Jeel and audax partner to launch BaaS, Open Banking solutions in Saudi Arabia

By Gloria Methri

Jeel, Riyad Bank’s digital innovation arm, and audax, a digital banking technology solutions provider backed by Standard Chartered, have entered into a strategic partnership to revolutionise the digital banking landscape in Saudi Arabia.

The partnership combines Jeel’s digital technology with audax’s proven track record as a comprehensive plug-and-play banking solution.

It offers a suite of comprehensive solutions for banks, financial institutions and non-bank entities in Saudi Arabia. Its initial focus is on enabling advanced business models such as digital banks, BaaS, super apps, and open banking solutions.

In the shorter term, institutions in Saudi Arabia will benefit from rapid migration from legacy systems, unlocking new digital capabilities and flexible business models. Through easy integration with third-party vendors and ecosystem players, clients will be able to offer innovative services such as open banking solutions, and BaaS use cases such as Cards-as-a-Service and Wallets-as-a-Service.

In the longer term, the partnership between Jeel and audax will allow Saudi Arabia’s institutions to leverage a wealth of data across their ecosystems, creating new revenue streams and business lines. This includes opportunities such as real-time underwriting through third-party data access, cross-selling products through contextual offers, and even expanding into fee-based services such as KYC-as-a-Service and real-time data provision to consumer and SME-focused companies.

George Harrak, CEO of Jeel, added, “At Jeel, we are committed to driving innovation and technological digital advancement. Our collaboration with audax enables us to deliver pioneering digital solutions that will enhance the agility and scalability across Saudi Arabia and the region. By integrating our cutting-edge technology with audax’s proven platform, we can accelerate the digital transformation of our customers, including banks, financial institutions and non-bank entities, and provide them with the tools they need to thrive in an increasingly competitive market.”

Kelvin Tan, CEO of audax Financial Technology, said, “We are excited to bring our proven digital transformation capabilities to Saudi Arabia through this partnership. By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernise and scale their digital offerings, ensuring they remain competitive in the evolving business landscape. Our partnership will empower them to launch cutting-edge solutions quickly and efficiently, creating new revenue streams and improving operational resilience.”