‎SABB signs agreement with Saudi Electricity to automate bank ‎guarantees

The Saudi British Bank (SABB) has signed an agreement with the Saudi Electricity ‎Company to digitize bank guarantees and raise the efficiency of financial transaction ‎procedures related to the implementation of projects and businesses.‎

This agreement is part of a larger effort to improve cross-sector collaboration in order to ‎meet Vision 2030 objectives, particularly those related to digital transformation ‎initiatives and the financial sector development program, as well as to advance the ‎progress of sustainable development projects.‎

Bank guarantee automation will be made available through the “Bwadl” platform of the ‎‎”Bwatech” information tech company, as part of the platform’s current collaboration ‎with the bank to digitally process guarantee procedures.‎

‎”At SABB, we are dedicated to maintaining our collaborative work approach in order to ‎fulfill 2030 targets and improve our position in the financial industry and digital ‎transformation. We are proud of our partnership with the Saudi Electricity Company in ‎creating the process of dealing with bank guarantees using the latest technological ‎methods and systems, in addition to our commitment to providing the best financial ‎solutions to all of our clients.” said Yasser Al-Barrak, CEO of Corporate and ‎Institutional Banking at SABB.‎

For his part, Abdulaziz Al-Muhaiza, head of the Treasury Sector at the Saudi ‎Electricity Company, confirmed that this agreement aims to develop methods of ‎business implementation and access to digital transformation, as part of the company’s ‎strategy for digital transformation, which seeks to develop all its services in various ‎fields. He also pointed out that the agreement aligns with the digital transformation ‎process initiated by the company, and reflects its serious commitment to using the ‎latest technologies to enhance reliability in financial operations to serve the company’s ‎partners, including contractors and suppliers.‎

Hashem Al-Hogail, Chairman of the Board of Directors of “Bwatech” company, ‎commented that the company aims to link the banking sector with business sectors ‎digitally to carry out all banking business through its electronic platform “Bwadl,” which ‎benefits both sides, especially companies that have multiple banking relationships. ‎Automating bank guarantees is one of the linking projects that we are working on, as ‎paper procedures have been replaced by advanced technical methods to link the ‎issuing banks of these guarantees with their beneficiaries to facilitate the ‎implementation of issuance operations and subsequent procedures.‎

Digital transformation is one of the key elements of the SABB 2025 strategy, which ‎stems from the bank’s commitment to investing in modern technology to manage its ‎business and banking services in order to deliver a cutting-edge banking experience to ‎its customers.‎