The Saudi British Bank has signed an agreement with the Saudi Electricity Company to digitize bank guarantees and raise the efficiency of financial transaction procedures related to the implementation of projects and businesses.
The agreement is part of a larger effort to improve cross-sector collaboration in order to meet Vision 2030 objectives, particularly those related to digital transformation initiatives and the Financial Sector Development Program, as well as to advance the progress of sustainable development projects.
Bank guarantee automation will be made available through the “Bwadl” platform of the BwaTech information tech company, as part of the platform’s current collaboration with the bank to digitally process guarantee procedures.
“At SABB, we are dedicated to maintaining our collaborative work approach in order to fulfill 2030 targets and improve our position in the financial industry and digital transformation. We are proud of our partnership with the Saudi Electricity Company in creating the process of dealing with bank guarantees using the latest technological methods and systems, in addition to our commitment to providing the best financial solutions to all of our clients,” said Yasser Al-Barrak, CEO of corporate and institutional banking at SABB.
Abdulaziz Al-Muhaiza, head of the treasury sector at the Saudi Electricity Company, said the agreement aims to develop methods of business implementation and access to digital transformation, as part of the company’s digital transformation strategy. “It reflects SEC’s serious commitment to using the latest technologies to enhance reliability in financial operations to serve its partners, including contractors and suppliers,” he added.
Hashem Al-Hogail, chairman of the board of directors of BwaTech, said BwaTech aims to digitally link the banking sector with business sectors to carry out all banking business through its electronic platform “Bwadl,” which he said benefits both sides, especially companies that have multiple banking relationships.
“Automating bank guarantees is one of the linking projects that we are working on, as paper procedures have been replaced by advanced technical methods to link the issuing banks of these guarantees with their beneficiaries to facilitate the implementation of issuance operations and subsequent procedures,” he said.
Digital transformation is one of the key elements of the SABB 2025 strategy, which stems from the bank’s commitment to investing in modern technology to manage its business and banking services in order to deliver a cutting-edge banking experience to its customers.
