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The National Commercial Bank (NCB) awarded the Best Transaction Bank in Saudi Arabia at The Asian Banker Transaction Awards Programme 2018
Dubai, November 29th 2018- National Commercial Bank was received the award for Best Transaction Bank at The Asian Banker MEA Risk and Transaction Awards 2018. The award ceremony was held in conjunction with the International Finance Dialogue, at Conrad, Dubai.
- The NCB displayed resilient performance in its transaction banking business
- The Bank launched a new cash management product to support the country’s national development
- The Bank used digital technology to promote ease of access to service and information
The MEA Risk and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
The NCB displayed resilient performance in its transaction banking business
The NCB’s transaction banking business covers trade finance and cash management services. In 2017, despite a fall in aggregate revenue of transaction banking division, the NCB displayed a 33% growth in the annual transaction volume of its sub-segment, the cash management business. The Bank accredited the resilient performance to its quality and ability to adapt to new technologies in offering cash management products and solution which helped maximise Corporate and SMEs clients’ resources.
The Bank launched a new cash management product to support the country’s national development
In accordance with Saudi Vision 2030 which aims to enable Saudi families to own houses that match their needs and capabilities, the NCB launched a product that supports the Ministry of Housing’s “Off-plan Sales or Rent Program”, a program that serves to increase transparency in the real-estate sector. The NCB’s product covered the banking side of this program, allowing the bank to seamlessly host an Escrow account for the real-estate project and manage all finance aspects around it.
The Bank used digital technology to promote ease of access to service and information
The NCB launched its first version for the mobile application dedicated to Corporate and SMEs clients where they can transact and approve their transaction upon at ease. It is the first bank in Saudi Arabia in providing mobile access for Corporate and SMEs clients. In 2017, it also signed up for SWIFT’s global payment innovation (gpi) service which serves to improve the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions.
At the awards ceremony, Emirates NBD was named the Best Cash Management and Transaction Bank in UAE. Other winning institutions include Egypt’s National Bank of Egypt, South Africa’s ABSA Bank, Qatar’s Commercial Bank, Barclays Bank Mauritius among others.
Initiated blockchain project for trade finance to enhance cross-border trade transactions
Emirates NBD partnered a blockchain initiative with Dubai Government entities such as Dubai Customs, Dubai Trade to process payments and record imports and re-exports passing through Dubai. It aimed at improving transparency and turnarounds times and reducing frauds. The Bank also became the first bank in the UAE to pilot a blockchain-based network to automate inter-bank processes of cross-border open account trade through smart contracts, secure digital exchange of documents and real-time monitoring of positions.
At the awards ceremony, Emirates NBD was named the Best Cash Management and Transaction Bank in UAE. Other winning institutions include Egypt’s National Bank of Egypt, South Africa’s ABSA Bank, Qatar’s Commercial Bank, Barclays Bank Mauritius among others.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
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