Alinma Bank, IBM launch Next-Gen API Platform to advance Saudi Fintech

GHADA.ISMAIL

Feb 23, 2025

New API platform leverages IBM’s cloud and AI technologies to drive fintech growth and enhance digital services

Riyadh – Sharikat Mubasher: Alinma Bank teamed up with IBM to enhance its IT infrastructure through advanced hybrid cloud and AI integration, marking a significant step in its digital transformation journey.

As part of this collaboration, the bank has launched a next-generation API platform, designed to streamline financial services, foster fintech innovation, and align with Saudi Arabia’s Vision 2030 and Alinma’s 2025 Transformation Strategy, as per an official press release.

The API platform, built using IBM Cloud Pak for Integration, API Connect, and Red Hat OpenShift, serves as a secure, scalable ecosystem that facilitates seamless integration for fintechs, SMEs, and corporate clients. By centralizing critical banking data and services, the platform enables faster onboarding, pricing automation, and efficient payment processing, strengthening Alinma’s role as a leader in fintech innovation. Additionally, the platform introduces paid API services, unlocking new revenue streams and reinforcing the bank’s position in Saudi Arabia’s digital economy.

Yasser AlOufi, Chief Information Officer at Alinma Bank said: “With IBM’s support, we are creating an agile, innovation-driven banking environment that empowers our corporate clients and fintech partners. This API platform is a testament to our commitment to providing secure, accessible, and competitive digital services that drive growth and resilience.”

Fahad Alanazi, IBM’s General Manager for Saudi Arabia, emphasized the company’s role in supporting Saudi fintechs and SMEs. He said: “Our collaboration with Alinma Bank on API monetization unlocks new potential for the financial sector. As Saudi Arabia accelerates its digital transformation, IBM remains committed to providing cutting-edge solutions that empower leading institutions to achieve their goals.”

This partnership not only strengthens regulatory compliance and cybersecurity measures but also positions Alinma Bank at the forefront of Saudi Arabia’s evolving financial services landscape, ensuring it remains a key player in the Kingdom’s digital future.

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Riyadh - Sharikat Mubasher: Nabt, the Saudi agriculture technology company modernizing the fresh-produce ecosystem, secured $3.4 million in a seed extension round, bringing its total funding to $5 million.The fund, finalized and announced during the annual Sunbolah program, was led by SHG Group and saw participation from Merak Capital and several distinguished angel investors, the company announced in a statement today.The signing ceremony was attended by Abdullah Alotaibi, CEO of Nabt; Ohman AlHokail, Co-founder and Managing Partner of Merak Capital; and Mohammed Al-Garafi, CEO of SHG Group.Nabt will use the new capital to accelerate its expansion into additional Saudi cities, broaden its fresh-produce portfolio, grow its nationwide customer network, and advance its operational infrastructure, thereby increasing market access for farmers across the Kingdom.Alotaibi affirmed that the investment will enable Nabt to develop a model that not only serves the Kingdom but sets a benchmark for the wider region and global markets. “In just two years, Nabt has proven that building transparent and efficient infrastructure for fresh produce is not only possible, but essential. Our vision aligns with Saudi Arabia’s Vision 2030 - empowering farmers, strengthening food security, and building lasting infrastructure for sustainable agriculture,” he added.For his part, Al Garafi commented: “Our support for Nabt reflects our belief that local innovation is the cornerstone of building sustainable and globally competitive sectors, and that Saudi entrepreneurs have the ability to turn ambition into reality.”Nabt is building the physical and digital infrastructure for Saudi Arabia’s fresh-produce sector, enabling farmers to improve profitability, helping businesses secure consistent high-quality supply, and advancing the Kingdom’s food security.It grows a network of fulfillment centers across Saudi Arabia designed for fresh-produce sorting, grading, packaging, cold storage, and temperature-controlled logistics, with operations in Riyadh and new hubs rolling out in other major cities.

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