NEWS
Riyad Bank ’ s Jeel and audax Financial Technology , enter strategic partnership for digital banking landscape
Jeel , the digital innovation arm of Riyad Bank , and audax Financial Technology , a comprehensive digital banking technology solutions provider backed by Standard Chartered , have entered into a strategic partnership aimed at revolutionising the digital banking landscape in Saudi Arabia . The partnership brings together Jeel ’ s forward-thinking digital technology as an enabler of digital innovation , and audax ’ s proven track record as a solutions provider as the comprehensive plug-and-play banking solution powering Asia ’ s first Banking-as-a- Service , BaaS offering by a global bank .
This partnership offers a suite of comprehensive solutions for banks , financial institutions and non-bank entities in Saudi Arabia , with an initial focus on enabling advanced business models such as digital banks , BaaS , super apps , and open banking solutions .
As the digital innovation arm of Riyad Bank , Jeel is dedicated to pioneering technological advancements and delivering cutting-edge solutions that shape the future of technology . With a focus on enhancing the digital experience for its customers , Jeel is at the forefront of innovation in the financial industry .
audax Financial Technology is a comprehensive digital banking solutions provider empowering banks and financial institutions to scale and modernise at speed . audax Financial Technology has enabled new business models and revenue streams for Standard Chartered under the SC nexus proposition , becoming the first global bank to provide Banking-as-a-Service in Asia .
George Harrak , CEO of Jeel , added : “ 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 .”
Kelvin Tan , CEO of audax Financial Technology , commented : “ 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 .”
Kelvin Tan
ENGIE partners with Al Jouf Cement Company to develop 22 MWp solar photovoltaic plant
ENGIE , a global provider in low-carbon energy and services , signed a Power Purchase Agreement with Al Jouf Cement Company , AJCC to develop a 22 MWp solar photovoltaic , PV plant . AJCC ’ s cement facility located to the south of Turaif Governorate , is in the Northern Borders Province region of Saudi Arabia . The signing ceremony took place at the Turaif cement plant , attended by His Highness Prince Faisal Bin Sultan Al Saud , Prince of the Northern Border . output at a fixed rate , ensuring predictable energy costs and independence from conventional sources .
ENGIE ’ s Pierre Cheyron , Managing Director of Energy Solutions AMEA remarked , “ In alignment with the Saudi Arabia ’ s vision for the future , we are honoured to partner with Al Jouf Cement in decarbonising their operations . This project underscores our commitment to fostering sustainable and resilient energy solutions in the GCC .”
With ENGIE ’ s expertise in solar PV solutions , the plant will operate as a fully integrated system tailored to meet Al Jouf Cement ’ s unique energy needs . Spanning over 420,000 square meters , the solar PV installation will provide efficient , on-site power generation designed to decarbonise Al Jouf Cement ’ s operations , lowering its carbon footprint over the project ’ s 25-year lifespan .
Abdulkarim M Al Nuhayer , CEO Al Jouf comments , “ By integrating this 22 MWp solar plant into our operations , we are not only enhancing our energy resilience but also reaffirming our commitment to environmental stewardship for a better future for Saudi Arabia .”
This project supports Al Jouf Cement ’ s commitment to sustainability and contributes to Saudi Arabia ’ s broader environmental objectives .
ENGIE ’ s turnkey approach to solar PV includes developing , designing , building , owning , and operating the solar system , with installations on rooftops or nearby land to maximise efficiency and sustainability . Through the PPA , Al Jouf Cement will purchase the entire electricity
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