RIYADH: The Saudi British Bank has signed an agreement with the Saudi Electricity Co. to digitize 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 program, as well as to advance the progress of sustainable development projects, according to a statement.
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.
Yasser Al-Barrak, CEO of Corporate and Institutional Banking at SABB, said: “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.
“We are proud of our partnership with the Saudi Electricity Co. 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.”
Abdulaziz Al-Muhaiza, head of the Treasury Sector at the Saudi Electricity Co., confirmed that this agreement aims to develop methods of business implementation and 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.
Hashem Al-Hogail, chairman of “Bwatech” company, commented that 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.
Digital transformation is one of the key elements of the SABB 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.