Malaysia’s Bank Rakyat has launched a Sharia-based financial management app with an aim to give the citizens an insight into financial planning and spending habits.
Called TouchStyle, the new app has been designed to help users track their earnings and monthly expenses while assisting them to set saving targets, New Straits Times reported.
The app will link users to available Bank Rakyat products and services, as well as will enable them to document their expenditure by taking photo of the receipts on their purchases through the Daily Spending feature.
Bank Rakyat chief technology officer Md Ali Abdul Aziz said: "One of the features available of TouchStyle is Insights, where users can find out on which days you went overboard with your spending. The idea is to discipline users and alert them before they spend more than what they can afford.
"The app is suitable for Malaysians of all ages, but we are definitely addressing the young generation as high rate of bankruptcy among the under 34 is high. High bankruptcy rate means banks are losing potential customers."