Saudi Arabia-based Alinma Bank has joined forces with tech giant IBM to launch a new API marketplace, utilising IBM’s hybrid cloud and artificial intelligence (AI) integration technologies.
The bank’s centralised API repository now plays a key role in its IT architecture, supporting various banking services, including retail and business-to-business (B2B) channels.
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This collaboration with IBM is part of the bank’s strategy to expand access to digital solutions for corporate clients and FinTech firms.
Alinma Bank chief information officer Yasser AlOufi said: “IBM is a valuable, trusted partner in our journey to becoming one of the kingdom’s most agile and responsive financial institutions.
“As an innovation-driven bank, we are dedicated to delivering world-class offerings that empower our clients and partners to succeed. Our new API platform exemplifies this focus, providing corporate customers and FinTech partners with competitive, secure, and accessible digital services that support their growth and resilience.”
The bank’s API platform is powered by IBM Cloud Pak for Integration, IBM API Connect, Red Hat OpenShift on IBM Cloud, and IBM DataPower.
These technologies are said to provide a secure and scalable infrastructure, enabling FinTech companies and small and medium-sized enterprises (SMEs) to access essential financial data and services.
With IBM’s API Connect serving as a core component, the marketplace simplifies the integration of internal banking systems, including customer onboarding, pricing, and payment processes, the company noted.
The deployment of Red Hat OpenShift supports a centralised and secure API repository, ensuring regulatory compliance and consistency throughout the API lifecycle.
This initiative aligns with Saudi Arabia’s Vision 2030, which emphasises digital transformation and technological innovation.
IBM Saudi Arabia general manager Fahad Alanazi said: “Our collaboration on the API Monetisation platform unlocks greater potential for Saudi FinTechs and SMEs. We look forward to our continued partnership as Alinma paves the way for innovation in the Kingdom’s financial services sector.”
