The Banking Executive Magazine - November 2024

Mastercard Mastercard Collaborates with Jeel TO DRIVE PAYMENT MODERNIZATION IN SAUDI ARABIA Mastercard and Jeel — a subsidiary of Riyad Bank — are joining forces to enable digital and cutting-edge so- lutions such as AI to drive innovation in Saudi Arabia. Introducing the novel offering to the Kingdom, the collaboration will see the two entities work together to serve all non-banking financial insti- tutions (NBFI) market segments. This will provide seamless access to new digital use cases, such as Mastercard Card-as-a-Service (CaaS) and Bank- as-a-Fintech (BaaF) propositions to Saudi Arabia. “We are very pleased to be working closely with Mastercard to empower new market segments and demo- graphics with access to Mastercard's diverse range of innovative offerings and benefits,” said George Harrak, CEO of Jeel. “We aim to offer these propositions in several pricing schemes such as pay-as-you-grow subscription, making them as easily accessible as possible — in weeks as opposed to months. Ultimately, we believe this agreement will help sup- port Jeel’s technological advance- ments in delivering cutting-edge solutions that shape the demand of technology in Saudi Arabia.” “We are very much driven by our de- termination to advance innovative infrastructure and develop ecosys- tems that boost the Kingdom's prospects and transform its digital economy,” said Gaurang Shah, Exec- utive Vice President, Product and En- gineering, EEMEA, Mastercard. “As part of this mission, we strive to pio- neer market-ready services and re- sponsive platforms that cater to consumers' needs. Our collaboration with Jeel will further enable us to cu- rate an advanced suite of novel solu- tions that advance the wider ecosystem in Saudi Arabia and be- yond.” This collaboration will bring un- precedented benefits to a wide range of stakeholders. It empowers non- banking financial institutions to bring innovative products to the market swiftly and efficiently with greater ease and peace of mind. Fintech companies can expect faster time to market by solving obstacles of BIN sponsorship and Mastercard digital first issuing assets access. As a result, consumers will also be empowered with greater choice, including a wider range of bundled digital finan- cial products. the BANKING EXECUTIVE 38 ISSUE 190 NOVEMBER 2024