Saudi Awwal Bank partners with Mastercard to help transform SME lending in Saudi Arabia

• Saudi Awwal Bank and Mastercard extend long-running partnership, introducing SAB Business Credit Card to the Kingdom.

Riyadh, Kingdom of Saudi Arabia; 24 October 2023 – Saudi Awwal Bank has partnered with Mastercard to introduce the leading bank’s SME Business credit card to the Kingdom which will help empower local businesses, SMEs, and fintech companies.

The unique product is designed to enable local enterprises and entities to grow and manage their businesses as efficiently and securely as possible. It offers quick and seamless access to a diverse range of benefits tailored by enabling them to gain greater access to credit — along with enhanced visibility on their transactions — pay their suppliers faster and optimize their cash flow.

In line with the Kingdom’s national agendas and Vision 2030 objectives, the introduction of the new digital credit tool marks the latest steps taken by Saudi Awwal Bank and Mastercard to support SME lending in Saudi Arabia and transform the national economy.

Mr. Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at Saudi Awwal Bank commented: “We believe in the importance of small and medium-sized enterprises in enhancing the local economy. We strive diligently to provide innovative financing solutions that meet the needs of these companies and help them achieve sustainable success. Through offering specialized financial services, we take pride in supporting SMEs on their journey towards growth and prosperity. We are witnessing rapid evolution in the banking card sector, and this partnership with Mastercard presents an ideal opportunity to showcase our ability to provide innovative and secure financial solutions to our customers. We anticipate a bright future of collaboration and mutual success."

“As the Kingdom takes steps to foster an enabling environment for SMEs to thrive, technology companies and payment services providers must play an active role in pioneering leading offerings that accelerate the growth of businesses and enterprises across the country. Building on our long-standing partnership with Saudi Awwal Bank we aim to advance the digital transformation of financial services in Saudi Arabia, providing greater access to tools — such as "Saudi Awwal Bank" Business credit card — that benefit local SMEs.” said Adam Jones, Country General Manager, MENA Central, Mastercard.

Saudi Awwal Bank partnership with Mastercard addresses this challenge, doing so by creating a unique product that helps SMEs to access credit, with a product that can be relevant to their needs.