Saudi Arabia-based leading financial institution Arab National Bank (anb) has reached an agreement to invest in Cashee, a technology company based in the UAE.
Cashee specializes in the development of youth banking and financial education platforms and applications to enhance financial inclusion, promote a savings culture and improve the way the youth manage their money.
This strategic agreement will pave the way for Cashee to roll out its innovative banking and knowledge solutions, applications, and products in the Saudi market, to be available to the younger generations and teens.
“The strategic partnership agreement with Cashee is an additional step on the bank’s digital transformation journey that aims to empower bank initiatives in the field of financial technology and digital banking and to expand the scope of financial inclusion. It is also synchronous with the launch of anb’s new identity, which is based on three main themes: speed, simplicity, and resilience. The partnership between anb and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture among Saudi youth, in a way that will encourage savings, financial literacy, and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.”
According to the statement, the agreement will support anb’s efforts to stimulates its banking awareness activities targeting this group of society, and expand the scope of financial knowledge and inclusion, leaning on Cashee’s financial and educational platforms specifically designed to cater to the youth.
For his part, Brad Whittfield, Co-Founder of Cashee, stated that “the partnership will foster mutual and constructive cooperation between both sides to serve the Saudi youth, and allow them easy and convenient reach to the products and solutions offered by Cashee, which will help them in developing their financial and cognitive skills.”