Al Rajhi Banking & Investment Corporation's Rize recognised in the Fintech - Retail Banking category at Malaysia Technology Excellence Awards 2023

Cloud-based digital bank revolutionises Malaysian banking with seamless onboarding and swift personal financing.

Al Rajhi Banking & Investment Corporation (Malaysia) Bhd (alrajhi bank Malaysia), a leading Islamic bank with roots in Saudi Arabia, has been recognised for its outstanding achievement in the fintech sector at the Malaysia Technology Excellence Awards 2023. Rize, the cloud-based digital bank launched by alrajhi bank Malaysia, emerged victorious in the award’s Fintech - Retail Banking category.

Rize has revolutionised the banking experience by introducing a fully digital Current Account-Savings Account (CASA) onboarding process, enabling Malaysian customers to open accounts and apply for personal financing seamlessly through their smartphones.

Officially launched on 17 February, Rize offers a cutting-edge digital banking experience that redefines convenience and accessibility. It leverages the latest technology, placing APIs at its core and utilising serverless design for enhanced speed and efficiency. With a highly flexible and scalable tech stack, Rize operates at a significantly lower cost whilst ensuring a seamless user experience.

Through the Rize app, any Malaysian above the age of 18 (with a blue NRIC) can open a savings account from anywhere, at any time, using only their smartphones. Unlike traditional banks, Rize operates without physical branches, providing a fully cloud-based experience. Moreover, Rize allows customers to apply for personal financing directly from their smartphones, with the entire process taking just 15 minutes from application to money in the bank. This innovative approach sets a new standard for swift and convenient banking services in Malaysia.

At Rize, fintech is not just a concept but a cultural drive that permeates the entire organisation. The team, including executives and board members, embraces change and agility, enabling the bank to swiftly adapt to market trends and customer needs. By analysing real-time customer-use metrics and feedback, Rize leverages data to gain valuable insights into user behaviour to facilitate informed product and marketing decisions. This customer-centric approach has contributed to the bank's success and garnered positive customer response.

Rize's ethos from the outset has been to be "on the cloud and for the cloud," emphasising flexibility, scalability, and resilience. This approach ensures that technology, applications, and processes are designed to meet the demands of a dynamic banking environment. By adopting cloud-based infrastructure, Rize has significantly reduced the time required for designing, building, testing, and implementing new products, enabling it to bring innovative solutions to market within two to three months. The fully digital onboarding experience has also led to a surge in interest amongst Malaysians, who now view digital banking as a viable option.

Rize has achieved several significant milestones, highlighting its remarkable accomplishments in the digital banking space. These include designing, building, and launching a digital bank in less than 12 months, obtaining approval from Bank Negara Malaysia (BNM), and having a minimum viable product (MVP), infrastructure, and operational processes ready in just nine months. 

Rize's unique selling point lies in its ability to onboard customers straight through in less than five minutes and provide personal financing within the app, with disbursement taking less than 15 minutes if they meet all requirements. Furthermore, Rize has successfully built a digital bank with a young, local team, demonstrating its commitment to fostering local talent in the fintech sector.

With its fully digital onboarding experience, Rize offers unparalleled convenience, speed, and accessibility to customers. By embracing fintech as a culture, adopting a cloud-first approach, and fostering a talented team, Rize has established itself as a pioneer in the digital banking sector. As Rize continues to innovate and expand its offerings, it will undoubtedly shape the future of retail banking in Malaysia, driving the industry towards greater digital transformation and customer-centricity.

The Malaysia Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].