Money20-20 Vision Bank

Transcript

00:00My name is Hamad Al-Gnabed. I'm the Chief Business Officer in Virgin Bank.

00:10Virgin Bank is one of the Saudi digital banks licensed by the Central Bank of Saudi Arabia.

00:15The bank started in 2021 targeting SME and retail banking.

00:21Today we have received the no objection from the Saudi Central Bank to officially launch the bank.

00:27Currently, we are launching the basic products and services for the retail segment.

00:33And then the SME segment will be followed, insha'Allah, very soon.

00:39One of the key elements of Virgin Bank is focusing on innovation.

00:42The banking industry inside Arabia is one of the most advanced in the Middle East and if it's not in the world.

00:49We have studied and researched the industry and we believe that we will be able, insha'Allah,

00:56to introduce to the customers innovative solutions with simplified way of banking.

01:07The financial industry in Saudi Arabia is one of the most resilient industries in the world.

01:14It is regulated by the Saudi Central Bank, one of the most advanced regulators also in the world.

01:20We've been working with the Saudi Central Bank for the past four years.

01:26It gave significant support and guidance to us and all of the other digital banks in the previous years.

01:38In the Saudi market, innovation is a must.

01:41Banking in the past four years probably, they have progressed significantly in terms of the digital presence.

01:51And that's why our approach to innovate and continue to innovate within the market will be a tough journey.

01:58However, we are very confident of our future and the banking future in Saudi Arabia.

02:04We are going to bring innovation to the Saudi market. As I mentioned earlier, our focus in the beginning is retail and then SME.

02:16We also are approaching embedded finance and banking as a service in the future.

02:22So we look forward to be a key player in the digital banking and in the banking industry in Saudi Arabia.

02:29We'll see you guys next time.

02:35You