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July 21, 2022

Al Rajhi Bank Malaysia turns to Feedzai for digital bank’s security

Al Rajhi Bank Malaysia (ARBM) has selected the financial risk management platform Feedzai to provide security for its digital bank.

The tie-up will see Feedzai implement its RiskOps solution on Al Rajhi’s digital platform.

The collaboration is part of ARBM’s efforts to build a digital bank and lead in the Malaysian Islamic banking space.

ARBM is a wholly owned subsidiary of Islamic banking major, Al Rajhi Bank Kingdom of Saudi Arabia.

Feedzai’s RiskOps is expected to aid ARBM in handling challenges associated with identity, real-time data and collaboration across the entire customer life cycle.

RiskOps is a fully integrated cloud offering, which is said to offer device authentication, malware defence, behavioural biometrics and a full suite of integrated fraud and AML solutions from customer due diligence to watchlist screening and transaction monitoring.

Al Rajhi Bank Malaysia CEO Arsalaan (Oz) Ahmed said: “Al Rajhi Bank Malaysia is launching a state-of-the-art digital bank which will be differentiated by its high levels of innovation, customer-centricity and reliability.

“Feedzai was the stand-out provider to meet all our financial crime prevention needs in keeping our customers safe and secure in an ever-evolving financial crime landscape.”

Feedzai CEO Nuno Sebastião said: “In addition to providing the highest level of financial security for ARBM and their customers, our unified RiskOps platform will ensure that their teams have a single platform to handle everything fraud and financial crime-related.

“By selecting a single, scalable solution that is already trusted by many of the world’s largest banks, Al Rajhi Bank Malaysia will ensure its customers are well protected against financial crime such as money laundering or scams which ultimately erode consumer trust in the financial system.”

Earlier this year, ARBM teamed up with digital banking solution provider Moneythor to augment its digital banking capabilities.

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