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 Digital bank Rize, By Al Rajhi Bank

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PueRTeaA
post Apr 17 2023, 11:03 PM

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This bank good? Seldom see any branches...
PueRTeaA
post Apr 18 2023, 07:50 AM

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QUOTE(storky20 @ Apr 17 2023, 11:17 PM)
Not sure good or not, but most people here probably only here for the promo interest of 5.0% p.a. till August 31st.
I know I am lol.
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Need go branches to show IC b4 approve account?

I just worry later deposit is easy, withdraw is difficult. Later need ask show this and that to prove identity...etc. End of the day last ask you go to branches settle doh.gif
PueRTeaA
post Apr 18 2023, 08:33 AM

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QUOTE(nexona88 @ Apr 18 2023, 08:27 AM)
Withdrawal can just  use DuitNow facilities... Or the ATM provided... Use MEPS πŸ‘
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If doing online transfer, they use SMS TAC?


PueRTeaA
post Apr 18 2023, 10:46 AM

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QUOTE(ikanbilis @ Apr 5 2023, 03:05 PM)
Application thru the app. I applied 2 days ago and today is still under processing  sweat.gif
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Got 2 apps, which one?

I download both, then open both also error. Mean I can not register?

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PueRTeaA
post Apr 18 2023, 10:47 AM

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QUOTE(xander2k8 @ Apr 18 2023, 10:37 AM)
1stly they are a digital bank hence it is branchless and all support is through app itself πŸ€¦β€β™€οΈ

Even their KYC is through app as they won’t ask you to go any branch there isn’t any at all because they are a digital bank πŸ€¦β€β™€οΈ
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IC. Wanna try deposit RM 100 mana tau, 1st step sudah can not proceed doh.gif
PueRTeaA
post Apr 18 2023, 10:58 AM

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QUOTE(virtualgay @ Apr 18 2023, 10:52 AM)
search for Rize
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QUOTE(xander2k8 @ Apr 18 2023, 10:53 AM)
You have download the wrong app in the 1st place πŸ€¦β€β™€οΈ

The app is called Rize πŸ€¦β€β™€οΈ
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Ok. Thank bros. Coz i read title "AL Rajhi'' Bank, so i search AL Rajhi mega_shok.gif
PueRTeaA
post Apr 18 2023, 11:11 AM

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Just done registered. Need wait Thursday check again. biggrin.gif

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PueRTeaA
post Apr 18 2023, 12:22 PM

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QUOTE(dlttdltt @ Apr 18 2023, 12:03 PM)
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Is this the normal message?  Acc locked?  Trying to log in after signing up.
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How your got lock? You wash black money confused.gif

Mine register this morning still in processing.
PueRTeaA
post Apr 18 2023, 10:38 PM

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QUOTE(xander2k8 @ Apr 18 2023, 10:37 AM)
1stly they are a digital bank hence it is branchless and all support is through app itself πŸ€¦β€β™€οΈ

Even their KYC is through app as they won’t ask you to go any branch there isn’t any at all because they are a digital bank πŸ€¦β€β™€οΈ
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Sifu, just now I checked Bank Negara website, currently only 5 licensed digital bank in Malaysia. Can not find Rize/Al Rajhi Bank from the list. Why ar confused.gif is this Rize regulated?

https://www.bnm.gov.my/-/digital-bank-5-licences
PueRTeaA
post Apr 19 2023, 10:43 AM

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QUOTE(contestchris @ Apr 18 2023, 11:33 PM)
ALL commercial banks (conventional and Islamic) by default have a digital banking license, which is a subset of their commercial banking license.

