Saudi Awwal Bank taps Wise for international money transfers
Saudi Awwal Bank (SAB) has partnered up with UK fintech Wise to connect its customers with “fast, secure and cost-effective” remittance services.
Saudi Awwal Bank partners Wise
The Riyadh-headquartered bank, which is the result of Saudi Arabia British Bank’s (SABB) March 2021 merger with and subsequent rebranding of Alawwal Bank, currently supports a range of financial and banking services, including corporate, retail and private banking, treasury and investment services.
Its newly forged partnership with London-based Wise will see the bank leverage its partner’s technology to deliver “smooth and effective international transfers”.
The deal strongly aligns with the Kingdom’s Vision 2030 and its wider initiatives to diversify its economy away from the production of oil and attract increased investment within other sectors.
Bandar Al-Ghashean, CEO of wealth management and personal banking at SAB, says its partnership with Wise will enable its customers to complete remittances “to the highest standards of quality, speed and security”.
“We also look forward to continuing our contributions to the development of the financial sector in the Kingdom,” continues Al-Ghashean. “We are interested in providing distinguished digital services, according to the best approved technologies that support rapid development in the financial sector.”
Speaking on the partnership, Steve Naudé, head of Wise Platform, says that the integration will “enable customers to track their transfers in real time, and benefit from competitive exchange rates and low fees”.
