Amazon Web Services (AWS) announced today (April 3) that Al Rajhi Banking and Investment Corporation (Malaysia) Bhd (alrajhi bank Malaysia)’s digital bank, Rize, is going all-in on AWS.
alrajhi bank Malaysia will migrate its key information technology (IT) infrastructure to AWS by 2026. This follows alrajhi bank Malaysia’s selection of AWS as its sole cloud provider for its digital bank Rize, which was launched on 1 December 2022. alrajhi bank Malaysia is using the breadth and depth of AWS’ products and services, including containers, databases, and compute to deliver innovative financial services for its digital bank, Rize, which is available via a smartphone app that will meet consumers’ every banking need without the need to visit a physical branch. With this new digital bank, Rize’s customers—known as Rizers—will benefit from customized savings solutions and transaction monitoring features that improve transparency and promote better financial management.
Malaysians increasingly demand faster and easier online banking experiences to better manage their financial well-being, with 82% banking on smartphones in an economy that was expected to be worth US$21 billion by the end of 2022. To meet this growing demand, alrajhi bank Malaysia required an agile, scalable, resilient, and secure cloud environment to meet local regulatory requirements, while rapidly developing and implementing a user-friendly digital bank for consumers and businesses.
With Amazon Elastic Kubernetes Service (Amazon EKS), which gives customers the flexibility to start, run, and scale Kubernetes applications on AWS, alrajhi bank Malaysia is building digital banking products for Rize using microservices. With Amazon DynamoDB, a fast and flexible NoSQL database service, and Amazon Relational Database Service (Amazon RDS), a fully managed, open-source cloud database service, alrajhi bank Malaysia can easily use customer datasets to enable more personalized services, like payment services, as it evolves Rize.
“With AWS, we were able to quickly build Rize, a mobile-first, highly scalable digital bank offering a seamless customer experience, within 12 months from conception to reality,” said Arsalaan (Oz) Ahmed, CEO at alrajhi bank Malaysia. “AWS gives us the agility and confidence to deliver new innovative banking services with Rize that meet local regulatory requirements, helping Rizers better manage their finances.”
“Malaysia’s banking industry is digitising rapidly, and with the issuance of digital banking licenses in 2022, AWS is helping more local organisations accelerate the pace of innovation using cloud technology to deliver financial services to Malaysians. With AWS, alrajhi bank Malaysia is meeting rising demand for mobile banking solutions that drive financial inclusion while improving customers’ financial wellbeing,” said Conor McNamara, Managing Director at AWS in ASEAN.