SAIB signs banking agency agreement with Virgin Mobile Saudi Arabia

A branch of Saudi Investment Bank (SAIB)

Saudi Investment Bank (SAIB) signed a banking agency agreement with Virgin Mobile Saudi Arabia after obtaining the Saudi Central Bank’s (SAMA) non-objection, the bank said in a statement.

The agreement will enable the bank, depending on the strong digital infrastructure, to launch international remittance services electronically through joint channels with Virgin Mobile Saudi Arabia, which is considered one of the most important virtual operators of the mobile phone network in the Kingdom and the region.

This partnership will contribute to achieving SAMA's vision and goals aimed at expanding the reach of banking services and products and enhancing financial inclusion for the various segments of society, particularly, to those who do not enjoy sufficient banking services and products, the statement added.

This would be achieved by full compliance with what was included in the rules regulating the practice of banking agency activity issued by SAMA, which set the regulatory framework and minimum standards and requirements for providing banking services and products’ activity, through agents on behalf of banks, in addition to compliance with the regulations and instructions issued by the bank and other relevant regulatory bodies.

This project is part of the bank’s strategy and its continuous endeavor to employ financial technologies (fintech) to contribute to achieving the objectives of the financial sector development program, SAIB’s chief executive officer, Faisal Abdullah Al-Omran, commented.

He added that this agreement and the resulting innovative financial and technical services and solutions, will effectively contribute to reducing cash handling and enhancing the provision of banking services to various segments of customers easily, indicating that the service will be launched after completing the remaining regulatory requirements and the completion of technical readiness during the coming period.