Al Rajhi Bank Malaysia launches digital bank Rize

  • Customers can go about their banking needs using their smartphones
  • Claimed to be the 1st bank in Malaysia to have a savings pot with profit rate

(L-R): Ikram Khaliq (head of Digital Bank at Al Rajhi Bank Malaysia), Roger Winfield (chairman of the Board at Al Rajhi Bank Malaysia), Arsalaan (Oz) Ahmed (chief executive officer at Al Rajhi Bank Malaysia).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, the bank said Rize is built with state-of-the-art technology to provide a reimagined, end-to-end digital banking experience for its customers.

Arsalaan (Oz) Ahmed, chief executive officer, Al Rajhi Bank Malaysia, said, “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.”

Oz said Rize was conceived by the bank’s love for innovation for its 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,” he added.

He said all Rizers' banking needs will be made available on their smartphone without the need to go to a physical branch.

A wide range of Rize services are now available. The bank said it has an extensive product pipeline and more will be rolled out progressively. 

This includes:

  • Deposits, withdrawals, and transfers;
  • Account management and personal finance management;
  • Debit card application, purchase, and maintenance;
  • ATM services and eStatements; and
  • Personal financing

Key services by Rize include:

  • Personal Financing-i: Rize offers personal financing options that customers can afford and can be personalised for every one of their life goals. This features a paper-less, hassle-free digital financing product that requires minimal documentation and no processing fee and takes only four steps and 15 minutes to have money in their account.
  • Rize Savings Pot: A feature which the bank claimed is Malaysia’s only savings pot with a profit rate. This allows Rizers to earn while saving for their goals. In line with ARBM’s 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.

Oz said from the get-go, the bank offers a wide range of financial services as customers download the app. 

“In time, we will have a robust marketplace powered by a market-leading embedded finance ecosystem,” he added. 


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