Raqami Islamic Digital Bank has entered into an exclusive agreement with Codebase Technologies to procure its DigiBanc Suite as the core technology stack of the bank. Digibanc Suite is an award-winning, cloud-enabled, API-driven, and highly adaptable digital banking platform allowing institutions to deliver inclusive digital financial services. The platform features include Core Banking, Mobile App, 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 Digibanc Suite is built on a modular micro-services architecture providing a robust and agile environment to launch new financial products at scale.
In January 2023 Raqami Islamic Digital Bank (RIDB) obtained a no objection certificate (“NOC”) from the State Bank of Pakistan (SBP) to establish an Islamic digital retail bank in the country. Subsequently, in September 2023 SBP awarded in-Principal Approval (IPA) to Raqami and four other aspirants for the digital bank license. Under the IPA, RIDB is in the process of developing its operational readiness for pilot, followed by commercial launch as a digital retail bank.
Headquartered out of Bahrain, Codebase Technologies is an open API banking solution fintech. The company boasts an experienced team having launched several digital, challenger, and neo banks and financial propositions across the UAE, Malaysia, Bahrain, UK and Africa. The company has a proven track record having won numerous awards, including 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, Most Effective Compliance/RegTech Deployment 2021 Award, among others.
“We are thrilled for our strategic partnership with Raqami in pioneering the future of digital banking. Together, Codebase Technologies and Raqami aim to revolutionize the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers,” stated Raheel Iqbal, Managing Partner, Codebase Technologies.
“We are excited for Raqami to leverage our Digibanc platform as the comprehensive tech stack for their digital bank. Digibanc’s advanced features and modular architecture empowers 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, Codebase Technologies.
Umair Aijaz CEO RIDB stated that “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. 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 is hopeful of overcoming 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. I am confident that the selection of Codebase Technologies by Raqami, which has extensive experience working with neo banks as well as Islamic banks, 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.”
RIDB is one of five aspirants for the digital retail bank license, which are to be awarded by the State Bank of Pakistan under the Licensing and Regulatory Framework for Digital Banks (the Framework) 2022 and after incumbents achieve operational readiness and successfully conclude a pilot.