The Banking Executive Magazine - November 2022 Issue

SAAB SABB LAUNCHES NEW PREPAID PROCUREMENT CARD FOR CORPORATES The Saudi British Bank (SABB) has partnered with Saudi Payments & Visa to launch SABB Procurement Card, designed specifically for its corporate and business clients to manage everyday payments digitally. This is part of the bank's ongoing ef- forts to provide banking products and services that meet the highest standards for all customers. The newly introduced Procurement Card enables corporates and busi- nesses to optimally manage pay- ments in a smarter and safer way; saving cost, reducing cash handling risks and monitoring spends around the clock. "As a leading financial institution, we are committed to playing our role to- wards strengthening the financial sector and helping corporations of all sizes in order to drive sustainable economic growth in line with the Kingdom's Vision 2030. Launch of this co-badged mada-Visa card is part of our strategic plans to contin- uously improve customer experience by meeting their needs through inno- vative solutions keeping up the pace with the digital transformation in the Kingdom," said Yasser Al-Barrak, Chief Corporate & Institutional Bank- ing Officer at SABB. Abdulaziz Abanmi, Chief Operating Officer at Saudi Payments, said: “As the national foundation for digital payments, we constantly seek with our local and global partners to en- rich the local market in Saudi Arabia with innovative financial services that align with the Kingdom’s vision and the goals of the Financial Sector Development Program in terms of growth of payments digitalization. The paved infrastructure in the king- dom and the countrywide accept- ance of mada scheme should provide the holders of such special- purpose cards with a seamless pay- ment experience to fulfil their finan- cial requirements.” Ali Bailoun, Visa’s Regional General Manager for GCC Cluster - Kingdom of Saudi Arabia, Bahrain and Oman, said: “Innovation in payments is es- sential to supporting the growth of businesses and leveraging payment opportunities that the pandemic pre- sented. We are delighted to work with SABB in bringing Visa’s solu- tions to the bank’s corporate cus- tomers. Our Visa corporate solutions are an attractive proposition for busi- nesses looking to reduce cost and streamline expense reporting both easily and securely. We will continue to work closely with our partners to support local businesses in their dig- ital transformation and the govern- ment’s efforts to promote digital commerce.” ISSUE 167 NOVEMBER 2022 the BANKING EXECUTIVE 47