The Saudi British Bank (SABB) and HSBC, one of the world’s largest banking and financial services providers, have signed a Memorandum of Understanding (MoU) to further explore cooperation and develop new foreign exchange services and real time payments capabilities for SABB.
The MoU signing comes as foreign currency transactions surge in the Kingdom. Expatriate personal remittances from Saudi Arabia in 2021 reached their highest since 2015, while the value of remittances made by Saudis increased almost 35 percent last year.
Enhancing payments capabilities is a key component of SABB’s 5-year growth strategy, while innovation in payments technology is an important element of Saudi Vision 2030 and the Financial Sector Development Plan’s efforts to move the Kingdom towards being a less cash-based society.
“Our customers, Saudis and Expatriates, have important obligations that require the very best foreign exchange and remittance services and, as the Kingdom’s most international bank, we have a unique opportunity to bring the latest payment capabilities to Saudi Arabia. We’re working with our associate HSBC to bring the next generation of foreign exchange payments capabilities to the Kingdom.”
This MoU will further strengthen cooperation between HSBC and SABB, and support the ambitions of the two banks to increase convenience for customers and make their international payments and cross-border banking faster, simpler and even more secure.
Mr. Nuno Matos, HSBC’s Chief Executive of Wealth and Personal Banking, said that “The relationship with SABB is important for the HSBC Group and this MoU opens the door to expanding our ability to support more customers in managing their international wealth and money transfer needs with even greater ease. It is also an opportunity to learn more about SABB’s innovations, including international wallet credits, and how new emerging technology and payments networks are being used to improve customer experience.”