NOV 09, 2020
Alinma Bank signs acquiring agreement with JCB International for local acceptance in the Kingdom of Saudi Arabia
November 9, 2020
RIYAD // TOKYO, November 9 2020 - Alinma Bank has partnered with JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co. Ltd., Japan's only international payment brand, to enable the acceptance of JCB Cards through its POS and ATM network devices deployed in the Kingdom of Saudi Arabia. The expansion is in line with the Kingdom's strategic vision to promote both a cashless society and financial inclusion as part of Vision 2030.
The partnership is also a continuation of JCB's plan for entering the market in the Kingdom of Saudi Arabia, a destination of ever-increasing importance for its cardholders around the world for both business and tourism. The partnership will significantly give added convenience to JCB cardholders from the Islamic world, who frequently travel to Saudi Arabia for religious tourism.
"I am delighted that we have entered into this partnership with Alinma Bank for the acceptance of JCB Cards," said Mr. Yoshiki Kaneko, President and COO of JCBI. "Saudi Arabia has always been a very important destination for many of JCB cardholders, from both a business and religious perspective. With the strategic plan for Vision 2030, the country is now increasingly an important destination for tourism as well. Alinma Bank's extensive reach in the market will ensure that JCB cardholders will be able to use JCB Cards at their convenience. The partnership will also enhance the already close fraternal ties between Saudi Arabia and Japan.
H.E. Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank said: "We at Alinma Bank are so pleased to partner with JCB, whose reputation for the quality and reliability of their services precedes them. Through this agreement, Alinma will deepen its commitment to continually enhancing its service offerings for its partners (customers). Furthermore, this partnership will help Alinma support the kingdom's ongoing progress toward the realization of Vision 2030, as well as the enablement of daily life and business activities of those who visit the kingdom each year."
About Alinma Bank
Alinma Bank strives to deliver forward thinking, innovative, exemplary products and services that meet customer needs and expectations. Alinma today owns one of the most advanced banking infrastructures with regard to technological capabilities, branch network, remote channels, and product and service innovation. In addition, Alinma's products and services are designed to meet the real and pressing needs of a growing and changing market. With full commitment to Saudi Arabia's Vision 2030 initiative, Alinma understands the importance of continually transforming and refining its business in order to be of true value to its partners, the community, and the kingdom as a whole.
Alinma Bank has four wholly owned subsidiaries: Saudi Financial Technology Company, Alinma Investment Company, Al-Tanweer Real Estate Company, and Alinma Cooperative Insurance Agency. The bank also holds a stake in and is a founder of Alinma Tokio Marine Company, which provides Shariah-compliant, cooperative insurance products and services, ERSAL Financial Remittance Company, and Bayan Credit Bureau Company.