The financial services industry in the nation is about to undergo a change thanks to a ground-breaking strategic partnership launched by the Double Tree Hotel, Shah Alam, ERBE WORLD, CTOS, and CelcomDigi. The signing of the Memorandum of Agreement (Mo) marked a crucial turning point in the country’s quest of innovation and expansion in the financial sector. It was honoured to be seen by the honourable Deputy Minister of Finance, Datuk Seri Haji Ahmad bin Masan.
The joint agreement aims to integrate cutting-edge technology and vast industry expertise to provide more accurate, efficient, and easily accessible loan eligibility services to customers. This collaborative approach signals a major step forward in advancing the nation’s digital economy and enhancing financial services for the benefit of Malaysians.
Mohd Hasrul Syafig Mohd Ismail, Founder and Chief Operating Officer of LULUS apps, expressed his excitement about the collaboration, stating, “We are honored to join forces with CelcomDigi and TOS in this strategic partnership. Together, we are committed to driving innovation in the financial services sector and providing Malaysians with enhanced access to efficient and customer-centric financial solutions.”
The CEO of CTOS, Mr. Eric Chin, and Mr Steven Soon Kok Leng (Head of SME, Enterprise Business) from CelcomDigi, En Azman Bin Ramli (Head of SME Collaboration & Partnership, Enterprise Business) were also present at the ceremony, showcasing their unwavering support for this transformative initiative. Their recognition of the value and potential of the innovative financial services offered by LULUS further solidifies the importance of this collaboration in reshaping the Financial industry in Malaysia.
Dato Muhmmad Amir Abdullah, Chief Executive Officer of Erbe Holdings Berhad, shared his vision for the company’s future, stating, “Today, as part of Erbe World Holding Berhad, LULUS aims to become Malaysia’s first Unicorn FinTech company. Dan menjadi leading company in asia This ambitious goal reflects our commitment to revolutionizing the financial industry. LULUS envisions strategic partnerships with fintech companies, credit bureaus, and financial institutions, which will enable us to expand our reach and diversity our product offerings. This collaborative approach will allow LULUS to provide a comprehensive suite of financial products and services, ensuring that individuals have access to a wide range of options that meet their unique needs.”
According to CelcomDigi’s Chief Enterprise Business Officer, Afizulazha Abdullah, “We’re excited to be part of this initiative together with LULUS and CTOS, as we continue to support SMEs and MSMEs in digitalising their business. As key drivers of Malaysia’s economic growth, it is crucial that these enterprises have access to digital solutions and connectivity that will enable them to improve their operational efficiencies, grow their business, and stay competitive. CelcomDigi is committed and ready to be their trusted digital partner, as we work closely with enterprises across diverse industries to provide curated digital solutions, delivered on Malaysia’s widest and fastest network.”
The Chief Executive Officer of CTOS, Eric Chin, said that the MoU ceremony that took place today made its own history because Erbe has the same mission to help Malaysians gain faster and easier access to financing.
“At CTOS, our mission is to help empower individuals and businesses to make sound credit decisions confidently, leading to better financial health with crucial access to data and insights at greater ease and speed.
“And today’s MOU is in line with that mission. Our strategic partnership with ERBE will enable both parties to help individuals get access to financing, enabling them to have a better future.”
As Malaysia embraces the digital era, technology and communication have become integral aspects of daily life. The financial sector is no exception, and this strategic collaboration between Erbe World, TOS, and CelcomDigi addresses the growing demand for innovative, efficient, and easily accessible financial services. The partnership is set to drive Malaysia’s competitive edge as a regional financial hub, attracting more investments and strengthening the nation’s overall business ecosystem.
Hasrul Syafiq said “Banking as a Service (Baas) is at the heart of our mission,” he added, “Through our Baas model, we aim to provide more affordable, efficient, and easily accessible banking services to our customers. With collaboration from 21 banks, 5 digital banks, credit cooperatives, and other lending companies, Malaysians will experience tangible benefits through Lulus’ BaaS. This revolutionary approach empowers individuals to obtain financing faster and more conveniently, manage their finances more effectively, and access financial products and services previously beyond their reach. Our collaboration with CelcomDigi and TOS further strengthens our capabilities, enabling us to deliver a comprehensive suite of financial solutions that meet the unique needs of our customers.”
As a leading BaaS provider, Erbe World takes its responsibility to ensure the integrity and security of customer data seriously on Lulus Apps. The company remains steadfast in complying with relevant financial laws and regulations, prioritizing customer privacy and trust.
The strategic collaboration with CelcomDigi and TOS further solidifies Erbe world’ mission. By leveraging the strength and efficiency of CelcomDigi in the telecommunications industry and the expertise of TOS in credit assessment, Erbe World through LULUS apps aims to provide customers with access to extensive data and a robust credit assessment system, ensuring the loan eligibility reports provided are accurate and reliable.
This partnership also celebrates the commendable role played by CTOS in developing the credit assessment industry in Malaysia. CTOS has empowered Malaysians to make informed financial decisions and instilled confidence in financial institutions. As this collaboration unfolds, it is expected to foster even closer relationships in the future, further benefitting both parties and helping Malaysians achieve their financial aspirations.
Erbe World, CTOS, and CelcomDigi express their utmost gratitude to the Honorable Deputy Minister of Finance, Datuk Seri Hall Ahmad bin Masan, for gracing the event with his presence. The attendance of esteemed guests and industry partners signifies a recognition of their commitment to innovation and confidence in the transformative financial services offered by this strategic collaboration.
