Digital Bank Rize recognized for Best Financial Technology in Retail Banking

Digital Bank Rize recognized for Best Financial Technology in Retail Banking

Malaysia’s newest digital bank Rize—powered by alrajhi bank Malaysia—clinched victory at the Malaysia Technology Excellence Awards 2023, winning the Financial Technology award in the Retail Banking category.

The Malaysia Technology Excellence Awards recognizes outstanding businesses that anchor on the trend of disruption while driving the technological revolution and digital transformation of their respective industries to strengthen Malaysia’s expanding economy.

“When we launched Rize, we shared alrajhi bank Malaysia’s vision to build a customer- focused digital bank, and we wanted to become the #1 Islamic innovation bank in Malaysia. Today, we are proud to be a part of this achievement by Rize, a first-of-its-kind digital bank, and we’re on the right track in delivering the digital agenda,” said alrajhi Bank Malaysia’s CEO, Arsalaan (Oz) Ahmed.

The core principle for Rize is to harness cloud technology to deliver an overall superior operational performance. With one of the most cutting-edge technology stacks of any bank in Malaysia, alrajhi bank Malaysia was able to design, develop, and deploy a fully cloud-based digital bank for retail products in less than one year, and run at a far reduced cost.

Since its launch, Rize has established a fully digital Rize Savings Account-i onboarding experience for Malaysian customers. This allows Malaysians to open a bank account anywhere, anytime, simply from a mobile phone in less than 5 minutes. Moreover, Rize allows customers to apply for personal financing completely from a mobile phone, of which the funds will be deposited into their digital account within minutes. This is a first in the market for Malaysia. Rize has Malaysia’s first digital bank savings pot with a profit rate, allowing customers to earn with their savings and can create up to 10 saving pots to achieve their savings goals as well. All these unique features are easily available online and on the Rize app for the ease of customers.

Rize currently serves customers’ banking needs with a wide range of financial services from:

  • Deposits, withdrawals, and transfer (via DuitNow or QR Pay)
  • Account management and personal finance management (spend analysis)
  • Debit card application, purchase, and maintenance
  • ATM services and eStatements
  • Apply for personal financing and payments

Rize customers who activate their Rize Savings Account-i between 20 April– 20 May 2023 will receive RM20 within a week and stand to win the latest Apple gadgets. On top of that, customers can earn a 5% profit rate for their first RM5,000 deposit in their savings account and 4% for any deposit above RM5,000 between 20 March 2023 and 31 August 2023. Rize also partnered with the Malaysian Football League this year to become the official Digital Bank Partner of Liga Malaysia 2023, while recently introducing the football fan engagement experience with Rize Ultra Fan, connecting football fans to their favorite clubs and players through digital experiences that boost excitement for Malaysia’s favorite sport.

“This is a big step forward for both alrajhi bank Malaysia and Rize as we aspire to continue to build the best Digital Bank in the region. Our win today at the Malaysia Technology Excellence Awards 2023 is a testament to our commitment and success in the pursuit of innovation, and the motivation to get there comes from our vision to always provide our customers the best we can offer,” Oz said.

For more information on the Malaysia Technology Awards 2023, please visit the website here.



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