Jeel, Riyadh Bank’s digital innovation arm; Audax Financial TechnologyThe company, backed by Standard Chartered, announced a strategic partnership to modernize Saudi Arabia’s banking sector.
The partnership aims to combine Jewel’s technological expertise with audax’s digital banking solutions to enable the digital transformation of financial institutions operating in Saudi Arabia.
The partnership will enable Saudi banks and financial institutions to quickly migrate away from outdated legacy systems and adopt flexible business models such as banking-as-a-service (BaaS), digital banks, and open banking solutions. Masu.
It also provides adaptability to non-bank organizations, extending the benefits of digital transformation beyond traditional banking.
By leveraging audax’s platform to power Asia’s first BaaS offering by a global bank, the partnership aims to accelerate integration across the ecosystem, enabling real-time data access and seamless third-party collaboration. Masu.
The integration is expected to create new monetization opportunities, including real-time underwriting, cross-selling through contextual product offers, and paid services such as KYC-as-a-Service.
The initiative comes at a time when Saudi Arabia’s financial sector is experiencing rapid growth, with GDP expected to reach USD 1.1 trillion by the end of 2024.
The increasing use of digital wallets and real-time payments has highlighted the need for scalable and modern banking solutions.
The partnership aims to enable Saudi educational institutions to not only compete with digitally native challengers, but also drive customer acquisition and improve operational efficiency.
George Halak, CEO of Jewel, said:
“Our collaboration with audax allows us to deliver pioneering digital solutions that enhance agility and scalability in Saudi Arabia and across the region.
By integrating our cutting-edge technology with Audax’s proven platform, we are accelerating the digital transformation of our customers, including banks, financial institutions, and non-banking organizations, and providing them with the tools they need to succeed in an increasingly competitive market. You can provide tools to your customers. ”
Kelvin Tan, CEO of Audax Financial Technology, said:
“By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernize and expand their digital services, enabling them to remain competitive in an evolving business environment.
Our partnership enables companies to quickly and efficiently launch cutting-edge solutions, generate new revenue streams, and improve operational resiliency. ”
