RIYADH, November 6, 2024 — Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology (audax), a pioneering provider of digital banking technology solutions backed by Standard Chartered, have announced a strategic partnership to transform the digital banking ecosystem in Saudi Arabia. This collaboration brings together Jeel’s forward-looking digital expertise and audax’s established platform, which powered Asia’s first Banking-as-a-Service (BaaS) offering from a global bank, to deliver a suite of advanced solutions tailored for Saudi Arabia’s evolving financial landscape.
The partnership aims to empower financial institutions across the kingdom with digital capabilities that support modern banking models, including BaaS, super apps, open banking, and digital banks. The first focus is on enhancing banks’ digital transformation through a comprehensive, plug-and-play infrastructure that can be seamlessly integrated with third-party vendors, allowing rapid modernization from legacy systems.
Accelerating Saudi Arabia’s Financial Transformation
Saudi Arabia’s financial sector is undergoing significant change as part of Vision 2030, which envisions a diversified, digital-savvy economy. Digital banking adoption has surged, with digital wallet users growing from 315,000 in 2018 to over 17 million by 2022. Supported by initiatives such as a SAR 300 million fintech fund and the National Technology Development Program (NTDP), the demand for advanced, scalable banking solutions is accelerating. Banks are increasingly pressured to innovate and stay competitive as the nation’s GDP is projected to reach $1.1 trillion by the end of 2024.
Jeel and audax’s partnership equips financial institutions in Saudi Arabia with the tools to enhance agility, boost customer acquisition, and expand product offerings through innovative digital solutions. This adaptability extends beyond traditional banks to include non-bank entities, creating a wide-reaching impact across various ecosystems.
Immediate and Long-Term Benefits for Financial Institutions
In the short term, Jeel and audax’s integrated solutions enable Saudi financial institutions to quickly migrate from outdated systems, unlocking access to new digital capabilities and flexible business models. Banks will be able to leverage open banking, BaaS, and other services, allowing them to compete with digital-native challengers while enhancing operational efficiency.
Looking ahead, the collaboration paves the way for financial institutions to harness data-driven insights, opening doors to new revenue streams and business models. Capabilities such as real-time underwriting, contextual cross-selling, and KYC-as-a-Service will enable banks to leverage ecosystem-wide data for enhanced consumer experiences. Financial institutions will also have the flexibility to develop fee-based services and advanced, data-rich offerings tailored to SMEs and consumers.
Leadership Remarks
George Harrak, CEO of Jeel, expressed optimism for the partnership’s potential impact on Saudi Arabia’s financial landscape:
“At Jeel, our mission is to drive innovation and technological advancement. Our collaboration with audax allows us to deliver pioneering digital solutions that will enhance agility and scalability across Saudi Arabia and the region. By combining our cutting-edge technology with audax’s robust platform, we aim to accelerate our customers’ digital transformation, helping banks, financial institutions, and non-bank entities thrive in an increasingly competitive market.”
Kelvin Tan, CEO of audax Financial Technology, highlighted the significance of this strategic collaboration:
“We are thrilled to bring our digital transformation expertise to Saudi Arabia through this partnership. By teaming up with Jeel, we aim to help Saudi institutions modernize and scale their digital offerings at pace, ensuring they remain competitive in a rapidly evolving business landscape. Together, we empower them to deploy advanced solutions quickly, creating new revenue streams and enhancing operational resilience.”
About Jeel
Jeel, Riyad Bank’s digital innovation division, is at the forefront of technological advancements in financial services. With a strong focus on enhancing the digital experience for its customers, Jeel is dedicated to shaping the future of banking through innovation. For more information, visit www.jeel.net or follow Jeel on LinkedIn.
About audax Financial Technology
audax Financial Technology provides comprehensive digital banking solutions, enabling banks and financial institutions to modernize and scale with agility. Its platform supports Standard Chartered’s SC nexus proposition, marking the first global Banking-as-a-Service initiative in Asia. For more information, visit www.audax.io
