Al Rajhi Bank Malaysia (ARBM) announced that it has selected Moneythor, a Singaporean digital banking solution provider, to integrate personal financial management (PFM) features into its upcoming digital bank in Malaysia.

The bank said that it will deploy Moneythor’s 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.

The PFM solution will complement ARBM’s plans for a full spectrum of Shariah-compliant products as part of its digital bank offering this year.

The bank had appointed Ikram Khaliq as Head of Digital Bank and set up a new office to support its growth plans.

Arsalaan Ahmed, Chief Executive Officer of Al Rajhi Bank Malaysia said,

“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, CEO of Moneythor said,

“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.”