One reason why they are doing this, Rize doesn't have enough users to sustain as a separate division, operating two apps at the same time cost more money, hence absorbing everything into one is the way to go, same thing happened to Affin Bank and A1addin.

Rize failed to gain traction over the years and they are too selective in choosing which group of people to use their banking services. Fun fact: If you're self employed like Grab/Foodpanda rider, you'll get rejected automatically

Purpose of digital banking is to serve the underbanked community, Rize & Alrajhi is doing the opposite lol.

That's the problem, there's a big chunk of population who are underbanked and they are also from B40 category

Main purpose of digital banking is to make deposit and loan services easily accessible to these people, first you lure them to deposit more money from their ordinary bank account for high interest rates, next you lure them into applying for personal loan like instant credit

That's what GX and Boost Bank are doing, and you'll see Ryt Bank and KAF doing the same soon

Rize on the otherhand was betting big on wealthier groups instead of small fry, but what they didn't know is wealthier people usually have better alternatives and they won't even bother about getting personal loans frequently, even those big whales who bank with Al Rajhi won't even waste their time on Rize.