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Riyad Bank Signs Acquiring Agreement with JCB for Local Acceptance in the Kingdom of Saudi Arabia

Tuesday, October 27, 2020/ Editor -  

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October 27, 2020:   Riyad Bank, a listed company on the Saudi Arabia Stock Exchange in the Kingdom of Saudi Arabia, and JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., announced that Riyad Bank had signed a partnership agreement with JCBI to enable the acceptance of JCB Cards at all Point of Sale systems, online and ATMs throughout the Kingdom of Saudi Arabia.
 
As part of a push to make the Kingdom a cashless society and support for financial inclusion that is both in line with the aims of the Saudi Vision 2030, this partnership will enable JCB Cardholders to use JCB Cards through Riyad Banks's network for Point of Sale and ATMs across Saudi Arabia, thereby providing greater convenience for JCB's globally increasing cardholders in Islamic markets such as Bangladesh, Bahrain, India, Indonesia, and Pakistan.
 
'I am delighted to announce this partnership in consideration of the Vision 2030 and the ever-closer relationship between Saudi Arabia and Japan.' Mr. Yoshiki Kaneko, President & COO of JCB International Co, Ltd. said, 'Along with the introduction of the tourist visa program last year, which offers visas to citizens of 49 countries, a larger number of JCB Cardholders is expected to visit Saudi Arabia on top of our Muslim cardholders in Asia. We position Saudi Arabia as the most significant market for expanding our business in the Middle East. I am certain this partnership will benefit both our cardholders and Riyad Bank's merchants for their convenience and in terms of the opportunity with the new payment option.'
 
Mr. Mohammed Abo Al-Naja, Riyad Bank Executive Vice President Corporate Banking: 'It is our pleasure that we are one of the first Banks in the Kingdom to avail the acceptance of JCB Cards at its merchant locations. The partnership is in line with the Vision 2030 in promoting a cashless economy. This move would greatly benefit pilgrims visiting from the Far East where our partner JCB has a strong presence, and the ever-increasing number of tourists visiting the Kingdom. JCB Cardholders will have the option to use their cards in a wide range of outlets capitalizing on our leadership position in the market. Furthermore, this complements our strategy and vision to bring to the market the latest and most innovative offerings while addressing the needs of our merchants and the market.'

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