Riyadh - Sharikat Mubasher: Jeel, the digital innovation arm of Riyad Bank, partnered with Mastercard to enable digital and leading-edge solutions, such as artificial intelligence (AI), to drive innovation in Saudi Arabia, the company announced in a statement today.

Through this collaboration, both parties will join forces to serve all non-banking financial institutions (NBFI) market segments, providing 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.

George Harrak, CEO of Jeel, stated that the partnership will empower market segments and demographics with access to Mastercard's diverse range of innovative offerings and benefits.

He further noted that the collaboration with Mastercard will support Jeel’s technological advancements in delivering cutting-edge solutions that shape the demand for technology in Saudi Arabia.

Meanwhile, the Executive Vice President of Product and Engineering for EEMEA at Mastercard, said: “Our collaboration with Jeel will further enable us to curate an advanced suite of novel solutions that advance the wider ecosystem in Saudi Arabia and beyond.”

This collaboration will further empower non-banking financial institutions to bring innovative products to the market swiftly and efficiently with greater ease and peace of mind.