Money20-20 Jeel

Money20-20 Jeel

Transcript

00:00Excellent, so my name is George Harak, I'm the CEO of JIL. So JIL is a subsidiary of

00:11Riyadh Bank, so we're wholly owned subsidiary of Riyadh Bank. We're the digital innovation arm for

00:16Riyadh Bank. So anything related to digital comes through JIL itself. So we develop a number of

00:22products, both in the retail segment, the corporate segment, across the bank as a whole. We also

00:27support a number of the other Riyadh Bank subsidiaries as well. Today we've launched

00:33our JIL sandbox, which effectively is a banking as a service platform. It's a homegrown platform

00:39with real data where startups and fintechs can come, visit us, they can put their solution,

00:45test their solution on our platform, because ours is SARMA ready and certified. So what that means is

00:52today we signed in collaboration with both Saudi fintech and SARMA, this platform itself. So

00:58we're going to help accelerate a number of fintechs coming through and getting certified here within

01:02the kingdom.

01:06In the past fintechs, especially with banks, fintechs have been often seen as a competition.

01:12Now they're enablers. So part of what we do is we're a technology company. So we set the rails,

01:18we set the platform specifically for these fintechs. They can come and test their solution.

01:22We get the opportunity to get first look at these fintechs and startups. We get an opportunity to help

01:28guide them through the ecosystem as well, working closely with Saudi fintech and also SARMA. And for

01:35us, it's fantastic because it's not only about local fintechs, but it's also the opportunity for

01:40global fintechs to come in. We also work very closely with Effigens. Effigens is our sister company in

01:46Poland. So effectively we use their global expertise and experience to come help support

01:51us here as well. So we get a flavour of both.

01:55I think come with ambition. I think first and foremost, I think if you come replicating what

02:01others do, I don't think you'll get very far. You know, we've spoken to a number of fintechs,

02:05even over the last few hours here at 2020, with really ambitious, got some great solutions.

02:11Every solution should be understood. Every solution should be listened to. Every solution should be

02:15trialed from our perspective. So don't feel that you're constrained because all of a sudden you're

02:20in a banking and finance environment. I feel also SARMA as a regulator as well is very open to, you know,

02:28enticing people that are going to be innovative and really bringing their solutions to the table as

02:32well. So use that as a means. The other thing that I suggest is that also have a goal. I think we get

02:38a number of people coming in there that don't really quite know what the next steps are with respect

02:43to where they want to take their solution. So my advice is to have an approach, have a plan,

02:48and we're very happy to sit down and talk and help facilitate that as well.

02:53You know, I've worked in this region now for the past five years. Prior to that, I was in

02:57Singapore. So I've seen growth in Southeast Asia. Having come here now, it's another level.

03:03So if I look at the ceiling that we have here, the amount of money that's being spent here in the

03:07in the Kingdom of El, promoting local fintechs and startups to, you know, produce a unicorn

03:14out there at some stage is phenomenal. So from our perspective, we are super happy to be part of

03:19this. You know, we have our own principles and also focus when it comes to the 2030 strategy.

03:25And we just want to support not only ourselves, the bank, but also the Kingdom as well,

03:30and to reach their growth as well.