Jeel and Mambu Collaborate to Make Saudi Arabia the Region’s Fintech Destination
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Jeel has revealed a partnership with Mambu, a cloud-native core banking platform, to enhance the fintech and banking-as-a-service networks in Saudi Arabia. Jeel is Riyal Bank’s technology and innovation subsidiary.
The partnership, powered by the recently launched Jeel Sanbox, will expand the unified ecosystem. The fintech sandbox was developed by Jeel in collaboration with Fintech Saudi.
The Jeel Sandbox is seen as the foundation for Saudi Arabia’s fintech roadmap. The objective of the platform is to empower innovators, financial institutions, and startups to validate and launch financial solutions in a scalable and secure environment.
The Jeel Sandbox will be used to bridge the gap between real-world and digital deployment. This will reduce the time and accelerate innovation across Saudi Arabia’s growing financial ecosystem.
The Partnership Will Position The Kingdom As A Fintech Destination
Regional Lead at Mambu Middle East, Harjit Kang, also commented on the development. He noted that the collaboration is a significant moment for the company as it continues to expand its presence in Saudi Arabia.
Kang added that it’s going to be an exciting journey to support the Kingdom’s 2030 vision using its technology. It further demonstrates Mambu’s commitment to working with all parties to ensure the region’s goal is achieved.
“We look forward to working with Jeel to support financial institutions in the initial stages of growth”, Kang concluded.
The collaboration sets a framework for Jeel Sandbox to onboard fintech companies, with the first batch expected before the end of the year. The platform will also support commercial deployment, regulatory readiness, and advanced testing through Jeel’s Banking-as-a-Service.
The companies believe that the partnership and the activities lined up for Jeel sandbox will position Saudi Arabia as the ultimate fintech destination in the region.
The Collaboration Will Strengthen Jeel’s Role In Driving Innovation
The Jeel Sandbox is hosted on the Google Cloud Platform and powered by Mambu’s banking architecture. It will combine regulatory-grade security and agility to enhance the Kingdom’s digital banking ecosystem.
The partnership will build from Wallet as a Service (WaaS) and mock APIs capabilities towards a full Banking as a Service (BaaS) network. This will accelerate the growth and development of a unified ecosystem where fintechs can design, test, and scale their solutions more easily.
Jeel’s Chief Executive Officer, George Harrack, commented on the partnership. “Our collaboration with Mambu strengthens Jeel’s role in driving innovation and enabling fintech leadership in Saudi Arabia,” he said. The partners want to lay a framework for institutions and innovators to build, comply with, and establish a fully ready and aligned digital environment by 2030.
He noted that the partnership will begin with a gradual alignment of both companies’ goals to make the Kingdom a hub for digital innovation.
