial services landscape. Built on a modular micro-services architecture, the platform provides a robust and agile environment for launching new financial products at scale.
Raqami Islamic Digital Bank, having obtained the no objection certificate from the State Bank of Pakistan in January 2023, is on the path to becoming a pioneering force in the digital banking realm. With the recent in-Principal Approval from the State Bank of Pakistan for the digital bank license, Raqami is gearing up for a pilot phase followed by a commercial launch.
Headquartered in Bahrain, Codebase Technologies brings its expertise as an open API banking solution fintech. With a track record of launching digital, challenger, and neo banks globally, the company is recognized for its achievements, including the Best Islamic Finance Solution Provider Award 2022 and the Fastest Growing Open API Banking Solutions Provider Award 2021.
Raheel Iqbal, Managing Partner at Codebase Technologies, expressed excitement about the strategic partnership, emphasizing their collective goal to revolutionize the financial landscape. He highlighted the commitment to delivering innovative, secure, and seamless banking experiences for customers.
Umair Aijaz, CEO of RIDB, underscored the urgency to support the financial health of Pakistan’s people. The partnership with Codebase positions Raqami to overcome challenges associated with legacy technology, enabling the provision of efficient, tailored, and Shariah-compliant digital finance solutions.
Nadeem Hussain, Coach RIDB, emphasized the enhanced customer experience resulting from a robust core banking system. The collaboration with Codebase Technologies is poised to set a new benchmark in Pakistan’s banking industry, offering personalized and efficient services, quicker transaction processing, easier account access, and a range of convenient online services.
As Raqami Islamic Digital Bank paves the way for a digital banking revolution, the partnership with Codebase Technologies signifies a commitment to cutting-edge technology and customer-centric financial solutions.