A new agreement has been reached by the Saudi Awwal Bank (SAB) and Mastercard for the provision of secure digital payments to the bank’s clients.
As part of the deal, SAB will utilise Mastercard Gateway’s Transaction Risk Management technology (TRM) to offer transactions with enhanced customer protection and fraud prevention measures in place.
Adam Jones, Country General Manager, MENA Central, Mastercard, commented: “At a time when cyber threats are growing globally and cyber criminals are getting smarter, Mastercard’s innovative cybersecurity solutions are foiling cyber-attacks worth billions of dollars every year.
“We are delighted to strengthen our strategic partnership with Saudi Awwal Bank to provide enhanced protection for its digital transactions.
“Our collaboration aligns with our commitment to driving the digitization of the payment ecosystem in Saudi Arabia and with the objectives of the Kingdom’s national cybersecurity strategy.”
Mastercard’s AI-powered Gateway technology, which provides an assessment of the vulnerability risk for all transactions, strategically falls in line with Saudi Arabia’s Vision 2030 and the country’s ambitions to become a viable digital economy with a 70% cashless transaction rate.
The country has also been rated by the Global Cybersecurity Index (GCI) as a leader in terms of cybersecurity readiness across the MENA region.
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, added: “As we evolve our digital proposition, we have chosen Mastercard, our long-standing trusted partner, to support our efforts in the cybersecurity space. The company is ideally positioned to help us boost our capabilities to mitigate financial risks and increase peace of mind.
“This partnership reflects our commitment at SAB to provide a reliable and secure digital financial environment for all our customers. We continuously strive to equip them with advanced tools and solutions that instil confidence in conducting online banking transactions.
“This partnership reflects our commitment to provide a reliable and secure digital financial environment for all our customers.”