Al Rajhi Bank Malaysia (ARBM) has teamed up with digital banking solution provider Moneythor for its personal financial management (PFM) platform.

ARBM, which is a subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), will deploy Moneythor’s PFM features in its upcoming digital bank.

The vendor says that its PFM offering will enable the bank to offer customers ‘rich’ in-app functionality and roll out ‘highly personalised’ experiences for clients.

Al Rajhi Bank Malaysia CEO Arsalaan Ahmed said: “The partnership with Moneythor will give ARBM a competitive edge in launching a 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.”

The solution will boost the bank’s data-driven personalisation capabilities as it is powered by real-time data, in addition to machine learning and behavioural science techniques. 

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Moneythor added that its PFM platform will allow the Islamic bank to further augment its digital engagement capabilities.

Moneythor CEO Olivier Berthier said: “We are thrilled to be a partner of Al Rajhi Bank Malaysia’s new digital bank. We look forward to delivering personalised customer-first digital banking experiences for the bank’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.”