Al Rajhi Bank selects Moneythor to boost personal finance features

• Solutions enables ARBM to deliver personalised customer experiences 
• In line with ARBM’s ambition to become #1 Islamic bank in M’sia

Al Rajhi Bank Malaysia (ARBM), a subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia, has selected Moneythor, a digital banking solution provider to implement innovative personal financial management (PFM) features in its upcoming digital bank in Malaysia. 

This partnership, according to ARBM is in line with its ambition to become the #1 Islamic innovation bank in Malaysia.

In a statement, the bank said having committed to a digital transformation in 2021, it is focused on providing customers an all-encompassing Islamic banking solution.

The bank will deploy Moneythor’s Personal Finance Management to deliver rich in-app functionality and power highly personalised experiences for its customers, it said.

The Moneythor solution is touted to be powered by real-time data, coupled with machine learning and behavioural science techniques to provide data-driven personalisation capabilities for digital financial management.

This will allow ARBM to lean into its customer centric values and strengthen its digital engagement capabilities whilst reinforcing its position as a leader in Islamic banking, the bank said.

As ARBM builds out a full spectrum of Shariah-compliant products, the Moneythor solution will enable it to respond to the requirements and needs of consumers and allow them to deliver a market-leading digital proposition at the same time.

Arsalaan Ahmed (pic), chief executive officer (CEO), Al Rajhi Bank Malaysia, said the partnership with Moneythor will give ARBM a competitive edge in launching state-of-the-art digital banking capabilities, which will be differentiated through innovation, customer experience and reliability. 

“To seize the opportunities in both digital bank and Islamic finance, we have tapped into various innovative partners and proven solutions, and we are pleased to count Moneythor as one of them to power the personalised money management features of our upcoming digital bank services,” he said.

Olivier Berthier, CEO of Moneythor said the company is looking forward to delivering personalised customer-first digital banking experiences for ARBM’s users with best-in-class PFM features and financial wellbeing services. 

“We are excited to collaborate with such a forward-looking financial institution and to bring those innovative Islamic finance capabilities to life for consumers in Malaysia,” he said.