Fintech Middle East & Africa

Virgin Mobile Saudi Arabia Announces Banking Agreement With The Saudi Investment Bank

Virgin Mobile Saudi Arabia has announced the signing of a strategic agent banking agreement with The Saudi Investment Bank (SAIB). The partnership aims to expand on banking services and products, enabling mobile financial services and has been endorsed by the Saudi Arabian Monetary Agency (SAMA) and under its related rules.

Virgin Mobile is the first entity to be awarded a banking agent license through its partner Saudi Investment Bank in Saudi Arabia and the partnership launches as part of Virgin Mobile’s ongoing strategy to provide innovative digital solutions for its customers across the Middle East, aimed at simplifying and enhancing everyday interactions.

Under the agreement, The Saudi Investment Bank and Virgin Mobile Saudi Consortium will use their combined capabilities and expertise to build, develop and commercially execute a unique value proposition and strategically positioned solutions for the end user. This builds on the strong joint digital infrastructure to provide electronic international remittance services through its strong distribution presence and network in the Kingdom, providing customers with easy, fast and more convenient digital financial services that enhances the mobile experience even further through Fintech. This follows the launch of mobile compatible life insurance plans launched in November 2019 by the FRiENDi brand in Oman.

Commenting on the partnership and strategic plans, Erik Dudman Nielsen, Group CEO, Virgin Mobile Middle East & Africa said: “Providing an outstanding customer experience is at the heart of the Virgin Mobile brand promise and we are excited to enter our new strategy of expanding into mobile financial services through our partnership with The Saudi Investment Bank. The post-pandemic world has sharpened the customer’s digital expectations and we look forward to continuously expanding and innovating through enhanced digital capabilities that will not only meet our customer’s expectations, but also elevate Virgin Mobile’s position as a true global leader in digitalization.”

“Virgin Mobile Middle East & Africa have already made a meaningful impact on the industry by launching the region’s first mobile virtual network operator with the FRiENDi brand in Oman, followed by the first fully digital mobile service with the Virgin Mobile brand in UAE and KSA, and we are excited to be part of yet another first for the region and pushing the boundaries of mobile services to deliver an exceptional product for the Middle East,” he continued.

The Virgin Mobile Middle East & Africa group are expert in systems integration and have the agility to move quickly to address consumer trends. The group is able to bring new innovations and features to market faster, enabling it to complement operator offerings by developing service offerings that target sub-segments of the telecom market. Following a call for application in November 2019, the group have been awarded a license to launch both Virgin Mobile and FRiENDi mobile brands in Kuwait and will focus on expanding through a B-brand arrangement in the North African region.

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