SABB, Ministry of Industry & Mineral Resources to automate bank guarantees
- Date: 26-Jan-2023
- Source: GCC Business…
- Country:Saudi Arabia
- Who else needs to know?
SABB, Ministry of Industry & Mineral Resources to automate bank guarantees
The Saudi British Bank (SABB) has entered into an agreement with the Ministry of Industry and Mineral Resources (MIMR) to automate bank guarantees with the aim of improving the efficiency of financial transaction procedures connected to project and business execution.
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.
Mr. Yasser Al-Barrak
Corporate & Institutional Banking
SABB “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. 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
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