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The Saudi British Bank (SABB) has entered into an agreement with the Ministry of Industry and Mineral Resources to automate bank guarantees with the aim of improving the efficiency of financial transaction procedures connected to project and business execution. The deal was inked at the Future of Mining Conference, which took place in Riyadh.
This agreement is part of the bank guarantees automation project implemented by the Saudi Mining Services Company in cooperation with Bwatech Company, a pioneering step towards enhancing collaboration between sectors to achieve the goals of the Kingdom’s Vision 2030 in terms of digital transformation initiatives and the financial sector development program.
The automation of bank guarantees will be provided for the companies executing projects affiliated with the Ministry of Industry through the Bwadl platform of the Bwatech information technology company, as part of the existing cooperation between the platform and the bank to digitally process bank guarantees.
“At SABB, we are committed to continuing our approach toward strengthening our partnerships to achieve the goals of the Kingdom’s Vision 2030 and to enhance our role in the financial sector development and digital transformation program,” said Mr. Yasser Al-Barrak, CEO of Corporate and Institutional Banking. We are delighted to work with the Ministry of Industry and Mineral Resources to digitize transactions for bank guarantees, an extension of the Bank’s contributions to the growth and development of the industrial sector, which is one of the nation’s key foundations.
Mr. Hashem Al-Hogail, Chairman of the Board of Directors of Bwatech commented that the company is proud of its role in electronically linking the banking sector with the business sector and facilitating the provision of banking products and transactions between the two parties, and is also grateful for the confidence of the Ministry and the bank and their support that enabled this achievement.