Riyadh, KSA (March 2023): Codebase Technologies (CBT), a leading global open API banking fintech, has partnered with Saudi Business Machines Ltd. (SBM), Saudi Arabia's leading provider of end-to-end enterprise information technology and telecommunications solutions. The partnership will see the two global giants drive innovation in the financial sector in the Kingdom and MENA region, providing ready-to-market digital enablement solutions.
Nehul Goradia, Director - Channel and Alliances at Codebase Technologies, commented on the partnership, “We are proud to enter into this strategic partnership with a partner of such high standing as Saudi Business Machines. Through the partnership, we hope to increase our footprint in the growing KSA market and help SBM create significant impact for their customers in terms of value generation through digital capabilities.”
The banking and fintech sectors have shown dramatic growth in Saudi Arabia, with FIs enhancing their digital offerings as well as new, digital-first brands entering the market. Driven by a combination of young entrepreneurship, changing market dynamics, and strong support from governmental bodies such as the Saudi Central Bank (SAMA), the fintech sector in KSA is expected to reach transaction values of more than USD 33 billion by 20261. Saudi Arabia is the GCC's largest market, with a predominantly young population—70% of which is under 30 years old1. The digital services market is growing quickly, and according to the Fintech Saudi Annual Report 2021, there has been an increase of 37% in the number of active fintechs since 20202.
Codebase Technologies’ Managing Director - MENA, Tamer Al Mauge, added “Our extensive experience in successfully delivering innovation for some of the Middle East and North Africa's biggest financial brands, as well as our award-winning Digibanc fintech platform, will complement Saudi Business Machines' regional expertise and market insight to offer clients a better and faster way to enhance their digital services, launch innovative experiences, and empower them with a platform from which they can innovate with confidence.”
Leveraging the partnership with Codebase Technologies, Saudi Business Machines will provide digital banking services to banks, fintechs, and other corporates, leveraging Codebase Technologies' award-winning Digibanc platform to meet the enhanced needs of local financial institutions. Through the partnership, NeoBanks, Challenger Banks, Islamic Banks, and Microfinance Banks will gain access to a suite of solutions that will accelerate their time-to-market for digital services and enhance their speed of innovation. The solutions include; next-generation omnichannel banking, digital core banking, open banking and API integration, instant lending, BNLP, omnichannel orchestration engine, peer-to-peer (P2P) payments, super apps, and many more.
Saudi Business Machines’ Vice President - Business Technology Solutions, Fadhel Al-Shaikh, added, “At SBM, it is our vision to maximize our clients' value through their transformation. To serve the needs of the dynamic and growing market in KSA, we wanted to partner with a like-minded company that would help us deliver client value quickly without sacrificing quality. Codebase Technologies is the ideal partner to help us deliver something truly unique and sought after in the local and regional markets.”
Re-disseminated by The Asian Banker