Al Rajhi Bank Malaysia (ARBM) and Feedzai, the world’s first RiskOps platform for financial risk management, have announced a partnership that will see the implementation of Feedzai’s leading RiskOps platform implemented onto its digital banking 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 investing in a customer-focused approach and emerging as the leader in the Islamic banking industry while delivering greater value to its customers and deepening financial access and relevance.
Arsalaan (Oz) Ahmed, ARBM CEO, said: “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.
The platform fully integrates cloud offering, covers device authentication, malware defence, 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 recently appointed Cormac Sheedy as the new general manager for the Middle East. Sheedy has over 25 years of experience as a sales director at the crossroads between financial services and technology. He joins Feedzai from the Irish regulation technology firm Fenergo, where he was head of MENA Sales.
Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. It is a Series D company and has raised US$282 million to date. With a valuation of US$1.5 billion, the company’s technology protects 900 million people in 190 countries.