SABB launches a new prepaid procurement card for corporates
By Leandra Monteiro
The Saudi British Bank (SABB) has partnered with Saudi Payments & Visa to launch SABB Procurement Card, designed specifically for its Corporate and Business clients to manage everyday payments digitally.
The newly introduced Procurement Card enables Corporates and Businesses to optimally manage payments in a smarter and safer way; saving cost, reducing cash handling risks and monitoring spends around the clock.
“As a leading financial institution, we are committed to playing our role towards strengthening the financial sector and helping corporations of all sizes in order to drive sustainable economic growth in line with the Kingdom’s Vision 2030. Launch of this co-badged mada-Visa card is part of our strategic plans to continuously improve customer experience by meeting their needs through innovative solutions keeping up the pace with the digital transformation in the Kingdom,” said Yasser Al-Barrak, Chief Corporate & Institutional Banking Officer at SABB.
Abdulaziz Abanmi, Chief Operating Officer at Saudi Payments, said, “As the national foundation for digital payments, we constantly seek with our local and global partners to enrich the local market in Saudi Arabia with innovative financial services that align with the Kingdom’s vision and the goals of the Financial Sector Development Program in terms of growth of payments digitalization. The paved infrastructure in the kingdom and the countrywide acceptance of mada scheme should provide the holders of such special-purpose cards with a seamless payment experience to fulfil their financial requirements.”
Ali Bailoun, Visa’s Regional General Manager for GCC Cluster – Kingdom of Saudi Arabia, Bahrain and Oman, said, “Innovation in payments is essential to supporting the growth of businesses and leveraging payment opportunities that the pandemic presented. We are delighted to work with SABB in bringing Visa’s solutions to the bank’s corporate customers. Our Visa corporate solutions are an attractive proposition for businesses looking to reduce cost and streamline expense reporting both easily and securely. We will continue to work closely with our partners to support local businesses in their digital transformation and the government’s efforts to promote digital commerce.”
IBSi Daily News Analysis
May 30, 2023
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