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May 2020
The Saudi British Bank (SABB) has completed the first phase of automating bank guarantees through “Wethaq” digital platform,recently launched by The Saudi Company for Exchanging Digital Information (Tabadul), a wholly-owned subsidiary of the Public Investment Fund (PIF). This technology permits beneficiaries to verify bank guarantees automatically.
This makes SABB the first bank to complete the initial linking phase with “Wethaq”, which is the first-of-its-kind digital platform in Saudi Arabia and the region. In addition, the bank is working towards the second linking phase which is more complete management of bank guarantees, including; issuance, release, amendment, and cancellation.
In light of the rapid transformation, one of SABB’s priorities is to be the leading digital bank in the Kingdom by adopting new technologies, such as “Wethaq”. This platform is in line with SABB’s strategy of digital transformation, which will support SABB’s leading position in providing Bank guarantees services. It will also help accelerate and raise the efficiency of transactions, while increasing safety and transparency for all parties.
Furthermore, SABB is actively working on achieving 2030 Vision objectives. By strengthening its strategic partnerships with government institutions, and supporting projects that will achieve sustainable development, including the Financial Sector Development Program, while promoting economic growth and digital transformation.
SABB is focused on accelerating the digitization of trade, through offering innovative products and services, including beingthe first bank in the Kingdom to complete a Blockchain-based international commercial trade transaction.
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© SAB, Saudi Arabia. All Rights Reserved, 2024
Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.