Alrajhi Bank Malaysia’s Digital Bank, Rize, Goes All-In On AWS
By Digital News Asia April 3, 2023
- Plans to migrate key IT infrastructure to AWS by 2026.
- Will be built using AWS microservices for agility and expandability.
Amazon Web Services (AWS), an Amazon.com company, announced today that Al Rajhi Banking and Investment Corporation (Malaysia)’s digital bank, Rize, is going all-in on AWS.
Alrajhi Bank Malaysia, a subsidiary of Al Rajhi Bank, the world’s largest Islamic bank by assets, will migrate its key information technology (IT) infrastructure to AWS by 2026. This follows Alrajhi Bank Malaysia’s selection of AWS as its sole cloud provider for its digital bank Rize, which was launched on 1 December 2022. In early 2022, Al Rajhi Bank Malaysiahad selected UK-based Thought Machine, a cloud native core banking technology firm, to power their next-generation digital bank.
Arsalaan (Oz) Ahmed, chief executive officer at Alrajhi Bank Malaysia stated, “With AWS, we were able to quickly build Rize, a mobile-first, highly scalable digital bank offering a seamless customer experience, within 12 months from conception to reality."
Conor McNamara (pic), managing director at AWS in ASEAN added, “With AWS, Alrajhi Bank Malaysia is meeting the rising demand for mobile banking solutions that drive financial inclusion while improving customers’ financial wellbeing."
Malaysia is developing digital banking products for Rize using microservices, aiming to leverage the 82% of Malaysians who use smartphones for banking in an economy worth US$21 billion (2022 estimates).
Rize employs Amazon Elastic Kubernetes Service (Amazon EKS), which promises to give customers the flexibility to start, run, and scale Kubernetes applications on AWS and Amazon DynamoDB, a NoSQL database service. Rize will also take advantage of Amazon Relational Database Service (Amazon RDS), a fully managed, open-source cloud database service.
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