The partnership agreement has been signed between Jeel and Audax Financial Technology. Credit: audax.

Jeel, the digital innovation arm of Riyad Bank, has joined hands with digital banking technology solutions provider Audax Financial Technology to offer Banking-as-a-Service (BaaS) and open banking solutions in Saudi Arabia.

This collaboration aims to transform the digital banking space in the region by combining Jeel’s digital technology with Standard Chartered-backed audax’s expertise as a plug-and-play technology stack provider.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The partnership offers a suite of solutions tailored for banks, financial institutions, and non-bank entities in Saudi Arabia.

Jeel CEO George Harrak said: “Our collaboration with audax enables us to deliver pioneering digital solutions that will enhance the agility and scalability across Saudi Arabia and the region.

“By integrating our cutting-edge technology with audax’s proven platform, we can accelerate the digital transformation of our customers, including banks, financial institutions and non-bank entities, and provide them with the tools they need to thrive in an increasingly competitive market.”

Initially, the companies will support advanced business models, including digital banks, BaaS, super apps, and open banking solutions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This alliance is poised to enhance the capabilities of financial institutions in the region.

In the short term, institutions in Saudi Arabia will experience a swift migration from legacy systems, facilitating the unlocking of new digital capabilities and flexible business models.

By integrating easily with third-party vendors and ecosystem players, clients will be able to provide innovative services, including open banking solutions and BaaS use cases such as Cards-as-a-Service and Wallets-as-a-Service.

In the future, the partnership is expected to empower Saudi Arabian institutions to harness extensive data across their ecosystems.

This will create new revenue streams and business lines, unlocking opportunities for real-time underwriting through third-party data access, cross-selling products, and expanding into fee-based services such as KYC-as-a-Service and real-time data provision for consumer and SME-focused companies.

Audax CEO Kelvin Tan said: “By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernise and scale their digital offerings, ensuring they remain competitive in the evolving business landscape.

“Our partnership will empower them to launch cutting-edge solutions quickly and efficiently, creating new revenue streams and improving operational resilience.”