Al Rajhi Banking & Investment Corporation (Malaysia) Bhd (Alrajhi Bank Malaysia) has been named Virtual Bank of the Year – Malaysia in the Asian Banking & Finance Retail Banking Awards 2023 for its cloud-based digital bank Rize.
This is the second prestigious award Rize, which is backed by Alrajhi Bank Malaysia, has won so far this year. The first win is in the Fintech – Retail Banking category at the Malaysia Technology Excellence Awards 2023 in May.
The Asian Banking & Finance Retail Banking Awards recognises financial institutions in the Asia Pacific for innovation in retail banking and financial products, services, and strategies.
Rize, officially launched on 17 February 2023, offers a fully digital Current-Account-Savings Account onboarding experience. The Rize app allows any Malaysian 18 and above to open a savings account anywhere, anytime via a smartphone in minutes, without them ever needing to step into a physical bank. The app also enables paperless personal financing applications, disbursing funds into customers’ accounts in 15 minutes or less. This is a first in the market for Malaysia.
alrajhi bank Malaysia Chief Executive Officer Arsalaan (Oz) Ahmed said: “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 alrajhi bank Malaysia’s efforts to understand consumer needs and provide customers a reimagined 21st century banking experience that meets them where they are today, and where they’re headed.
“It also demonstrates the Rize team’s dedication to innovation, which lets it swiftly and fluidly roll out new products and features to satisfy shifting customer demands.”
The Rize app is a completely greenfield, cloud-native build that places APIs at its core and leverages the speed of serverless design where possible. It features a highly flexible and scalable tech stack that’s one of the most advanced of any bank in Malaysia.
Source: Rize
