View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 3, 2021updated 14 Apr 2021 11:06am

SABB remittances launch boosts digital credentials

By Douglas Blakey

Saudi British Bank (SABB) is the first Saudi bank to offer an instant international remittances service to digital wallets.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

SABB says that countries covered include the Philippines, Pakistan, Bangladesh, and Sri Lanka.

Moreover, it says that the SABB remittances service is not only fast. It is easy with few requirements: just the beneficiary’s mobile number or any other preferred information.

SABB customers can use the service around the clock, seven days a week. Specifically, customers use the SABB digital channels such as SABBNet and SABB Mobile. And they can monitor the status of the transfer in real time.

Bashaar Al-Qunaibit, Deputy Managing Director for Retail Banking and Wealth Management at SABB, comments: “The launch of this product comes from the bank’s strategy to meet our customers’ aspirations by providing innovative financial solutions, with full focus on digital banking services, especially after the successful completion of the merger between SABB and Alawwal.

SABB Alawwal merger completed March 2021

SABB and Alawwal bank announced the completion of the integration process in March.

The process began in June 2019, after the two banks legally combined their banking operations, following regulatory and shareholder approvals.

He adds: “Digital banking represents one of the strategic points to support our competitive strength. And it maintains our leading position and the quality of our banking products and services.

“We strive to develop international remittance services by expanding partnerships with prestigious international institutions inside and outside Saudi. And we are currently working to add more international transfer services for our customers and connect more countries and currencies. We will continue our focus on developing the digital banking sector. And create solutions to ensure that we provide a pioneering banking experience to our customers.”

SABB remittances launch as regular digital users hit 70%

SABB reports a noticeable increase in the number of digital channels users. For example, almost 70% of SABB customers are regular digital banking users.

In addition, it is successfully migrating a wide range of services from branches to its digital platforms. SABB’s mobile banking app includes more than 100 features to meet customers’ needs.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International