Al Rajhi Bank Malaysia picks Moneythor to strengthen digital bank offering

Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabia’s Al Rajhi Bank, has selected Moneythor to implement personal financial management features in its upcoming digital bank.

Al Rajhi Bank Malaysia has selected Moneythor

Moneythor makes use of real-time data along with machine learning and behavioural science techniques to provide personalisation capabilities for digital financial management.

The fintech says that the partnership will enable ARBM to lean into its customer-centric values and strengthen its digital engagement capabilities as it looks to become “the #1 Islamic innovation bank in Malaysia”.

Arsalaan Ahmed, CEO of ARBM, says the move will give the bank “a competitive edge” in launching digital banking capabilities “which will be differentiated through innovation, customer experience and reliability”.

The partnership follows the appointment of Ikram Khaliq to lead ARBM’s new digital bank offering, which is set to launch sometime this year.

In January, ARBM selected Thought Machine and its Vault core banking solution to design, launch and manage a set of Shariah-compliant banking products.