Saudi Awwal Bank (SAB) has partnered with Mastercard offering consumers across the nation greater access to secure digital transactions (DT).
Industry sources added that through this alliance, SAB will be leveraging Mastercard Gateway’s advanced Transaction Risk Management technology (TRM) to deliver safe and seamless digital transactions, customer protection from cybercrime, and payment fraud prevention. They further added that driven by cutting-edge data science, the Mastercard Gateway AI-powered technology helps to reduce financial risk by proactively assessing transactions for vulnerabilities.
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB commented: “As we evolve our digital proposition, we have chosen Mastercard, our long-standing trusted partner, to support our efforts in the cybersecurity space. The company is ideally positioned to help us boost our capabilities to mitigate financial risks and increase peace of mind.”
He added: “This partnership reflects our commitment at SAB to provide a reliable and secure digital financial environment for all our customers. We continuously strive to equip them with advanced tools and solutions that instill confidence in conducting online banking transactions. This partnership reflects our commitment to provide a reliable and secure digital financial environment for all our customers.”
Adam Jones, Country General Manager, MENA Central, Mastercard stated “At a time when cyber threats are growing globally and cybercriminals are getting smarter, Mastercard’s innovative cybersecurity solutions are foiling cyber-attacks worth billions of dollars every year.”
Mr. Jones added “We are delighted to strengthen our strategic partnership with Saudi Awwal Bank to provide enhanced protection for its digital transactions. Our collaboration aligns with our commitment to driving the digitization of the payment ecosystem in Saudi Arabia and with the objectives of the Kingdom’s national cybersecurity strategy.”
In line with Saudi Arabia’s Vision 2030 and its goal of building a thriving digital economy and a 70% cashless society by 2030, according to the latest Global Cybersecurity Index (GCI), Saudi Arabia ranks first in cybersecurity readiness in the Middle East and North Africa.
