PETALING JAYA: Al Rajhi Banking & Investment Corp (M) Bhd (ARBM), has launched Rize, a digital bank which provides an end-to-end digital banking experience for its customers.
CEO Arsalaan Ahmed said that a year ago, ARBM had shared its vision to build a customer-focused digital bank and aspiration to become the number one Islamic innovation bank in Malaysia.
“At its core, Rize is a digital bank seeking to inspire and empower our customers — whom we call Rizers. When Malaysians become Rizers, they get access to a banking experience powered by best-in-class technology. All a Rizer’s banking needs will be made available on their smartphone without the need to go to a physical branch,” he said in a statement on Dec 1.
ARBM is a wholly owned subsidiary of the world’s largest Islamic Bank, Al Rajhi Bank of Saudi Arabia and was locally incorporated in October 2006.
Meanwhile, Rize offers Personal Financing-i feature, which is a paper-less, hassle-free digital financing product that requires minimal documentation and no processing fee.
Another feature, Rize Savings Pot is Malaysia’s only savings pot with a profit rate, allowing Rizers to earn while saving for their goals.
“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,” said Arsalaan.