Al Rajhi Bank Malaysia on its mission to be a fully digitalized financial institution has appointed Thought Machine, a cloud-native core banking technology firm, to transform the bank’s infrastructure towards becoming a leading Islamic digital bank.
The Saudi headquartered bank has embarked on a multi-year digital transformation in 2021 and will deploy Thought Machine’s core banking engine, Vault, to launch a new digital bank this year. Including a wide range of sophisticated retail and SME financial services, such as savings and financing products.
The unique design of the Vault platform will enable Al Rajhi to deliver on its ambitions and launch an end-to-end next-generation bank.
Al Rajhi is also building a full suite of Shariah-compliant products and Vault’s product-building capabilities will be instrumental and critical in allowing the bank to build and offer services tailored to their customers’ individual needs.
CEO, Arsalaan Ahmed added that the launching of the state-of-the-art digital bank 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 #1 Islamic finance innovation bank in Malaysia”
Thought Machine deviates from legacy IT platforms which it says plagues the banking industry, instead all its solutions are done through its cloud native core banking platform, Vault. This next-generation system was written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.
