Hong Leong Islamic Bank (HLISB) has signed a MoU with GoBarakah to develop a fintech ecosystem aimed at directing donations and funds to underserved communities.
This collaboration falls under the PayNet Cambah program by PayNet and aligns with HLISB’s efforts to integrate value-based intermediation (VBI) into its business strategies and Shariah-compliant offerings.
GoBarakah is a fintech platform that facilitates corporate and public donations by converting them into e-vouchers, ensuring that charitable contributions remain transparent and traceable.
HLISB CEO, Dafinah Ahmed Hilmi highlighted the importance of strategic collaboration in expanding responsible banking efforts.
“At HLISB, we believe in the power of strategic collaboration to generate collective impact. In line with our goal of being a digital-focused and community-centric Bank, we are committed to partnering with key industry players to improve our banking solutions, widen our reach, and engage better with the communities we serve,” she said.
She also emphasised the role of transparency in VBI, stating,
“To us, VBI is not only about community investment. It is also about building trust with our customers, the community, and other industry stakeholders.”
She added that GoBarakah’s inclusion in HLISB’s VBI ecosystem would ensure digital consistency and transparency in its social financing initiatives.
GoBarakah CEO, Firdaus Mohamed described the collaboration as a step forward in digitalising social financing.
“As a fintech platform, we strive to digitalise the social financing process, making it easier and more transparent for underserved communities to receive the funding they need. By creating a seamless, digital ecosystem, corporations can provide funding and donations to social enterprises, welfare homes, and communities while also tracking when, how and where the funds are being utilised,”
he said.
As part of the initiative, HLISB has launched a pilot social financing program with GoBarakah, selecting SURI Inspirasi (SURI) as the first beneficiary.
SURI is a social enterprise that supports single mothers and underprivileged families by upcycling discarded fabrics into fashion items.
With partial funding from Bank Negara Malaysia’s iTEKAD program and HLISB’s internal resources, the initiative aims to assist 100 families in Langkawi by providing business and skills development opportunities. – FINTECH NEWS MALAYSIA