The 5 digital bank licenses approved by BNM was to non banking entities (although some like RHB also tersesat in there, not sure why/how).
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QUOTE(xander2k8 @ Apr 19 2023, 01:26 AM)
Any existing banks who offered internet banking by default it is digital bank but with a difference in offering only
RHB is in there because due to lack customer marketing awareness particularly in their conventional banking

Hence which is why it is forced to partner with Boost to raise their profile on digital banking otherwise it will be a flop when they applying the license by Boost themselves πŸ€¦β€β™€οΈ
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IC. I tot Online Banking != Digital Banking. Online Bank and Digital bank is 2 different entity.

To operate Online Bank = Need bank license.

To operate Digital Bank = Need Digital Bank license, that why 5 new Digital Bank license was awarded last year.

=================================

If I understand correctly, now seem for existing Bank to operate Digital Bank = No new license require. confused.gif

So soon or later Tiger, Sotong bank will have new Digital bank App soon?


This post has been edited by PueRTeaA: Apr 19 2023, 11:03 AM
PueRTeaA
post Apr 19 2023, 11:04 AM

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QUOTE(virulence @ Apr 19 2023, 11:00 AM)
I tried the sign up process on app and only took about 5 mins before my account was approved. Seems quite hassle free.

Are there any benefits for Rize debit card? I don't want to pay annual fee for a card that I will hardly be using
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Why your account so fast approved? I login just now mine still in processing.... doh.gif
PueRTeaA
post Apr 19 2023, 04:31 PM

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QUOTE(xander2k8 @ Apr 19 2023, 04:17 PM)
Very child’s play

You should try Versa because when errors happens they usually fix it within 4 hours and they will get back to you with updates πŸ‘

Hence why digital bank even more important have a good and solid 18/7/365 support otherwise if anything haywire especially account missing funds πŸ€¦β€β™€οΈ
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why 18/7/365 and not 24/7/365? confused.gif
PueRTeaA
post Apr 20 2023, 07:45 AM

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Morning try login my account still under processing....

Haiya....already 2 working day doh.gif
PueRTeaA
post Apr 20 2023, 11:03 AM

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QUOTE(Super2047 @ Apr 20 2023, 09:36 AM)
How come? I registered last night, and able to deposit and transfer out the fund already.
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May be all staff on Holiday mood already. 11am try still same. May be need try luck on 25 April already. doh.gif

so those wording "within 2 working days", "24 hour", "Fast processing"...etc...is nice to see, once thing happen all can delay.
PueRTeaA
post Apr 20 2023, 03:21 PM

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QUOTE(joice11 @ Apr 20 2023, 02:09 PM)
alamak too fast action, just apply yesterday bangwall.gif
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I apply on 18 Apr, but not yet approved. I think I qualify for this biggrin.gif

QUOTE(xander2k8 @ Apr 19 2023, 04:33 PM)
Because no banks in Malaysia offer 24/7 support already πŸ€¦β€β™€οΈ

The most you can hope is 18/7
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This morning 11am+ email the support, now already 3pm + but no reply, sure they got 18/7/365 support? confused.gif

If real 365 mean Public Holiday also got people work, some more today haven't holiday yet. doh.gif

This post has been edited by PueRTeaA: Apr 20 2023, 03:24 PM
PueRTeaA
post Apr 20 2023, 07:57 PM

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QUOTE(xperiaDROID @ Apr 20 2023, 04:45 PM)
Banks generally discriminate unemployed individuals, basically the "Unemployed" option in the employment detail section is there for decoration, so it wouldn't look too obvious that they actually discriminate on first glance. When they reject your application, they can just say you don't fulfill their "internal policy".

But Al Rajhi is worse, just like some other foreign banks, they tend to discriminate self employed individuals too, so if you're something like a gig worker you'll definitely be rejected because they don't understand what is "gig".
There's no need for banks to make a new app just to offer "digital bank" service, those banks who did that are all unreliable and if there's something wrong with your account you're screwed because everything can only be done via the app, some can't even provide debit cards which is worse, I would say they're doomed to fail because of the small userbase and they don't seem to be serious in improving too.

