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July 2024
Riyadh, Saudi Arabia, July- 24- 2024 – Saudi Awwal Bank (SAB), a leading bank in the Kingdom of Saudi Arabia, has signed a Memorandum of Understanding (MoU) with HSBC, one of the world's largest banking and financial services organisations, to strengthen their collaboration to accelerate Financial Innovation.
This strategic alliance comes as Saudi Arabia aspires to become a hub for Financial innovation through Vision 2030. The signing ceremony took place in London, further solidifying the strong partnership between the two banks.
Tony Cripps, Managing Director and CEO at SAB said: “Our customers' evolving needs in this rapidly changing, technology-driven era require us to innovate and introduce cutting-edge solutions continuously. As the Kingdom's leading international bank, we are thrilled to leverage HSBC's significant scale, capabilities, and expertise to bring the next generation of banking services to Saudi Arabia.”
Stephen Moss, Chief Executive Officer, HSBC Middle East, North Africa and Turkiye and Board Member of SAB, echoed the sentiment: “For over 70 years’, HSBC and SAB have worked together to develop leading banking services in Saudi Arabia. This MoU expands our support of SAB, providing access to HSBC's expertise in leading-edge and innovative solutions for the benefit of customers.”
The MoU aligns with “SAB's” growth strategy, which is focused on accelerating the pace and scale of Innovation. It also affirms “SAB’s” continued commitment to supporting Vision 2030 and the associated key initiatives under the Financial Sector Development Plan to transform the Kingdom into a leading Financial technology and Innovation hub.
Furthermore, the partnership aims to strengthen “SAB's” leading position in the banking sector as the bank continues to cater to its customers' evolving needs.
“SAB” recently received accreditation as an Innovation organisation by the Global Innovation Institute “GInI” becoming the first bank in the Kingdom to be certified by GInI. “SAB” was also awarded the Global Banking Innovation Award for Small and Medium Enterprises by the Digital Banker.
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© SAB, Saudi Arabia. All Rights Reserved, 2024
Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.