2 weeks Ago By Lauren Towner
BCA Syariah , a subsidiary of Bank Central Asia (BCA) that provides Islamic banking services, has adopted Thought Machine’ s cloud-native core banking platform, Vault Core. This collaboration aims to redefine Islamic banking in Indonesia with innovative digital Sharia-compliant products and services. BCA Syariah has successfully gone live with Vault Core and released multiple products, including Wadiah savings, a top-up e-wallet, and an online Hajj Fee Deposit service, setting a new standard for speed in technology adoption and product development.
The bank plans to introduce term deposit products and gold financing soon. Adopting Vault Core is crucial to BCA Syariah’s strategy to provide faster and more reliable banking services for its customers. Thought Machine’s Universal Product Engine—with its out-of-the-box Sharia-compliant products—allows BCA Syariah to quickly develop and customise a comprehensive suite of integrated products on a unified platform, enhancing the overall user experience.
Vault Core’s cloud-native architecture and elegant design provide BCA Syariah with flexibility, swift market responsiveness, and freedom from the constraints of traditional banking systems. This empowers the bank to offer always-on, real-time services, and adapt quickly to market demands and regulatory changes, strengthening its competitive position in the digital landscape. Lukman Hadiwidjaja, Director of BCA Syariah, comments: “Vault Core, engineered by technology experts, is the next-generation core banking platform selected by the world’s most prestigious banks.
Its Universal Product Engine allows us to create Sharia-compliant products with precision and swift responsiveness to evolving customers’ needs. Our successful go-live marks an important milestone in our mission to contribute significantly to the development of Sharia banking in Indonesia.” Paul Taylor, CEO and founder of Thought Machine, comments: “ BCA Syariah has demonstrated exceptional foresight in leveraging modern technology for enhanced user experiences.
This milestone underscores our unwavering commitment to empowering financial institutions to innovate, grow, and outperform in their markets. We are delighted to celebrate the successful go-live of BCA Syariah on Vault Core.” Thought Machine, with over $500 million in funding, tackles legacy technology challenges in banking.
Serving global Tier 1 clients like Standard Chartered, Al Rajhi Bank Malaysia, Lloyds Banking Group, and Intesa Sanpaolo, it also empowers fintech and challenger banks such as Trust Bank and Atom Bank, showcasing Vault Core’s versatility. With headquarters in London, Singapore, and New York, Thought Machine operates as a registered entity in Indonesia..
