SABB in deal with Saudi Electricity to automate bank guarantees
RIYADH, January 10, 2023
The Saudi British Bank (SABB) said it has signed an agreement with Saudi Electricity Company (SEC) to digitise bank guarantees and raise the efficiency of financial transaction procedures related to the implementation of projects and businesses.
This agreement is part of a larger effort to improve cross-sector collaboration in order to meet Vision 2030 objectives, particularly those related to digital transformation initiatives and the financial sector development programme, as well as to advance the progress of sustainable development projects.
Bank guarantee automation will be made available through the "Bwadl" platform of the "Bwatech" information tech company, as part of the platform's current collaboration with the bank to digitally process guarantee procedures.
According to SABB, the digital transformation is one of the key elements of its 2025 strategy, which stems from the bank's commitment to investing in modern technology to manage its business and banking services in order to deliver a cutting-edge banking experience to its customers.
"We are dedicated to maintaining our collaborative work approach in order to fulfill 2030 targets and improve our position in the financial industry and digital transformation," remarked Yasser Al Barrak, the CEO of Corporate and Institutional Banking at SABB.
"We are proud of our partnership with the Saudi Electricity Company in creating the process of dealing with bank guarantees using the latest technological methods and systems, in addition to our commitment to providing the best financial solutions to all of our clients," he stated.
Abdulaziz Al Muhaiza, the head of the Treasury Sector at SEC, said the agreement is mainly aimed at developing methods of business implementation and providing access to digital transformation, as part of the company's strategy for digital transformation, which seeks to develop all its services in various fields.
He also pointed out that the agreement aligns with the digital transformation process initiated by the company, and reflects its serious commitment to using the latest technologies to enhance reliability in financial operations to serve the company's partners, including contractors and suppliers.
Bwatech Chairman Hashem Al Hogail said the company aims to link the banking sector with business sectors digitally to carry out all banking business through its electronic platform "Bwadl," which benefits both sides, especially companies that have multiple banking relationships.
"Automating bank guarantees is one of the linking projects that we are working on, as paper procedures have been replaced by advanced technical methods to link the issuing banks of these guarantees with their beneficiaries to facilitate the implementation of issuance operations and subsequent procedures," added Al Hogail.-TradeArabia News Service
