SABB has announced the launch of a new international payments service for its customers, a first phase of new services resulting from the memorandum of understanding signed between SABB and HSBC in 2022. The MoU focuses on cooperation and development of new foreign exchange and payment capabilities in Saudi Arabia.
SABB customers can view the balances of their HSBC accounts in 17 countries and transfer funds instantly to their linked accounts, through the SABBNet and SABBMobile e-banking platforms.
“Our customers, both Saudis and expatriates, asked SABB to offer the best foreign exchange and remittance services, and as the Kingdom’s most international bank, we worked closely with HSBC to help customers manage their worldwide finances seamlessly,” said SABB Managing Director and CEO Tony Cripps.
“HSBC and SABB jointly announced in 2022 that we would work together to bring the next generation of payment capabilities to the Kingdom, and today’s launch shows the significant progress we are making for customers,” said HSBC Chief Executive Officer of Wealth and Personal Banking Nuno Matos.
SABB’s Global View and Global Transfer service comes as foreign currency transactions continue to grow in the Kingdom with customers increasingly seeking easier ways to manage their money, whether in Saudi Arabia, or beyond.
“The relationship between SABB and HSBC is important, and our first implementation of the Global View and Global Transfer service is unrivaled in the Kingdom. This helps expand our ability to support customers to manage their international wealth and make money transfers even easier, highlighting our strategy to grow our wealth management services,” said Bandar Al-Ghashyan, SABB’s chief retail banking and wealth management officer.
“This initial launch allows instant movement of money between international linked accounts, and uses innovative technology and payment methods to improve customer experience and reduce the time taken for funds to arrive to a few seconds,” Al-Ghashyan added.
Evolution of digital and wealth capabilities is a focus of SABB’s five-year strategy, and this new service aligns with other activities undertaken by the bank that were recognized by Global Finance, which named SABB the best private bank in Saudi Arabia in 2023, and International Business Magazine, which awarded it the “Best Bank for Wealth Management 2022” award.
HSBC’s origins in Saudi Arabia date back to 1950 and it has been the largest shareholder in SABB since it was formed in 1978, today holding a 31 percent stake. Through this partnership, SABB customers have unique access to HSBC’s international network that covers 64 countries and territories worldwide and around 90 percent of global trade and capital flows.