Jeel, the digital innovation arm of Riyad Bank, has partnered with audax Financial Technology (audax), a comprehensive digital banking technology solutions provider backed by Standard Chartered.
The strategic partnership aims to transform Saudi Arabia’s digital banking landscape. It will combine Jeel’s pioneering 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.
The collaboration provides a suite of comprehensive solutions for banks, financial institutions and non-bank entities in Saudi Arabia, with an initial emphasis on enabling cutting-edge business models such as digital banks, BaaS, super apps, and open banking solutions.
Saudi Arabia’s financial sector is rapidly transforming as part of Saudi Vision 2030, with a growing market for digital banking solutions driven by a tech-savvy population. With initiatives like the SAR 300 million ($79.9 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 modernize and capitalize on the significant potential created by Saudi Vision 2030, positioning them to compete and thrive in a rapidly-evolving financial landscape.
In the shorter term, institutions in Saudi Arabia will benefit from rapid migration from legacy systems, unlocking new digital capabilities and flexible business models. The easy integration with third-party vendors and ecosystem players will enable clients to provide innovative services such as open banking solutions and BaaS use cases such as Cards-as-a-Service and Wallets-as-a-Service.
In the longer term, this partnership 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 – Jeel
“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, added that, “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 modernize 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.”
