The Saudi British Bank (SABB) and HSBC have signed a memorandum of understanding (MoU) to further explore the increase in co-operation and develop new foreign exchange services and real time payments capabilities for SABB’s business in Saudi Arabia.
“Our customers, Saudis and Expatriates, have important obligations that require the very best foreign exchange and remittance services and, as the Kingdom’s most international bank, we have a unique opportunity to bring the latest payment capabilities to Saudi Arabia,” said SABB Managing Director & CEO, Tony Cripps.
“We’re working with our associate HSBC to bring the next generation of foreign exchange payments capabilities to the Kingdom,” Mr. Cripps added.
The decision to sign an MoU comes as foreign currency transactions surge in the Kingdom. Expatriate personal remittances from Saudi Arabia in 2021 reached their highest since 2015, while the value of remittances made by Saudis increased almost 35% last year.
“The relationship with SABB is important for the HSBC Group and this MoU opens the door to expanding our ability to support more customers in managing their international wealth and money transfer needs with even greater ease,” said Nuno Matos, HSBC’s Chief Executive of Wealth and Personal Banking, who was in Riyadh for the signing of the MoU.
“It is also an opportunity to learn more about SABB’s innovations, including international wallet credits, and how new emerging technology and payments networks are being used to improve customer experience,” Mr. Matos added.
Enhancing payments capabilities is a key component of SABB’s 5-year growth strategy, while innovation in payments technology is an important element of Saudi Vision 2030 and the Financial Sector Development Plan’s efforts to move the Kingdom towards being a less cash based society.
This MoU will further increase cooperation between HSBC and SABB, and support the ambitions of the two banks to increase convenience for customers and make their international payments and cross-border banking faster, simpler and even more secure.