BNY Mellon, American investment banking services holding company and SNB Capital, Saudi National Bank’s investment banking and asset management arm, have stepped into a joint collaboration to launch a new data service that will help big investors in the Kingdom manage their investments more efficiently.
As part of the collaboration, SNB Capital will deploy BNY Mellon’s data platform within its IT infrastructure in the Kingdom. The data platform allows organizations to transform their data landscapes by centralizing and effectively managing complex investment assets.
The capabilities of the platform include offering user-centric solutions designed to deliver accurate and timely data, gauge risk exposure and provide system-wide security via a centralized data repository.
The solution is the first of its kind to offer services within SNB Capital’s IT infrastructure designed in accordance with Saudi Arabia’s data-localization requirements.
The new collaboration is a significant development for the country’s financial sector and is set to deliver institutional clients of SNB Capital a single, unified solution for local and global assets.
Akash Shah Chief Growth Officer BNY Mellon
“Our collaboration combines the strengths of leading institutions to support the demands of Saudi Arabia’s growing financial sector and vision of a sustainable diversified economic ecosystem. At BNY Mellon, our mission is to empower our clients, institutions and leaders to succeed across the financial world, and we are proud to build on our legacy of trust and innovation in the region.”
“Our leading role in growing and developing the Kingdom’s capital markets and the financial sector in line with Vision 2030 is highly dependent on having the right technology, capabilities and partners. This deployment reinforces our top market position when it comes to serving the complex data management and reporting needs of institutions and large asset owners in the Kingdom,” Mr. Rashed Sharif, CEO of SNB Capital, stated.
BNY Mellon’s state-of-the-art data management platform will offer SNB Capital’s clients in the country significant opportunities to improve their performance through improved data flows. This open-architecture software will connect all market participants and allow cooperation with leading technology providing clients the tools for using data in the front, middle and back offices.
The collaboration builds on BNY Mellon’s activity in the region, including the previous announcement of a strategic alliance with SNB Capital. This marked a key milestone in the Kingdom’s capital markets infrastructure and Saudi Vision 2030, which includes creating a diversified financial services sector to support the development of the national economy.
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