(Updated)

Al Rajhi Bank Malaysia launches digital bank Rize

(From left) Al Rajhi Bank Malaysia head of digital bank Ikram Khaliq, chairman John Roger Winfield, and chief executive officer Arsalaan Ahmed (Photo by Sam Fong/The Edge)

(From left) Al Rajhi Bank Malaysia head of digital bank Ikram Khaliq, chairman John Roger Winfield, and chief executive officer Arsalaan Ahmed (Photo by Sam Fong/The Edge)

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KUALA LUMPUR (Dec 1): Al Rajhi Banking & Investment Corp (M) Bhd (ARBM) has launched Rize, a digital bank that provides an end-to-end digital banking experience for customers.

During the digital bank's launch event on Thursday (Dec 1), ARBM chief executive officer Arsalaan Ahmed said that ARBM shared its vision to construct a customer-focused digital bank a year ago, as well as its aspiration to become the number one Islamic innovation bank in Malaysia.

Ahmed continued that at Rize’s core, it is a digital bank seeking to inspire and empower its customers — whom the bank refers to as "Rizers" — to achieve their hopes and dreams.

“When Malaysians become Rizers, they get access to a reimagined banking experience powered by best-in-class technology. All of a Rizer’s banking needs will be made available on their smartphone without the need to go to a physical branch,” he added.

ARBM is a wholly-owned subsidiary of the world’s largest Islamic bank by market capitalisation, Al Rajhi Bank in the Kingdom of Saudi Arabia.

In a statement on Thursday, ARBM said that Rize is launching with a wide range of services available, as well as an extensive product pipeline, with more to be rolled out progressively.

ARBM said one of Rize’s key services is its Personal Financing-i feature — a paperless, hassle-free digital financing product that requires minimal documentation and no processing fee.

“It takes only four steps and 15 minutes to having money in an account. With tailor-made personal financing plans, Rize enables Rizers to achieve more, whether it’s a newly renovated home, higher education, or a dream holiday," Ahmed said.

Additionally, the bank added that another of the digital bank’s key features, the Rize Savings Pot, is Malaysia’s only savings pot with a profit rate, allowing Rizers to earn while saving for their goals.

“The more they save, the more they will earn. In line with our mission to empower Rizers to achieve more, the Rize Savings Pot allows multiple contributions, which means a Rizer can invite family and friends to chip into the pot to achieve common goals faster,” he added.

“From the get-go, we offer a wide range of financial services as you download the app. In time, we will have a robust marketplace powered by a market-leading embedded finance ecosystem,” Ahmed added. 

Surin Murugiah