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Daily Cover Story: Codebase Technologies to capture Islamic fintechopportunities by expanding into Malaysia, the UK and North Africa this yearArticle By Islamic Finance news On 22/01/2019 In Daily Cover Story

GLOBAL: A Dubai-headquartered Islamic fintech provider will be expanding its geographical reach into Malaysia,the UK and North Africa this year as the company executes an aggressive growth strategy to capture majorShariah banking markets.

Codebase Technologies expects to open an office in Kuala Lumpur over the next few months, using the Islamicfinancial center as its launchpad into the ASEAN market.

“We are in the process of establishing our offices in the UK, ASEAN and African regions as we have been workingclosely with institutions across these spaces on not only innovations, but also enterprise grade systems,” OmarMansur, the engagement lead for enterprise projects at Codebase Technologies, confirms with IFN. This network growth is expected to push headcount up by approximately 50% to at least 300.

The firm is focusing on deepening its capabilities to include more robust use of artificial intelligence (AI), machinelearning and blockchain integration with non-financial institutions, among others. It is understood that CodebaseTechnologies would be venturing into the healthcare sector and is currently working with telecommunicationproviders in the area of financial services.

These measures are in line with the direction the industry is going, Omar explains.

“The biggest change we are going to see within the next five years most probably lies within the infrastructure andcustomer facing/interactions side. As banks are now getting ready to provide more efficient services, theinfrastructure is also morphing into an efficient one. Blockchain integration, AI and predictive analytics would playa very strong part in this,” he expounds. “Banks are now shifting their focus to more customer-friendly and easyinteraction services poised around ‘lifestyle banking’.”

This is an excerpt of an interview with Omar Mansur, the engagement lead for enterprise projects at CodebaseTechnologies. To listen to the full conversation on the shift from Islamic digital banking to lifestyle banking, log on toIFN Podcasts.

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