SABB launches Global View and Global Transfer, allowing customers to view and transfer to their ‎worldwide accounts held with HSBC

SABB today announced the launch of a new international payments service for SABB customers, a first phase of ‎new services resulting from the memorandum of understanding (MoU) signed between SABB and HSBC in 2022. ‎The MoU focused on co-operation and development of new foreign exchange and payment capabilities in Saudi ‎Arabia.‎

SABB customers can view the balances of their HSBC accounts in 17 countries and transfer funds instantly to their ‎linked accounts, through the SABBNet and SABBMobile e-Banking digital platforms.‎

‎“Our customers, both Saudis and Expatriates, asked SABB to offer the best foreign exchange and remittance ‎services, and as the Kingdom’s most international bank, we worked closely with HSBC to help customers manage ‎their worldwide finances seamlessly,” said SABB Managing Director & CEO, Tony Cripps.‎

‎“HSBC and SABB jointly announced in 2022 that we would work together to bring the next generation of ‎payment capabilities to the Kingdom, and today’s launch shows the significant progress we are making for ‎customers”, said HSBC Chief Executive Officer of Wealth and Personal Banking, Nuno Matos.‎

SABB’s Global View and Global Transfer service comes as foreign currency transactions continue to grow in the ‎Kingdom with customers increasingly seeking easier ways to manage their money, whether in Saudi Arabia, or ‎beyond.‎

‎ “The relationship between SABB and HSBC is important, and our first implementation of the Global View, Global ‎Transfer service is unrivalled in the Kingdom. This helps expand our ability to support customers to manage their ‎international wealth and make money transfers even easier, highlighting our strategy to grow our wealth ‎management services” said Bandar Al Ghashyan, SABB’s Chief Retail Banking & Wealth Management Officer.‎

‎“This initial launch allows instant movement of money between international linked accounts, and uses innovative ‎technology and payment methods to improve customer experience and reduce the time taken for funds to arrive ‎to a few seconds” Mr. Al Ghashyan added.‎

Evolution of digital and wealth capabilities is a focus of SABB’s 5-year strategy, and this new service aligns with ‎other activities undertaken by the bank that were recognized by Global Finance who awarded SABB ‘Best Private ‎Bank – Saudi Arabia 2023’ and International Business Magazine who awarded ‘Best Bank for Wealth Management ‎‎2022’.‎

HSBC’s origins in Saudi Arabia date back to 1950 and it has been the largest shareholder in SABB since it was ‎formed in 1978, today holding a 31% stake. Through this partnership, SABB customers have unique access to ‎HSBC’s international network that covers 64 countries and territories worldwide and around 90% of global trade ‎and capital flows. ‎

SABB is the most international bank in the Kingdom offering integrated financial and banking services including ‎retail banking, corporate banking, private banking, and treasury services. SABB announced its ambitious 5-year ‎strategy earlier this year with a large focus on ESG and sustainable finance in line with the Kingdom’s Vision ‎‎2030.‎