SABB’s International remittances grow by over 50%

sabb, international, transfer, remittances, remittance,
Saudi Arabia

SABB’s International remittances grow by over 50%

RIYADH - In its endeavors and consistent efforts to provide the best digital services to customers and take advantage of the state-of-the-art technologies, SABB has developed international transfer services through its digital channels, in partnership with the financial technology companies "MasterCard Send" and "Ripple ". Thus, the bank allows its customers to transfer funds instantly and securely to international beneficiaries, whether to bank accounts, electronic wallets, or via cash delivery to more than 30 international destinations. Now, SABB customers can transfer to more than 170 countries and use 38 different currencies. The improvements also included development of relations with correspondent banks to include delivery of remittances on the same day for the selected currencies and providing a full remittance deposit service for beneficiaries for the US dollars corridor. These efforts were positively reflected in the growth of SABB’s international remittance service. Hence, the value of remittances executed through SABB’s digital channels up to August 2021G grew by more than 50%, and the market share of SABB in the retail international remittance market for individuals increased to 11.85%. Mr. Bashar Al-Qunaibit, Deputy Managing Director of Retail Banking and Wealth Management at SABB, commented: “In light of the Kingdom’s rapid technological development

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