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