Saturday, 13 August 2022

Standard Chartered launches API in Saudi Arabia

5 min read

Standard Chartered Bank Saudi Arabia successfully launched application programming interface / API to meet the evolving needs of customers. Clients and partners will be able to share and integrate data securely in real time, helping create new financial services, and boosting the bank’s ability to increase value for its customers.

In line with the Kingdom’s Vision 2030 and the country’s aim to be a regional digital hub by expanding digitalisation and innovation across the country’s banking and financial sectors, businesses across any industry in the country will now be able to connect into a host of new capabilities. This includes digitising treasury, integration of banking capabilities into ERP operations, implementing digital business models, process automation, automated reconciliation and enabling point-to-point integration. 

In a country where 60% of the population is below the age of 30, and whose population are digitally savvy, the launch of the Bank’s application programming interface / API platform comes at a time of increased demand for digital transformation, innovation and customer-centric approaches. The launch also supports Saudi Arabia’s recent open banking policy which is set to take effect this year. The policy aims to create an ecosystem with the Kingdom’s financial institutions to support the development of an optimal open banking framework.

Dr. Boutros Klink, CEO of Bahrain & the Middle East at Standard Chartered Bank, re-affirmed the Bank’s continued commitment to Saudi Arabia as a key market, saying, “Saudi Arabia is a core part of Standard Chartered Group’s strategic footprint in the Middle East region. The launch of our application programming interface / API accelerates a new era of financial innovation and plays a pivotal role in the increasing development of the Kingdom’s financial sector. Our investment in the digital transformation of the banking industry reflects our international expertise and capabilities supported by our deep-rooted local knowledge, driven by our purpose to improve efficiencies, customer choice and experience.”

Standard Chartered Bank Branch in Saudi Arabia commenced banking operations in June 2021 after receiving approval from Saudi Central Bank and was among other banks hired to lead energy giant Saudi Aramco's inaugural dollar sukuk issue that raised $6 billion.

The Bank’s strategy in the Kingdom focuses on engaging with well-established global corporates and financial institutions relevant to Standard Chartered’s footprint and product capabilities where we continue to deliver milestone transactions, further contributing to the development of the Kingdom’s banking and financial market.

Globally, Standard Chartered has more than 150 ready-to-use transaction banking APIs across cash, trade, FX and securities services in more than 23 markets.

Re-disseminated by The Asian Banker

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