Bank Islam Launches Mastercard Move for Faster Local and International Transfers

Samuel Chua

30th June 2025 - 4 min read

(From left to right: Bank Islam’s Group CBO Sharifah Sarah Syed Mohamed Tahir, Bank Islam’s Group CEO Mohd Muazzam Mohamed, Secretary General of Ministry of Economy Nor Azmie Diron and Mastercard Malaysia Head of Financial Institution Devesh Kuwadekar)

Bank Islam Malaysia Berhad (Bank Islam) has become the first financial institution in Malaysia to implement Mastercard Move. This money transfer solution enables smooth digital fund transfers within Malaysia and across borders. Mastercard Move connects directly with Mastercard’s global network, offering a more efficient way to move money.

The new service aims to simplify operations, improve liquidity management, reduce counterparty risk, and give Bank Islam and its corporate customers full visibility over their transactions. Bank Islam plans to offer the service through its Internet-based cash and account management platform, eBanker Pro, for corporate customers in the third quarter of 2025.

Easier for Customers Using FOTT Service

Bank Islam Group Chief Business Officer for Institutional Banking, Sharifah Sarah Syed Mohamed Tahir, said this enhancement will make cross-border payments much easier for customers using the Foreign Outward Telegraphic Transfer (FOTT) service. Customers will be able to complete FOTT transactions within 15 minutes of submission.

In February 2025 alone, Bank Islam processed 3,919 cross-border transactions worth over RM169 million. With Mastercard Move, the Bank expects transaction volumes to increase by up to 20% this year, driven by faster processing times and a better customer experience.

A Service That Covers More Than 200 Countries

Mastercard Move provides banks, non-bank financial institutions, and their customers with trackable payments, clear fees, estimated delivery times, and flexible payout options. Payouts can be made to bank accounts, digital wallets, cards, or even cash, depending on the market. The service covers more than 200 countries and over 150 currencies, offering extensive global reach.

A Significant Milestone in Malaysia’s Digital Economy

Beena Pothen, Mastercard Malaysia and Brunei Country Manager, said that Bank Islam’s adoption of Mastercard Move marks a significant milestone in Malaysia’s efforts to build a more inclusive and digitally empowered economy.

She explained that as cross-border payments become more important for individuals, small and medium enterprises (SMEs), and large corporations, Mastercard Move provides a fast, secure, and transparent way to send money locally and internationally.

This collaboration supports Malaysia’s MADANI Economy and the MyDigital blueprint by enabling efficient money transfers and strengthening Malaysia’s position in the regional and global economy. It also demonstrates Mastercard’s commitment to driving digital innovation and financial inclusion across Malaysia.

Insider Insight

“It’s encouraging to see more choices for consumers when it comes to international transfers. Malaysia already has several established non-bank remittance players like Wise and TNG offering competitive services, so we’ll need to wait and see whether the fees and charges are truly competitive. Transparency in pricing will be key to helping consumers make informed decisions about their international transfer needs.” – Siew Yuen Tuck, Group CEO, RinggitPlus

0 0 votes

Article Rating