Accenture Deepens Banking Capabilities in Malaysia with Acquisition of Aristal

KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--Jul 21, 2025--

Accenture (NYSE: ACN) has acquired Aristal, a Malaysia-based consulting and digital transformation firm with deep expertise in financial services—marking Accenture’s first banking-focused acquisition in the country.

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The acquisition strengthens Accenture’s talent and capabilities to help banks in Malaysia upgrade their core systems, improve operations, and manage large-scale changes like mergers and system transitions.

Founded in 2006, Aristal is recognized for its high-quality advisory services and deep expertise in core banking transformation. The firm has built a strong track record of successfully delivering large-scale IT and business transformation programs for leading financial institutions across Malaysia, Indonesia, Singapore, and Thailand.

“With deep expertise in core banking systems, Aristal has helped banks upgrade outdated platforms, improve operations, and deliver better customer experiences—capabilities that will strengthen Accenture’s financial services offerings,” said Paul Ng, Financial Services Lead, Southeast Asia at Accenture. “Their experience implementing core banking platforms, designing operating models, and supporting post-merger integration will enhance our ability to help banks across Southeast Asia transform faster and operate more efficiently.”

Aristal’s highly skilled and senior team of 30 will join Accenture’s Financial Services practice in Malaysia. Coupling its sector knowledge with Accenture’s technology and managed services will enhance delivery of end-to-end transformation projects for clients at scale.

Banks across the region are upgrading their core platforms to keep pace with complex mergers, acquisitions, and regulatory demands. With the global core banking market projected to reach USD 28.8 billion by 2027, Malaysia is expected to follow suit, driven by industry-wide efforts to modernize systems and strengthen digital capabilities.

“This acquisition expands our pool of experienced professionals in Malaysia and strengthens our ability to support clients driving core banking transformation,” said Azwan Baharuddin, Country Managing Director, Malaysia at Accenture. “It reflects our commitment to developing local talent and helping clients harness the power of technology, data, and AI to reinvent how they operate, compete, and grow in an increasingly dynamic banking landscape.”

“Joining Accenture opens up tremendous opportunities for our team here in Malaysia to grow and contribute on a larger stage,” said Lin Kok Liong, Managing Director at Aristal. “By integrating into Accenture’s global network of innovation and talent, we’re not only expanding our own capabilities, but also enhancing the value we can deliver to clients locally.”

The move underscores Accenture’s continued investment in Southeast Asia to help clients embrace AI, cloud, and modern core systems. This includes recent initiatives such as the acquisition of Percipient’s digital twin technology for banks in Singapore, and the establishment of the AI Refinery Engineering Hub, to accelerate innovation and scalable transformation across the region.

The financial terms of the transaction were not disclosed.

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Accenture has acquired Aristal, a Malaysia-based consulting and digital transformation firm with deep expertise in financial services—marking Accenture’s first banking-focused acquisition in the country.

WASHINGTON (AP) — Sluggish December hiring concluded a year of weak employment gains that have frustrated job seekers even though layoffs and unemployment have remained low.

Employers added just 50,000 jobs last month, nearly unchanged from a downwardly revised figure of 56,000 in November, the Labor Department said Friday. The unemployment rate slipped to 4.4%, its first decline since June, from 4.5% in November, a figure also revised lower.

The data suggests that businesses are reluctant to add workers even as economic growth has picked up. Many companies hired aggressively after the pandemic and no longer need to fill more jobs. Others have held back due to widespread uncertainty caused by President Donald Trump’s shifting tariff policies, elevated inflation, and the spread of artificial intelligence, which could alter or even replace some jobs.

Still, economists were encouraged by the drop in the unemployment rate, which had risen in the previous four straight reports. It had also alarmed officials at the Federal Reserve, prompting three cuts to the central bank's key interest rate last year. The decline lowered the odds of another rate reduction in January, economists said.

“The labor market looks to have stabilized, but at a slower pace of employment growth,” Blerina Uruci, chief economist at T. Rowe Price, said. There is no urgency for the Fed to cut rates further, for now."

