Oliver Wyman and GFT to build new Islamic digital bank in Malaysia

Dan Jones, Partner, Oliver Wyman Digital

The digital revolution has taken a leap in the financial services industry the last decade. In APAC alone, there have been 20 new bank licenses issued with more to come in Malaysia.

Oliver Wyman and technology and software engineering leader GFT are supporting Al Rajhi Bank Malaysia (ARBM) to design, build and launch a cloud-based digital bank.

Oliver Wyman and GFT to provide scalable technology

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.

“We are tapping into the potential of partnering with key experts to provide added value to our clients 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,” said Arsalaan (Oz) Ahmed, Chief Executive Officer, ARBM.

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

“After our success with the mobile bank Mox in Hong Kong that was awarded the 2021 Celent Model Bank Award for Retail Digital Banking, we are thrilled to be collaborating with Oliver Wyman.” said Chris Ortiz, Global Markets and Region Manager APAC and UK at GFT.

“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.”

“We have invested significantly in innovation as we lay the foundation of a customer-focused digital bank which offers best-in-class digital banking propositions and channels to benefit ARBM’s individual and business customers,” added Arsalaan (Oz) Ahmed.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.

Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.

About GFT – Shaping the future of digital business

As a pioneer for digital transformation GFT develops sustainable solutions across new technologies – from cloud engineering and artificial intelligence to Blockchain/DLT.

With its deep technological expertise, strong partnerships and broad market know-how GFT offers advice to the financial and insurance sectors, as well as in the manufacturing industry.

Through intelligent use of IT solutions GFT increases productivity and creates added value for clients. Firms gain safe access to scalable IT-applications and innovative business models.

Founded in 1987 and located in more than 15 markets to ensure proximity to clients, the GFT team consists of over 8,000 determined talents. GFT provides them with career opportunities in all areas of software engineering and innovation. The GFT Technologies SE share is listed in the SDAX index of the German Stock Exchange (ticker: GFT-XE).