Thought Machine, the cloud-native core banking technology firm, has been selected by Al Rajhi Bank Malaysia (ARBM), a wholly-owned subsidiary of Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), to power their upcoming next-generation digital bank and strengthen their position as a leader in Islamic banking.
Arsalaan Ahmed, CEO of Al Rajhi Bank Malaysia said, “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 #1 Islamic finance innovation bank in Malaysia. Thought Machine has demonstrated that its highly competitive services are supported by exceptional technology and engineering. We are confident that Al Rajhi Bank Malaysia’s partnership with Thought Machine is a strategic decision for the future as we set out to build a digital bank unrivalled in its design and usability.“
Paul Taylor, CEO and founder of Thought Machine said, “We are delighted that Al Rajhi Bank Malaysia has selected us to power their new bank. As a leader in Islamic banking, Al Rajhi Malaysia Bank 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.”
In 2021, Al Rajhi Bank Malaysia began a multi-year digital transformation, and in 2022, the bank will debut a new digital bank with a range of sophisticated retail and SME financial services, such as savings and lending products, using Thought Machine’s core banking engine, Vault.
Al Rajhi Bank Malaysia will be able to realise their goals and build an end-to-end next-generation bank with the Vault platform’s unique design. Vault’s Universal Product Engine will be used by the bank to build, deploy, and manage a whole range of products on a single, transparent architecture.
Furthermore, Al Rajhi Bank Malaysia is developing a full suite of Shariah-compliant products, and Vault’s product development capabilities will be critical in enabling the bank to create and sell services suited to the needs of its customers.
Thought Machine has worked with a number of tier one and large retail banks, as well as smaller, nimble fintechs and challenger banks. JPMorgan Chase, Lloyds Banking Group, Standard Chartered, ING Bank, and SEB are among the firm’s clients.
Thought Machine established its APAC headquarters in Singapore in 2019 and was chosen by Standard Chartered Bank to power their new digital banking service, Mox. Thought Machine has more than 50 workers in Asia Pacific and is continuing to implement its expansion strategy to provide cloud native core banking technology to more banks by 2022.
