Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology, backed by Standard Chartered, have announced a strategic partnership to modernise Saudi Arabia’s banking sector.
This collaboration combines Jeel‘s technological expertise with audax’s digital banking solutions, aiming to enable digital transformation for financial institutions that operate in Saudi.
The partnership will enable Saudi banks and financial institutions to rapidly transition from outdated legacy systems and embrace flexible business models such as Banking-as-a-Service (BaaS), digital banks, and open banking solutions.
It also offers adaptability for non-bank entities, extending the benefits of digital transformation beyond traditional banking.
By leveraging audax’s platform, which powers Asia’s first BaaS offering by a global bank, the partnership seeks to facilitate ecosystem-wide integration, allowing for real-time data access and seamless third-party collaborations.
This integration is expected to unlock new monetisation opportunities, including real-time underwriting, cross-selling through contextual product offers, and fee-based services like KYC-as-a-Service.
The initiative comes at a time when Saudi Arabia’s financial sector is experiencing rapid growth, with a projected GDP of US$1.1 trillion by the end of 2024.
The increasing use of digital wallets and real-time payments highlights the need for scalable and modern banking solutions.
This partnership aims to empower Saudi institutions to not only compete with digital-native challengers but also to drive customer acquisition and improve operational efficiency.
George Harrak, CEO of Jeel, said,
“Our collaboration with audax enables us to deliver pioneering digital solutions that will enhance the agility and scalability across Saudi Arabia and the region.
By integrating our cutting-edge technology with audax’s proven platform, we can accelerate the digital transformation of our customers, including banks, financial institutions and non-bank entities, and provide them with the tools they need to thrive in an increasingly competitive market.”
Kelvin Tan, CEO of audax Financial Technology, said,
“By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernise and scale their digital offerings, ensuring they remain competitive in the evolving business landscape.
Our partnership will empower them to launch cutting-edge solutions quickly and efficiently, creating new revenue streams and improving operational resilience.”
This article first appeared on fintechnews.sg