Banks nowadays (HSBC excluded) already provide seamless online account opening via their current app or website without visiting a branch, this method is the way to go because you can still visit the branch when things go wrong.
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Al Rajhi bank have at least 2 mobile banking App, alrajhi@24seven & alrajhi bank, rize is another new app, does it sound reliable?

BTW, I fill self-employed, kena discriminate too confused.gif may be that the reason my account take so long to process... doh.gif

Morning email support already but until now no reply, this is good time to test how reliable for their 24 hour support team before dump in money. biggrin.gif
PueRTeaA
post Apr 21 2023, 08:32 AM

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QUOTE(xander2k8 @ Apr 21 2023, 04:33 AM)
PIDM coverage and the card issued by Al Rajhi bank with their contact details and registered company and address under it πŸ€¦β€β™€οΈ

They don’t need to say it because it is registered under Al Rajhi just like MAE πŸ€¦β€β™€οΈ
Yes that is right they are using PIDM coverage under Al Rajhi
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https://www.pidm.gov.my/en/how-we-protect-y...em/member-banks

The PIDM registered bank is "Al Rajhi Banking & Investment Corporation (Malaysia) Berhad"

For Al Rajhi Bank, how can the wording "Investment" use for PIDM as usually investment banking not cover for PIDM confused.gif confused.gif confused.gif
They can merge the conventional banking and Investment bank become 1 entity and get PIDM cover confused.gif

For local bank, usually conventional bank and investment bank is 2 different entity.
For this case, if the Al Rajhi Bank investment business invest in Grade C Bond and ''zhap lap'' which affect their conventional banking and Digital Banking(Rize), do we still get PIDM cover?

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Bottom also got the notes, Investment bank can not be a member of PIDM.

Non-Member Institutions:
Investment banks
Overseas branches of member banks
Development financial institutions and cooperative banks
All non-bank financial intermediaries such as provident and pension funds, co-operative societies, housing credit institutions and building societies which are not supervised or regulated by Bank Negara Malaysia

This post has been edited by PueRTeaA: Apr 21 2023, 08:53 AM
PueRTeaA
post Apr 21 2023, 12:01 PM

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My account Opening still pending, my review for this bank doh.gif

Interest High βœ”οΈ
Account Opening within 2 working days ❌
24/365 email support ❌
PueRTeaA
post Apr 21 2023, 01:10 PM

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QUOTE(xander2k8 @ Apr 21 2023, 12:54 PM)
Someone is confused because of the entity and not the product πŸ€¦β€β™€οΈ which is being covered by PIDM as they are mandated only to cover all registered and licensed banks by BNM on savings and FD products only with the exception of BSN savings and FD which is covered by the govt itself
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Damm, seem PIDM just a marketing gimmick, bank sell 1 product under PIDM, then keep promote we are under PIDM, then sell other 99 product no cover see which customer will fall into doh.gif

Is like shipee discount voucher giv u 99% but max cap at RM 1 biggrin.gif
PueRTeaA
post Apr 21 2023, 01:26 PM

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QUOTE(Super2047 @ Apr 21 2023, 01:16 PM)
Bro, your case is a bit weird la. I successfully opened the account the same day, and I also helped my wife to successfully open her account even though it takes slightly few hours more to process hers. Besides, I also call the CS up to double confirm how to get the promo rate and the response was fast and accurate. In fact after using Rize App for some time, i quite like the interface and how fast the app react. To be, I am pretty happy with them except if they end their promo rate after Aug 31 biggrin.gif
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I fill self-employed. May be they don't like self-employed as someone mention bank got discriminate self-employed customer. hmm.gif

QUOTE(!@#$%^ @ Apr 21 2023, 01:19 PM)
why dun u call and ask? maybe ur identity is flagged for some reason.
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I do email them, no update. Just now 1:21pm try login still in processing....I registered on 18 April, as the App mention max 1-2 working day, haiz

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This post has been edited by PueRTeaA: Apr 21 2023, 01:28 PM

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