back Back

Alrajhi Bank adds Ministry of Industry and Mineral Resources to digital B2B bank guarantee service

By Leandra Monteiro

January 16, 2023

  • Alrajhi Bank
  • B2B
  • Bwatech
Share

Alrajhi Bank Alrajhi Bank signed yet another partnership agreement with the Ministry of Industry and Mineral Resources along with Bwatech (Fintech) to offer automated B2B service for Letters of Guarantee beneficiaries in line with Vision 2030. This is the second entity after Saudi Electric Company to benefit from this service.

His Excellency the Minister of Industry and Mineral Resources, Bandar Al-Khorayef, sponsored the signing, which took place during the Future of Mining Conference in Riyadh recently. The agreement was signed by Mr. Hossam Al-Basrawi, General Manager of Alrajhi Bank’s Corporate Banking Group and Mr. AbdulIlah Al-Hadab, Assistant Undersecretary of the Ministry of Industry and Mineral Resources in the presence of His Excellency the Deputy Minister Industry and Mineral Resources for Mining Affairs Engineer Khaled Al-Mudayfer.

Al-Rajhi Bank is considered a pioneer in providing digital services having launched an end-end digital Letters of Guarantee service with Tabadul/Wthaq as well as Cross-border Digital Letters of Credit Service back in 2022.

Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 384 billion (US$ 102 billion), a paid-up capital of SR 25 billion (US$ 6.66 billion) and an employee base of over 9,600 associates. With over 58 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella ‘Al Rajhi trading and exchange corporation’​ in 1978 and it was in 1988 that the bank was established as a Saudi share holding company.

Previous Article

January 16, 2023

EQ Bank partners with Mastercard to launch the EQ Bank Card

Read More
Next Article

January 16, 2023

FNZ completes acquisition of German Fondsdepot bank

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Alrajhi Bank

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

RCBC & Digital Wallet Corporation to develop digital banking in Philippines

Read More

April 17, 2024

NatWest partners with StoneX to enhance cross-border FX service

Read More

April 17, 2024

FinTech finmid emerges from stealth with €35m equity funding

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023