Virgin Mobile’s Saudi operations has signed an agreement to be a ‘strategic agent’ for the Saudi Investment Bank (SAIB) to enable mobile-based financial service delivery in the region.
Through this deal, the telecom company will become the first entity in the kingdom to be awarded a banking agent’s license. The Saudi Central Bank, previously known as SAMA, has endorsed the provision of these services in compliance with its respective laws.
Virgin Mobile Saudi said in a statement, “Under the agreement, the two entities will build, develop and commercially execute a unique value proposition and strategically positioned solutions for the end-user.” This deal follows the introduction of mobile-compatible life insurance policies unveiled by the brand FRiENDi in Oman.
“The post-pandemic world has sharpened the customer’s digital expectations and we look forward to continuously expanding and innovating through enhanced digital capabilities that will not only meet our customer’s expectations but also elevate Virgin Mobile’s position as a true global leader in digitalization.”
Virgin Mobile is a wireless communications brand used by seven independent brand-licensees worldwide. Virgin Mobile branded wireless communications services are offered in Colombia, the United Kingdom, Ireland, Canada, Chile, Russia, Saudi Arabia, United Arab Emirates, Poland, South Africa, and Mexico. Also, its services are available in Australia, France, Singapore, India, Qatar, and the United States.
Saudi Investment Bank
The Saudi Investment Bank (SAIB) was established as a Saudi joint stock in the Kingdom of Saudi Arabia. The bank involved in the financing of quasi-governmental and industrial fields along with trade finance that includes import and export operations. And, through its Asala program, the bank provides Sharia-compliant banking products and services.