BCA Syariah, the Islamic banking arm of Bank Central Asia (BCA), has partnered with Thought Machine to modernise its services in Indonesia.

Using Thought Machine’s cloud-based platform, Vault Core, BCA Syariah has launched new products like Wadiah savings accounts, e-wallet top-up, and a Hajj Fee Deposit service.

The bank also plans to introduce term deposit products and gold financing in the near future.

This partnership allows the bank to offer faster and more reliable services while adapting quickly to market changes.

Thought Machine is headquartered in London with operations in Singapore, New York, and is a registered entity in Indonesia.

The company supports a range of global banking clients, including Standard Chartered, Lloyds Banking Group, Intesa Sanpaolo, and Al Rajhi Bank Malaysia, alongside fintech and challenger banks such as Trust Bank and Atom Bank.

Lukman Hadiwidjaja, Director of BCA Syariah, said,

“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, said,

“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.”

Featured image credit: Edited from Freepik

The article first appeared on Fintech News Singapore