Gabriel Budi Sutrisno · · 1 min readMalaysia’s Al Rajhi Bank launches digibank offering
Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabia’s Al Rajhi Bank, has announced the launch of its digibank app Rize.
Al Rajhi Bank Malaysia CEO Arsalaan Ahmed / Photo credit: Al Rajhi Bank Malaysia
ARBM said that a wide range of services are already available on Rize, including deposits, account and personal finance management, debit card application, and ATM services.
One of the app’s key features is a personalized digital financing option that requires minimal documentation and no processing fee. Customers will only need to spend 15 minutes to have money in their account, ARBM said.
The app also has a savings feature called Rize Savings Pot with a profit rate, allowing users to earn money while saving. Users can also invite their family and friends to chip into the pot.
Launched in 2007, ARBM offers Shariah-compliant financial solutions in the retail, corporate, treasury, and investment segments, with a network of 13 branches across Malaysia.
Rize will be competing against digital banking hopefuls in Malaysia, including GXS Bank, which is backed by Grab and Singtel.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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