Al Rajhi Bank Malaysia (ARBM), a subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA) and one the largest Islamic banks in the world, has selected Moneythor, a leading digital banking solution provider 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 #1 Islamic innovation bank in Malaysia.
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 Personal Finance Management (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.
Arsalaan Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia: “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.”
Olivier Berthier, Chief Executive Officer, Moneythor: “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.”