Al Rajhi Bank Malaysia (ARBM), a wholly-owned subsidiary of the world’s largest Islamic bank by assets, Al Rajhi Bank of Saudi Arabia, has selected the UK-based Thought Machine, a cloud native core banking technology firm, to power their upcoming next-generation digital bank.
In 2021, ARBM began a multi-year digital transformation, and in 2022, the bank will launch a new digital bank with a range of sophisticated retail and Small and Medium-sized Enterprises (SME) financial services, such as savings and financing products, using Thought Machine’s core banking engine, Vault.
The unique design of the Vault platform will enable ARBM to deliver on their ambitions and launch an end-to-end next-generation bank. The bank will leverage Vault’s Universal Product Engine to design, launch and manage a full suite of Shariah-compliant products on a single, clear architecture, allowing the bank to build and offer services tailored to the specific needs of customers.
“We are launching a state-of-the-art digital bank which will be differentiated by its high levels of innovation, customer convenience and reliability. We are tapping into the vast potential in technology offered by our key partners to help advance towards our vision of becoming the No.1 Islamic finance innovation bank in Malaysia. Thought Machine has demonstrated that its highly competitive services are supported by exceptional technology and engineering.“
Thought Machine has collaborated with various tier one and large and small retail banks, agile fintechs and challengers including JPMorgan Chase, Lloyds Banking Group, Standard Chartered, ING Bank and SEB.
Mr. Paul Taylor, CEO and founder of Thought Machine, said that “We are delighted that Al Rajhi Bank Malaysia has selected us to power their new bank. As a leader in Islamic banking, ARMB has a considerable opportunity to launch an exceptional next-generation banking service, and we have no doubt they will succeed. We look forward to working together to deliver on their ambitious and exciting vision.“