The bank says it will implement Microsoft Azure as one of its main cloud platforms for “some of its most strategic systems, functions, and data workloads”. 

The addition of Microsoft Azure is expected to provide “real-time data analytics, faster deployment of new services, and significant operational efficiencies”, according to Maybank.

Also included in the partnership deal is Microsoft 365 Copilot, which Maybank says will be rolled out to all 44,000 employees to provide them with “expansive AI-powered capabilities”. The bank adds that it will also utilise Microsoft’s security tools to “enhance its existing cybersecurity posture” with an emphasis on data protection. 

Maybank says the pair will also work to establish a Centre of Excellence for both companies to collaborate on developing new cloud and AI-powered services and to nurture “in-house talents in these areas”. 

Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group to deliver a suite of new sharia-compliant digital products hosted on Amazon Web Services‘ (AWS) cloud infrastructure.

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The firm said the tech hub would work closely with teams across the United Kingdom, Europe, Asia-Pacific and the Americas. The hub is expected to generate hundreds of jobs across the archipelago across key customer service functions, as well as provide advanced service support, in the near future.

The company executive said they view the Philippines as a “strategic market” for expanding its presence in Southeast Asia. “We’re laying the foundation for sustained operations and expansion, supported by the Philippine government’s pro-innovation approach and its commitment to building a future-ready digital economy,” he said.

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Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits.

“NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story”, added Choudhary.

Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India’s up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024.

While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical ‘NRI markup’ pricing. NRIs are usually charged higher, non-standardized rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services

“NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs,” said Vaas Bhaskar, Partner, Elevation Capital. “Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City’s regulatory framework. We’re excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.”

Belong aims to become the financial and lifestyle bridge for global Indians – helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions.

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