In a major milestone for the nation’s financial sector, Bank Islam Malaysia Berhad (BIMB) has become the first bank in Malaysia to implement Mastercard Move, a next-generation money transfer solution that allows digital fund transfers within the country and across international borders through direct integration with Mastercard’s global payment network.
The integration of Mastercard Move enables Bank Islam to offer faster, more efficient, and secure digital payment services to its customers, particularly businesses involved in cross-border operations.
This cutting-edge solution is expected to significantly simplify the way corporate customers transfer funds internationally, helping them manage liquidity more effectively while also reducing operational risks and enhancing transparency.
According to Bank Islam, the service will be available through its web-based cash and account management platform, eBanker Pro, starting in the third quarter of 2025.
eBanker Pro caters specifically to corporate clients, and the new Mastercard Move feature will allow users to perform Foreign Outward Telegraphic Transfers (FOTT) with unprecedented speed and ease with transfers capable of being completed within just 15 minutes of submission.
Speaking about the initiative, Sharifah Sarah Syed Mohamed Tahir, Group Chief Business Officer Institutional Banking of Bank Islam, said that the Mastercard Move implementation represents a game-changing enhancement in international payment services for corporate clients.
She emphasized that the collaboration brings together speed, cost-efficiency, and security which are the key requirements for modern businesses navigating global markets.
“We achieve this by providing faster transactions, cost-effective currency exchange rates, enhanced security, and customised solutions supported by Mastercard’s global expertise in payment technology,” she said.
She added that this collaboration is a critical step in strengthening Malaysia’s Islamic banking infrastructure and reflects Bank Islam’s commitment to innovation. “Our strategic alliance with Mastercard marks a key milestone in advancing Bank Islam’s digital transformation and strengthening Islamic banking in the country.”
In February 2025, Bank Islam processed 3,919 cross-border transactions valued at over RM169 million. With the implementation of Mastercard Move, the Bank anticipates that transaction volumes will grow by up to 20 percent this year, largely driven by the speed and efficiency of the new system.
The Mastercard Move platform is designed to offer end-to-end visibility, enabling both banks and their clients to track payments, understand fees upfront, and receive estimated delivery times.
Depending on the receiving country, the platform also supports a variety of payout options including direct credit to bank accounts, digital wallets, cards, or even cash disbursement, providing tremendous flexibility and reach.
Currently, Mastercard Move spans over 200 countries and supports more than 150 currencies, making it one of the most comprehensive global payment ecosystems available to financial institutions.
The partnership between Bank Islam and Mastercard was formalised through the exchange of a Cross-Border Service agreement during the recent Bank Islam Sustainability Conference.
The agreement was signed by Sharifah Sarah on behalf of Bank Islam and Devesh Kuwadekar, Head of Financial Institution for Mastercard Malaysia. The event was witnessed by Dato’ Mohd Muazzam Mohamed, Group Chief Executive Officer of Bank Islam, and Dato’ Nor Azmie Diron, Secretary General of the Ministry of Economy.
For Mastercard, the partnership with Bank Islam represents an important step forward in its mission to expand digital financial services across Malaysia. Beena Pothen, Country Manager of Mastercard for Malaysia and Brunei, remarked that this development is aligned with national priorities, including the MADANI Economy framework and MyDigital blueprint, both of which seek to boost Malaysia’s competitiveness and inclusivity in the digital economy.
Bank Islam’s implementation of Mastercard Move underscores its broader strategy to empower businesses through smarter, faster, and safer financial tools. It also reflects the bank’s continued pursuit of partnerships that align with its sustainability and innovation objectives key pillars in its mission to contribute meaningfully to Malaysia’s financial ecosystem.
As global commerce continues to grow more interconnected, digital financial infrastructure such as Mastercard Move will be crucial in ensuring that Malaysian businesses, especially those operating under Shariah-compliant principles remain competitive, agile, and well-equipped to seize cross-border opportunities.
With this latest initiative, Bank Islam positions itself not only as a pioneer in Islamic banking but also as a forward-looking institution that embraces digital innovation to deliver practical, impactful solutions to its clients.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
