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Al Rajhi Bank Malaysia Partners with Feedzai to Provide Avant-Garde Security for its Digital Bank

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  • Al Rajhi Bank Malaysia is implementing Feedzai’s RiskOps platform to handle the challenges of Identity, Real-Time Data, and Collaboration across the entire customer lifecycle.
  • This partnership is part of Al Rajhi Bank Malaysia's continuous effort to build a digital bank and become the #1 Islamic innovation bank in Malaysia.

SAN MATEO, Calif. and LISBON, Portugal, July 20, 2022 (GLOBE NEWSWIRE) -- Feedzai, the world’s first RiskOps platform for financial risk management, and Al Rajhi Bank Malaysia (ARBM) have announced a partnership which will see Feedzai’s leading RiskOps solution implemented onto the platform.

“We are delighted that Al Rajhi Bank Malaysia has selected Feedzai as a trusted partner. In addition to providing the highest level of financial security for ARBM and their customers, our unified RiskOps platform will ensure that their teams have a single platform to handle everything fraud and financial crime-related,” said Nuno Sebastião, CEO at Feedzai. “By selecting a single, scalable solution that is already trusted by many of the world’s largest banks, Al Rajhi Bank Malaysia will ensure its customers are well protected against financial crime such as money laundering or scams which ultimately erode consumer trust in the financial system.”

Since 2021, ARBM set its vision to become the #1 Islamic innovation bank in Malaysia and initiated its digital transformation by building a digital bank. The bank is committed to invest in a customer-focused approach and to emerge as the leader in the Islamic banking industry while delivering greater value to their customers and deepening financial access and relevance.

Arsalaan (Oz) Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia, added “Al Rajhi Bank Malaysia is launching a state-of-the-art digital bank which will be differentiated by its high levels of innovation, customer-centricity and reliability. Our strategic key partners have enabled us to tap into the vast potential of cutting-edge technology to help advance towards our vision of becoming the #1 Islamic finance innovation bank in Malaysia. Feedzai was the stand-out provider to meet all our financial crime prevention needs in keeping our customers safe and secure in an ever evolving financial crime landscape. The partnership with Feedzai is in line with our commitment to innovation and reimagining the 21st century banking experience.”

Feedzai’s RiskOps meets key industry challenges to seamlessly solve for Identity, Real-Time data, and collaboration across the customer lifecycle whilst increasing productivity and enabling financial services companies to deliver better outcomes for their customers. RiskOps by Feedzai fully integrated cloud offering, covers device authentication, malware defense, behavioral biometrics (along with a package of fraud detection scenarios from scams to account takeover) and a full suite of integrated Fraud and AML solutions from Customer Due Diligence to Watchlist Screening and Transaction Monitoring.

Feedzai is also continuing to strengthen its presence and team in the region and recently announced Cormac Sheedy as the new General Manager for the Middle East & Africa. Sheedy has over 25 years of experience as a sales director at the crossroads between financial services and technology. He joins Feedzai from Irish regulation technology firm Fenergo, where he was head of MENA Sales.

About Feedzai:
Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date. With a valuation of +$1.5B, the company's technology protects 900 million people in 190 countries. For more information, visit feedzai.com

About Al-Rajhi Banking & Investment Corporation (Malaysia) Bhd (ARBM)
ARBM, a wholly owned subsidiary of the world’s largest Islamic Bank, Al Rajhi Bank Kingdom of Saudi Arabia (KSA) was locally incorporated in October 2006. Following its official launch in 2007, ARBM became the first Arab bank to start its operation in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

At ARBM, we believe that the one thing that holds the world together as people of different nationalities, races and cultures are values. Values define us, unite us, and garner trust from those we serve. Deeply rooted in Islamic banking principles and operating on the same platform as its home bank, ARBM was established on the bedrock values of Integrity and Transparency, Passion to Serve Our Customers, Solution Oriented, Modesty, Innovativeness, Meritocracy and Care for Society.

ARBM continuously endeavors to expand its suite of products and services to meet the financial needs of its customers, delivering innovative Shariah compliant financial solutions across retail, corporate, treasury and investment segments. Today, ARBM operates through a distribution network of 16 branches nationwide.

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