Saudi Awwalal Bank announces partnership with Wise

By Delisha Fernandes

Saudi Awwalal Bank has entered into an agreement with Wise to provide Alawwal customers with fast, secure and cost-effective solutions for sending and receiving money internationally.

This agreement will contribute to Alawwal achieving the goals of the Kingdom’s Vision 2030 – a financial sector development program designed to stimulate investment. The partnership is also central to First Saudi Bank’s strategy of focusing on providing the latest innovative banking solutions.

Bandar Al-Ghashean, CEO of Wealth Management and Personal Banking at Alawwal, said, “This partnership is part of Alawwal’s efforts to enable customers to carry out smooth and effective international transfers, according to the highest standards of quality, speed, and security. We also look forward to continuing our contributions to the development of the financial sector in the Kingdom. And keeping pace with the digital transformation, by providing the best modern digital banking solutions, as we are interested in providing distinguished digital services, according to the best approved technologies that support the rapid development in the financial sector.”

SAB is one of the oldest financial institutions in the Kingdom of Saudi Arabia and is regulated and supervised by the Saudi Central Bank. It offers an integrated set of financial and investment solutions, and it has a strategic partnership with the HSBC Group, one of the world’s largest banking and financial services institutions.

Steve Naudé, Head of Wise Platform, said, “We are pleased to announce this partnership with SAB, which is one of the leading and distinguished banks in the region, through which we aim to make international payments fast and easy and allow Alawwal customers to benefit from our innovative Wise technology. This integration will enable customers to track their transfers in real time, and benefit from competitive exchange rates and low fees. This partnership is a great example of the way we always strive to expand our partnerships with the world’s leading financial institutions.”