BANK ISLAM’S BOLD MOVE: PARTNERING WITH QWORK TO BOOST THE GIG ECONOMY.

This strategic alliance between Bank Islam and Qwork is a testament to their shared vision of driving economic empowerment and financial accessibility. By leveraging Qwork’s community-driven platform, businesses can tap into a rich talent pool of skilled freelancers, while gig economy workers gain increased access to financial services, ultimately creating a mutually beneficial ecosystem for all stakeholders involved.

With this partnership, Bank Islam aims to tap into Qwork’s extensive pool of gig workers via its intuitive platform to provide flexible financial solutions tailored to the needs of freelancers. By leveraging Qwork’s diverse talent network, Bank Islam aims to address the growing workforce segment’s economic challenges and offer them access to Shariah-compliant banking products and services.

Bank Islam can promote Qwork’s advertised jobs within its Be U By Bank Islam app, which is 100% digital. Aside from accessing banking services, customers can use the ‘Gig Marketplace’ feature within the app to find income opportunities provided by Qwork. The effort aligns with Be U’s endeavors to respond to the needs of young adults who seek to earn spare cash through short-term jobs.

Bank Islam Group Chief Digital Officer, Noor Farilla Abdullah, expressed her enthusiasm about the partnership. She stated, “We are delighted to collaborate with Qwork in our ongoing efforts to bolster the overall Be U app. Incorporating this use case into the app will empower users to handle their finances and earn a living. With everything on a single platform, users can easily track and manage their finances and access tailored solutions that cater to freelancers. This partnership aligns perfectly with our commitment to serving the needs of underserved communities and promoting equitable financial practices.”

Earlier in September 2023, Be U by Bank Islam launched its debit card that is 100% issued, delivered, and managed through the app. Apart from providing convenient payment services, the Be U by Bank Islam app continues to release customer-centric solutions designed for the younger generation and freelancers. Bank Islam plans to introduce flexible financing options, digital payment solutions, and financial planning services in the Be U app.

By understanding the unique needs and challenges of the freelance community, the bank aims to provide them with the support and tools necessary to thrive in today’s dynamic economy.

Qwork’s CEO, Muna Munirah, highlighted the importance of the partnership, stating, “We are thrilled to partner with Bank Islam to empower freelancers and provide them with access to Islamic banking products and services. This collaboration aims to democratize benefits with the likes of working for an MNC for gig workers, a.k.a. freelancers on Qwork.”

Bank Islam and Qwork are confident that this partnership will significantly impact the freelance community, fostering financial stability and unlocking new growth opportunities. By combining their expertise and resources, both organizations are committed to creating an ecosystem that supports the financial aspirations of freelancers, ultimately contributing to the growth and development of the Malaysian economy.