Some Federal Reserve officials are concerned that inflation remains above their target of 2% annual growth, and hasn't improved since 2024. They support keeping rates where they are to combat inflation. Others, however, are more worried that hiring has nearly ground to a halt and have supported lowering borrowing costs to spur spending and growth.

November's job gain was revised slightly lower, from 64,000 to 56,000, while October's now shows a much steeper drop, with a loss of 173,000 positions, down from previous estimates of a 105,000 decline. The government revises the jobs figures as it receives more survey responses from businesses.

The economy has now lost an average of 22,000 jobs a month in the past three months, the government said. A year ago, in December 2024, it had gained 209,000 a month. Most of those losses reflect the purge of government workers by Elon Musk's Department of Government Efficiency.

Nearly all the jobs added in December were in the health care and restaurant and hotel industries. Health care added 38,500 jobs, while restaurants and hotels gained 47,000. Governments — mostly at the state and local level — added 13,000.

Manufacturing, construction and retail companies all shed jobs. Retailers cut 25,000 positions, a sign that holiday hiring has been weaker than previous years. Manufacturers have shed jobs every month since April, when Trump announced sweeping tariffs intended to boost manufacturing.

Wall Street and Washington are looking closely at Friday's report as it's the first clean reading on the labor market in three months. The government didn’t issue a report in October because of the six-week government shutdown, and November’s data was distorted by the closure, which lasted until Nov. 12.

The hiring slowdown reflects more than just a reluctance by companies to add jobs. With an aging population and a sharp drop in immigration, the economy doesn't need to create as many jobs as it has in the past to keep the unemployment rate steady. As a result, a gain of 50,000 jobs is not as clear a sign of weakness as it would have been in previous years.

And layoffs are still low, a sign firms aren't rapidly cutting jobs, as typically happens in a recession. The “low-hire, low-fire” job market does mean current workers have some job security, though those without jobs can have a tougher time.

Ernesto Castro, 44, has applied for hundreds of jobs since leaving his last in May. Yet the Los Angeles resident has gotten just three initial interviews, and only one follow-up, after which he heard nothing.

With nearly a decade of experience providing customer support for software companies, Castro expected to find a new job pretty quickly as he did in 2024.

“I should be in a good position,” Castro said. “It’s been awful.”

He worries that more companies are turning to artificial intelligence to help clients learn to use new software. He hears ads from tech companies that urge companies to slash workers that provide the kind of services he has in his previous jobs. His contacts in the industry say that employees are increasingly reluctant to switch jobs amid all the uncertainty, which leaves fewer open jobs for others.

He is now looking into starting his own software company, and is also exploring project management roles.

December’s report caps a year of sluggish hiring, particularly after April's “liberation day” tariff announcement by Trump. The economy generated an average of 111,000 jobs a month in the first three months of 2025. But that pace dropped to just 11,000 in the three months ended in August, before rebounding slightly to 22,000 in November.

Last year, the economy gained just 584,000 jobs, sharply lower than that more than 2 million added in 2024. It's the smallest annual gain since the COVID-19 pandemic decimated the job market in 2020.

Subdued hiring underscores a key conundrum surrounding the economy as it enters 2026: Growth has picked up to healthy levels, yet hiring has weakened noticeably and the unemployment rate has increased in the last four jobs reports.

Most economists expect hiring will accelerate this year as growth remains solid, and Trump's tax cut legislation is expected to produce large tax refunds this spring. Yet economists acknowledge there are other possibilities: Weak job gains could drag down future growth. Or the economy could keep expanding at a healthy clip, while automation and the spread of artificial intelligence reduces the need for more jobs.

Productivity, or output per hour worked, a measure of worker efficiency, has improved in the past three years and jumped nearly 5% in the July-September quarter. That means companies can produce more without adding jobs. Over time, it should also boost worker pay.

Even with such sluggish job gains, the economy has continued to expand, with growth reaching a 4.3% annual rate in last year's July-September quarter, the best in two years. Strong consumer spending helped drive the gain. The Federal Reserve Bank of Atlanta forecasts that growth could slow to a still-solid 2.7% in the final three months of last year.

FILE - A hiring sign is displayed at a grocery store in Northbrook, Ill., Tuesday, Jan. 21, 2025. (AP Photo/Nam Y. Huh)