Al Rajhi Bank Malaysia (ARBM), a subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), said Monday it has selected Moneythor, a digital banking solution provider in Singapore, to implement innovative personal financial management (PFM) features in its upcoming digital bank in Malaysia.

This partnership is in line with ARBM’s ambition to become the number one Islamic innovation bank in Malaysia, ARBM said in a statement.

Having committed to a digital transformation in 2021, ARBM is focused on providing customers an all-encompassing Islamic banking solution. The bank will deploy Moneythor’s PFM features to deliver rich in-app functionality and power highly personalised experiences for their customers.

The Moneythor solution is powered by real-time data, coupled with machine learning and behavioural science techniques to provide data-driven personalisation capabilities for digital financial management. This will allow ARBM to lean into its customer centric values and strengthen its digital engagement capabilities whilst reinforcing its position as a leader in Islamic banking.

As Al Rajhi Bank Malaysia builds out a full spectrum of Shariah-compliant products, the Moneythor solution will enable ARBM to respond to the requirements and needs of consumers and allow them to deliver a market-leading digital proposition at the same time.

“The partnership with Moneythor will give ARBM a competitive edge in launching a state-of-the-art digital banking capabilities, which will be differentiated through innovation, customer experience and reliability,

“To seize the opportunities in both digital bank and Islamic finance, we have tapped into various innovative partners and proven solutions, and we are pleased to count Moneythor as one of them to power the personalised money management features of our upcoming digital bank services,” said Arsalaan Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia.

Following its official launch in 2007, ARBM became the first Arab bank to start its operation in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

The bank continuously endeavours to expand its suite of products and services to meet the financial needs of its customers, delivering innovative Shariah compliant financial solutions across retail, corporate, treasury and investment segments. Today, it operates through a distribution network of 13 branches nationwide.

“We are thrilled to be a partner of Al Rajhi Bank Malaysia’s new digital bank. We look forward to delivering personalised customer-first digital banking experiences for the bank’s users with best-in-class PFM features and financial wellbeing services. We are excited to collaborate with such a forward-looking financial institution and to bring those innovative Islamic finance capabilities to life for consumers in Malaysia,” said Olivier Berthier, Chief Executive Officer of Moneythor.

Moneythor is a software company providing financial institutions with a modern toolkit to enhance their digital services, with money management features powered by actionable insights and data driven personalised recommendations enhanced with open banking. The solution is a fully configurable platform and scalable orchestration engine that sits between data sources and customer channels to deliver highly personalised and engaging customer experiences in real-time.

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