Al Rajhi Bank Malaysia (ARBM) has taken a big step forward for financial services in Malaysia with the launch of Rize, a first-of-its-kind digital bank.

In a statement on Thursday, ARBM said Rize is built with state-of-the-art technology to provide a reimagined, end-to-end digital banking experience for its customers.

“A year ago, we shared ARBM’s vision to build a customer-focused digital bank and our aspiration to become the #1 Islamic innovation bank in Malaysia. Today, we are pleased to announce the launch of Al Rajhi Bank Malaysia’s digital bank—Rize,” said Arsalaan (Oz) Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia.

“Rize was conceived by our love for innovation for our customers. At its core, Rize is a digital bank seeking to inspire and empower our customers—whom we call Rizers—to achieve their hopes and dreams and encourage friends and family to help them realise their goals,

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

A wide range of Rize services are available from Thursday. The firm has an extensive product pipeline and more will be rolled out progressively.

These include deposits, withdrawals, and transfers; account management and personal finance management; debit card application, purchase, and maintenance; ATM services and eStatements; personal financing

Rize offers personal financing options that its customers can afford and can be personalized for every one of their life goals.

Personal Financing-i by Rize is a paper-less, hassle-free digital financing product that requires minimal documentation and no processing fee.

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

Rize has also introduced an exclusive feature in Malaysia that no other financial institution or fintech player offers.

Rize Savings Pot is Malaysia’s only savings pot with a profit rate, allowing Rizers to earn while saving for their goals. The more the users save, the more they will earn.

In line with its mission to empower Rizers to achieve more, 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.

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

“It is our hope that, with Rize, people will be able to discover— and achieve—their more. We are ready to serve all our new Rizers from today,” OZ added.

ARBM is a wholly owned subsidiary of the world’s largest Islamic Bank, Al Rajhi Bank Kingdom of Saudi Arabia (KSA), and was locally incorporated in October 2006.

Following its official launch in 2007, ARBM became the first Arab bank to start operating in Southeast Asia. The bank operates through a distribution network of 13 branches in Malaysia.

The bank is 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.

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