Our progress continued with several innovations in 2023. We were proud to secure the technical license to pioneer Open Banking in Saudi Arabia.

Amid the dynamic adoption of Open Banking and BaaS in alignment with Saudi Arabia’s Vision 2030, our dedicated focus has catalyzed transformative shifts. From pioneering licenses to emerging financial products, our contribution resonates with the vision’s emphasis on financial inclusion, further enhancing Saudi Arabia’s status as a global financial leader.

Digital innovations have not only expanded our customer base but also enhanced Net Financial Income (NFI), liabilities, and assets. The initiation of Banking as a Service through strategic alliances has opened new revenue streams, fortifying our long-term growth potential.

Our transformative journey is also supported by business performance. In 2023 we delivered a 14% YoY increase in mobile app users, 71% of new retail customers joining digitally, and a 2.1 billion BaaS transaction volume for Careem and Mobily pay.

Bank Albilad’s digitalization strategy has enabled the Bank to consistently lead the market in transformation, shaping the future of banking interactions.