Al Rajhi Bank Malaysia (ARBM) announced that it has officially launched its digital bank arm Rize today where a wide range of its services are already available and more will be rolled out progressively.

Rize’s product offerings are pretty standard for that of a bank – deposits, withdrawals, and transfers, account management and personal finance management, debit card application, purchase, and maintenance, ATM services and e-statements as well as personal financing.

The digital bank said that its personal financing offering is personalised according to a customer’s life goals.

The Personal Financing-i by Rize requires only four steps during the application phase and 15 minutes for the funds to be deposited into the customer’s account.

Additionally, Rize has introduced an exclusive feature – Rize Savings Pot which allows its customers to earn while saving for their goals.

The 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.

While Rize is currently geared towards retail customers, the digital bank is eyeing the small and medium-sized enterprise (SME) segment.

Rize also plans to launch an open banking platform which will enable it to roll out embedded finance products in the future.

Arsalaan (Oz) Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia said,

“Today, we are pleased to announce the launch of Al Rajhi Bank Malaysia’s digital bank—Rize.  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.

 

All a Rizers’ banking needs will be made available on their smartphone without the need to go to a physical branch. From the get-go, we will offer a wide range of financial services as you download the app today. In time, we will have a robust marketplace powered by a market-leading embedded finance ecosystem.”