New digital bank JB to launch in Saudi Arabia
Mike Cunningham has announced that JB, a new digital bank, is launching in the Kingdom of Saudi Arabia (KSA).
JB, a “digital leasing and lending platform”, is set for launch in Saudi Arabia
Promising an “easier, clearer and quicker experience”, the challenger’s launch was confirmed by Cunningham, the former chief strategy and digital officer of Banque Saudi Fransi (BSF), via a LinkedIn post this week.
While the specifics of its identity remain unclear, Cunningham’s post describes the new venture as a “digital leasing and lending platform”, and reveals that it “started out life as BSF’s digital challenger”.
Its name, JB, is thought to be derived from the Arabic ‘جيبي’ or ‘jybi’, meaning ‘my pocket’, which is branded across its limited landing page. The countdown clock on the landing page promises imminent launch.
Cunningham’s four-and-a-half year tenure at BSF ended last January, around the same time he withdrew from his position as CEO and managing director of the Dubai-based investment firm 77 Ventures, which he had fulfilled since June 2021.
Cunningham previously established the now-shuttered UAE-based digital banking service Clearly in 2016, and was involved in BSF’s separate 2021 endeavour to establish a challenger bank through Project AVA.
In the bank’s digital report of that year, he described the project as an effort “by Saudis, for Saudis” that would support a campaign of “hyper localisation”.
It’s not fully understood if JB is launching as the final realisation of Project AVA or as a standalone entity, or in what capacity 77 Ventures and BSF are involved in its launch this week, although Cunningham’s post indicates some level of engagement.
He did not respond to Fintech Futures‘ multiple requests for comment.
