Virgin Mobile Awarded Banking Agent License Through Saudi Investment Bankby Fintechnews Middle East 14. January 2021
Telecom provider Virgin Mobile was awarded a banking agent license through the Saudi Investment Bank, allowing it to offer electronic international remittance to its customers in KSA.
Under the agreement, The Saudi Investment Bank and Virgin Mobile will use their combined capabilities and expertise to build, develop and commercially execute a unique value proposition and strategically positioned solutions for the end user.
This builds on the joint digital infrastructure to provide electronic international remittance services through its strong distribution presence and network in the Kingdom, providing customers with easy, fast and more convenient digital financial services that enhances the mobile experience through fintech.
This follows the launch of mobile compatible life insurance plans launched in November 2019 by the FRiENDi brand in Oman.
Commenting on the partnership and strategic plans, Erik Dudman Nielsen, Group CEO, Virgin Mobile Middle East & Africa said:
“Virgin Mobile Middle East & Africa have already made a meaningful impact on the industry by launching the region’s first mobile virtual network operator with the FRiENDi brand in Oman, followed by the first fully digital mobile service with the Virgin Mobile brand in UAE and KSA, and we are excited to be part of yet another first for the region and pushing the boundaries of mobile services to deliver an exceptional product for the Middle East,”
With expertise in systems integration, Virgin Mobile Middle East & Africa group is able to bring new innovations and features to market faster, enabling it to complement operator offerings by developing service offerings that target sub-segments of the telecom market.
Following a call for application in November 2019, the group have been awarded a license to launch both Virgin Mobile and FRiENDi mobile brands in Kuwait and will focus on expanding through a B-brand arrangement in the North African region.
Featured image credit: Edited from Pexels