Al Rajhi Bank Malaysia taps Feedzai for risk management platform

Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabia’s banking group Al Rajhi Bank, has selected Feedzai as it looks to strengthen the security of its upcoming digital bank offering.

ARBM taps Feedzai for RiskOps platform

The bank will implement Feedzai’s RiskOps platform to help it detect and prevent financial crime and keep its customers safe.

Nuno Sebastião, CEO at Feedzai, says his company’s machine learning and AI-powered solution will provide ARBM with “a single platform to handle everything fraud and financial crime-related”.

The firm’s cloud-based RiskOps offering includes features such as device authentication, malware defence and behavioural biometrics as well as a full suite of integrated fraud and anti-money laundering (AML) solutions covering customer due diligence, watchlist screening and transaction monitoring.

Arsalaan (Oz) Ahmed, CEO of ARBM, adds that Feedzai was “the stand-out provider to meet all our financial crime prevention needs in keeping our customers safe and secure in an ever-evolving financial crime landscape”.

In February, ARBM appointed Ikram Khaliq to lead its new digital bank offering, which is set to launch sometime this year.

It will be powered by Thought Machine’s Vault core banking solution, and the firm also partnered with Moneythor in April to implement personal financial management features.

The project also involves management consulting firm Oliver Wyman and technology engineering specialist GFT – the two companies are helping ARBM to design, build and launch the new digital bank.