Al Rajhi Bank Malaysia Launches Digital Bank, Rize

Alex Cheong Pui Yin

2nd December 2022 - 2 min read

Al Rajhi Bank Malaysia (ARBM) has launched its digital bank, Rize, to offer a more convenient and seamless end-to-end digital banking experience for its customers.

In a statement, Al Rajhi Bank shared that Rize is already live with a wide range of services made available, with more to be rolled out progressively. At present, customers who use Rize – or Rizers, as they are called – can tap into the following:

Deposits, withdrawals, and transfers
Account management and personal finance management
Debit card application, purchase, and maintenance
ATM services and e-statements
Personal financing

Of note are Rize’s Personal Financing-i and the Rize Savings Pot services, both of which are meant to support ARBM’s customers in their pursuit of their ambitions and financial goals. The Personal Financing-i service is described as a paperless and hassle-free digital financing product that requires the submission of minimal documents. Depending on your qualification, it provides up to RM150,000 financing (up to 8x your salary) with a repayment tenure of 7 years, with the amount to be deposited into your account within 15 minutes once you submit your application.

Meanwhile, the Rize Savings Pot is said to be Malaysia’s only savings pot with a profit rate, allowing Rizers to earn while saving for a financial goal. It also allows multiple contributions, which means that Rizers can invite family and friends to contribute to the pot if they share a common goal, and would like to reach it faster.

Chief executive officer of ARBM, Arsalaan Ahmed said that Rize was conceived as part of the bank’s efforts to become the number one Islamic innovation bank in Malaysia. “When Malaysians become Rizers, they get access to a reimagined banking experience powered by best-in-class technology. All of a Rizer’s banking needs will be made available on their smartphone without the need to go to a physical branch,” he further said.

If you’d like to check out ARBM’s new digital bank, Rize, you can download it from Google Play, the App Store, and Huawei AppGallery.

(Sources: The Edge Markets, Rize)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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