Oct 26, 2020 16:00 JST

Source: JCB

Riyad Bank signs acquiring agreement with JCB for local acceptance in the Kingdom of Saudi Arabia

RIYADH & TOKYO, Oct 26, 2020 - (ACN Newswire) - Riyad Bank, a listed company on the Saudi Arabia Stock Exchange in the Kingdom of Saudi Arabia, and JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., announced that Riyad Bank had signed a partnership agreement with JCBI to enable the acceptance of JCB Cards at all Point of Sale systems, online and ATMs throughout the Kingdom of Saudi Arabia.

As part of a push to make the Kingdom a cashless society and support for financial inclusion that is both in line with the aims of the Saudi Vision 2030, this partnership will enable JCB Cardholders to use JCB Cards through Riyad Banks's network for Point of Sale and ATMs across Saudi Arabia, thereby providing greater convenience for JCB's globally increasing cardholders in Islamic markets such as Bangladesh, Bahrain, India, Indonesia, and Pakistan.

"I am delighted to announce this partnership in consideration of the Vision 2030 and the ever-closer relationship between Saudi Arabia and Japan." Mr. Yoshiki Kaneko, President & COO of JCB International Co, Ltd. said, "Along with the introduction of the tourist visa program last year, which offers visas to citizens of 49 countries, a larger number of JCB Cardholders is expected to visit Saudi Arabia on top of our Muslim cardholders in Asia. We position Saudi Arabia as the most significant market for expanding our business in the Middle East. I am certain this partnership will benefit both our cardholders and Riyad Bank's merchants for their convenience and in terms of the opportunity with the new payment option."

Mr. Mohammed Abo Al-Naja, Riyad Bank Executive Vice President Corporate Banking: "It is our pleasure that we are one of the first Banks in the Kingdom to avail the acceptance of JCB Cards at its merchant locations. The partnership is in line with the Vision 2030 in promoting a cashless economy. This move would greatly benefit pilgrims visiting from the Far East where our partner JCB has a strong presence, and the ever-increasing number of tourists visiting the Kingdom. JCB Cardholders will have the option to use their cards in a wide range of outlets capitalizing on our leadership position in the market. Furthermore, this complements our strategy and vision to bring to the market the latest and most innovative offerings while addressing the needs of our merchants and the market."

About Riyad Bank

Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Riyad Bank was established in 1957, with a paid-up capital of SAR 30 billion. It provides a comprehensive range of products and services to meet the needs of both retail and corporate customers, including SMEs. Riyad Bank plays a leading role in various areas of finance and investment in Saudi Arabia, that is why it distinguished as a leading financier and arranger of syndicated loans in the oil, petrochemicals, and most of the Kingdom's notable infrastructure projects. Riyad Bank offers innovative and remarkable financing solutions through a network of 308 branches and more than 45,000 POS, in addition to more than 2,542 ATMs well distributed in strategic & carefully selected locations around the Kingdom. It had a branch in London and offices in Houston (USA), and Singapore helps support the international banking needs of such customers. Also, it has electronic banking services (web-based and mobile applications) that use the latest electronic technologies to address the banking needs of our customers with utmost ease, convenience, and security.

About JCB

JCB is a global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 34 million merchants as well as cash advance locations around the world. JCB Cards are now issued in 24 countries and territories, with more than 140 million cardmembers. As a comprehensive payment solution provider, JCB commits providing responsive and high-quality service and products to all customers worldwide. www.global.jcb/en/

For more information for media:
Riyad Bank
Media contact
Tel: +966-11-401-3030 Ext. 2984
Email: mediarelations@riyadbank.com

Kumiko Kida, Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@jcb.co.jp

Source: JCB
Sectors: Cards & Payments, Retail & eCommerce, Travel & Tourism, Blockchain Technology, Regional, Hospitality, Local Biz

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