• Leveraging Jeel’s technology innovation with audax’s proven expertise to modernise banking, the parties are intending to modernise banking across Saudi Arabia as a first use case.
• Enabling rapid migration from legacy systems and flexible business models including Banking-as-a-Service (BaaS), digital banks, super apps, and open banking solutions.
• Facilitating ecosystem-wide integration to create new monetisation opportunities through real-time data access and seamless third-party partnerships.

RIYADH, 6 November 2024 – Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology (“audax”), a comprehensive digital banking technology solutions provider backed by Standard Chartered, have entered into a strategic partnership aimed at revolutionising the digital banking landscape in Saudi Arabia. The partnership brings together Jeel’s forward-thinking digital technology as an enabler of digital innovation, and audax’s proven track record as a solutions provider as the comprehensive plug-and-play banking solution powering Asia’s first Banking-as-a-Service (BaaS) offering by a global bank. This partnership offers a suite of comprehensive solutions for banks, financial institutions and non-bank entities in Saudi Arabia, with an initial focus on enabling advanced business models such as digital banks, BaaS, super apps, and open banking solutions.

Saudi Arabia’s financial sector is undergoing rapid transformation as part of Vision 2030, with a growing market for digital banking solutions driven by a tech-savvy population. The urgency of digital transformation is clear – banks must modernise to remain competitive in a fast-evolving economy, projected to reach $1.1 trillion in GDP by the end of 2024. The surge in digital wallets, from 315,000 users in 2018 to over 17 million by 2022, along with the rapid rise of real-time payments, emphasises the immediate demand for innovative, scalable banking models.

With initiatives like the SAR 300 million fintech-focused fund and the National Technology Development Program (NTDP) providing crucial funding and support for start-ups, the urgency of digital transformation in banking is increasingly clear. These measures highlight the opportunity for banks to modernise and capitalise on the significant potential created by Vision 2030, positioning them to compete and thrive in a rapidly evolving financial landscape.

While banks serve as the first application, these offerings are adaptable for other financial institutions and non-bank entities, allowing for seamless integration into a variety of ecosystems and extending the benefits of digital transformation beyond traditional banking.

In the shorter term, institutions in Saudi Arabia will benefit from rapid migration from legacy systems, unlocking new digital capabilities and flexible business models. Through easy integration with third-party vendors and ecosystem players, clients will be able to offer innovative services such as open banking solutions and BaaS use cases such as Cards-as-a-Service and Wallets-as-a-Service. This flexibility positions them to compete with digital-native challengers, drive customer acquisition, and improve operational efficiency.

In the longer term, the partnership between Jeel and audax will allow Saudi Arabia’s institutions to leverage a wealth of data across their ecosystems, creating new revenue streams and business lines. This includes opportunities such as real-time underwriting through third-party data access, cross-selling products through contextual offers, and even expanding into fee-based services such as KYC-as-a-Service and real-time data provision to consumer and SME-focused companies.

George Harrak, CEO of Jeel, added: “At Jeel, we are committed to driving innovation and technological digital advancement. 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, commented: “We are excited to bring our proven digital transformation capabilities to Saudi Arabia through this partnership. 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.”

About Jeel

As the digital innovation arm of Riyad Bank, Jeel is dedicated to pioneering technological advancements and delivering cutting-edge solutions that shape the future of technology. With a focus on enhancing the digital experience for its customers, Jeel is at the forefront of innovation in the financial industry.

For more information, please visit www.jeel.net and follow Jeel on LinkedIn.

About audax Financial Technology

audax Financial Technology is a comprehensive digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed. audax Financial Technology has enabled new business models and revenue streams for Standard Chartered under the SC nexus proposition, becoming the first global bank to provide Banking-as-a-Service in Asia.

For more information, please visit www.audax.io and follow audax on LinkedIn.