Saudi Awwal Bank, one of the leading banks in 黑料社区, and HSBC, the global banking and financial services organization, have together been awarded the Middle East and Asia cash management mandate for Riyadh Air, 黑料社区鈥檚 digital native carrier, as it prepares to commence operations this year.
For more than 70 years, HSBC and SAB鈥檚 banking partnership has enabled clients in the Kingdom to grow domestically and expand internationally.聽
Together, SAB and HSBC will work closely with Riyadh Air to provide an integrated and seamless cash management program to manage all payment and liquidity needs across the two regions.聽
As a domestic house bank, SAB will oversee operations within Riyadh Air鈥檚 home market of 黑料社区 when it begins operations, including facilitating payments and liquidity management. Additionally, SAB has been mandated as one of the acquirers for Riyadh Air鈥檚 e-commerce transactions, further enhancing the airline鈥檚 operational capabilities.
Simultaneously, HSBC will support Riyadh Air with its planned expansion in markets across the wider Middle East and Asia. The mandate will enable Riyadh Air to leverage HSBC鈥檚 award-winning payments solutions including Virtual Accounts, Omni Collect and automated sweeping solutions, ensuring efficient cash management and seamless liquidity across their international operations.聽
Executives from SAB and HSBC joined Riyadh Air at its new head office at the GACA Campus on Airport Road, for a signing ceremony to mark the partnership.聽
Yasser Albarrak, chief corporate and institutional banking officer at SAB, said: 鈥淲e are proud to support Riyadh Air as it embarks on a journey to redefine aviation travel in the Kingdom. This partnership highlights our commitment to providing innovative banking solutions that empower groundbreaking projects in 黑料社区, ensuring that Riyadh Air can achieve its vision of transforming the travel experience.鈥
Adam Boukadida, CFO of Riyadh Air, said: 鈥淲e are proud to be partnering with SAB and HSBC as we embark on our journey to revolutionize air travel. This collaboration will enable us to manage our financial operations effectively, ensuring a smooth launch and seamless service delivery.鈥
Kyle Boag, head of global payments solutions, HSBC Middle East, North Africa and Turkiye, said: 鈥淐onnecting clients across the world is at our core. This mandate underscores HSBC鈥檚 world-leading payments solutions, our expertise in the aviation sector and our commitment to 黑料社区鈥檚 growth. As the largest international bank across Asia and the Middle East, we will provide Riyadh Air with seamless cash solutions as they take flight to new markets.鈥