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Oliver Wyman, GFT team up to support ARBM’s dev’t of Islamic digital bank

Kuala Lumpur, Malaysia – In a bid to support the leap of the Malaysian banking industry to go digital, global management consulting firm Oliver Wyman and Technology and software engineering company GFT have teamed up to support Al Rajhi Bank Malaysia’s (ARBM) desire to design, build and launch a cloud-based digital bank.

To set new standards of excellence for Islamic banking in Malaysia, ARBM will undertake a complete digital redesign of their products, services, and channels for this new digital bank

Arsalaan Ahmed, chief executive officer at ARBM, said that they have invested significantly in innovation as they lay the foundation of a customer-focused digital bank which offers best-in-class digital banking propositions and channels to benefit individual and business customers.

“We are tapping into the vast potential of innovation and partnering with key experts to provide added value to our customers and better serve the Malaysian market, and ARBM is seizing the opportunities in both digital banking and Islamic finance by striving to become the number one Islamic finance innovation bank in Malaysia,” Ahmed said.

Meanwhile, Dan Jones, partner at Oliver Wyman Digital, said, “The architecture and technology stack we’ve recommended will allow ARBM to provide disruptive, mobile-first, and highly scalable banking services.”

Lastly, Chris Ortiz, global markets and region manager for APAC and UK at GFT, commented, “GFT supports the design, build and launch of ARBM’s digital bank. This new digital bank will enable ARBM to respond to its clients’ needs for simpler, faster and better banking.”