Saudi Awwal Bank launches a world class Innovation Centre to provide financial services

02/05/2025 09:28 AST

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, announced the inauguration of its Innovation Centre on Thursday, May 1. The facility is designed to inspire and accelerate innovation, positioning the Kingdom as a powerhouse in Financial Services Innovation.

The SAB Innovation Centre serves as a hub for creativity, collaboration, and experimentation, enabling employees, customers, and partners in the financial ecosystem to co-create and deliver. With a focus on fostering an entrepreneurial culture, the centre provides cutting-edge resources and spaces for ideation, testing, and refining transformative solutions.

Lubna Olayan, Chair of SAB, said: "SAB's Innovation Centre is an investment in the future - not just in technology, but in the talent and ideas that will shape financial services in Saudi Arabia. In a landscape defined by rapid change, innovation isn't optional; it's essential for resilience and relevance. This Centre is designed to surface new thinking, accelerate practical solutions, and support the Kingdom's broader push toward a more dynamic, diversified economy."

The Innovation Centre will serve SAB and its broader community, connecting startups, fintechs, regulators, and industry leaders, and serving as a catalyst for innovation.

Attendees at the inauguration included representatives from the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA), underscoring the collaborative spirit of this initiative.

SAB's Innovation Centre is accredited as an innovative institute by the Global Innovation Institute - the first financial innovation centre in the Kingdom to receive this recognition, and one of the few globally to offer a structured corporate innovation program focused on experimentation, co-creation with the banking sector, and ecosystem collaboration.

The Centre will also feature inspiring guest speakers from the Kingdom and abroad, showcasing the latest trends in fintech and new economy companies while engaging educational institutions to foster a rich learning environment.

Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom's economic growth and social development.

SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader region.

SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank's paid-up capital is SR 20.5 billion, following its legal merger with Alawwal Bank on 14th March 2021, when it was formerly known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.

Saudi Gazette