Al Rajhi Bank Malaysia (ARBM) has selected Thought Machine, the cloud native core banking technology firm, to power their digital bank.
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 digital bank in 2022. The bank will use Vault’s Universal Product Engine to design, launch and manage products on a single, clear architecture.
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.
Thought Machine’s 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 digital banking service, Mox. Across Asia Pacific, Thought Machine has more than 50 employees.