Al Rajhi Bank Malaysia’s digital bank, Rize has been crowned the Virtual Bank of the Year for Malaysia in the Asian Banking and Finance Retail Banking Awards 2023.

In a statement, the chief executive officer of Al Rajhi Bank Malaysia, Arsalaan (Oz) Ahmed said that the award is a great achievement for the bank. “We are proud of this win, which places us among the region’s pioneers in the digital banking sector. Being named Virtual Bank of the Year reflects Al Rajhi Bank Malaysia’s efforts to understand consumer needs and provide customers a reimagined 21^st century banking experience that meets them where they are today, and where they’re headed,” he said.

Rize – which was rolled out at the end of 2022, and officially launched in February 2023 – offers a fully digital onboarding experience for customers who wish to open current and savings accounts. Customers are able to register anywhere and at anytime via their smartphones, without ever needing to step into a physical bank, and the process can be completed in minutes.

Additionally, Rize clients can also apply for personal financing via the mobile banking app, where the funds will be disbursed into their accounts in 15 minutes or less if approved. According to Al Rajhi Bank, this is a first in the market for Malaysia.

Al Rajhi Bank also shared that this Virtual Bank of the Year award is Rize’s second win in 2023. Its first recognition came during the Malaysia Technology Excellence Award 2023 back in May, where it won the Financial Technology award in the Retail Banking category.

Meanwhile, the Asian Banking and Finance Retail Banking Awards is an awards programme that sought to acknowledge and honour outstanding banks and finance companies with innovative retail products, services, and strategies. It is currently in its 18^th iteration.

• TAGS:
• Al Rajhi Bank
• Al Rajhi Bank Malaysia
• Arsalaan Ahmed
• Asian Banking & Finance Retail Banking Awards
• Digital Banking
• Digital Banks
• Rize