Al Rajhi Bank Malaysia (ARBM), a wholly-owned subsidiary of the world’s largest Islamic bank by assets, Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), has selected Thought Machine, the cloud native core banking technology firm, to power their upcoming next-generation digital bank and strengthen their position as a leader in Islamic banking.
Al Rajhi Bank Malaysia embarked on a multi-year digital transformation in 2021 and the Bank will deploy Thought Machine’s core banking engine, Vault, to launch a new digital bank in 2022 with a 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 Bank Malaysia to deliver on their ambitions and launch an end-to-end next-generation bank. The bank will harness Vault’s Universal Product Engine to design, launch and manage a full suite of products on a single, clear architecture.
Furthermore, Al Rajhi Bank Malaysia is building a full suite of Shariah-compliant products and Vault’s product building capabilities will be instrumental in allowing the bank to build and offer services tailored to their customers’ individual needs.
Thought Machine has been selected by a number of tier one and large retail banks and the company also works with smaller, agile fintechs and challengers. Clients include JPMorgan Chase, Lloyds Banking Group, Standard Chartered, ING Bank and SEB.
In 2019, Thought Machine opened its APAC HQ in Singapore and was selected by Standard Chartered Bank to power their greenfield digital banking service, Mox. Across Asia Pacific, Thought Machine has more than 50 employees and continues to execute its growth strategy to supply more banks with cloud native core banking technology in 2022.