Saudi Awwal Bank, a leading bank in the Kingdom of Saudi Arabia, has signed a Memorandum of Understanding with HSBC, one of the world’s largest banking and financial services organizations, to strengthen their collaboration to accelerate financial innovation.

This strategic alliance comes as Saudi Arabia aspires to become a hub for financial innovation through Vision 2030. 

The signing ceremony took place in London, further solidifying the strong partnership between the two banks.

Tony Cripps, managing director and CEO at SAB said: “Our customers’ evolving needs in this rapidly changing, technology-driven era require us to innovate and introduce cutting-edge solutions continuously. As the Kingdom’s leading international bank, we are thrilled to leverage HSBC’s significant scale, capabilities, and expertise to bring the next generation of banking services to Saudi Arabia.”

Stephen Moss, chief executive officer, HSBC Middle East, North Africa and Turkiye and board member of SAB, echoed the sentiment: “For over 70 years, HSBC and SAB have worked together to develop leading banking services in Saudi Arabia. This MoU expands our support of SAB, providing access to HSBC’s expertise in leading-edge and innovative solutions for the benefit of customers.”

The MoU aligns with “SAB’s” growth strategy, which is focused on accelerating the pace and scale of Innovation. 

It also affirms SAB’s continued commitment to supporting Vision 2030 and the associated key initiatives under the Financial Sector Development Plan to transform the Kingdom into a leading financial technology and innovation hub.

The partnership also aims to strengthen SAB’s leading position in the banking sector as the bank continues to cater to its customers’ evolving needs.

SAB recently received accreditation as an innovation organization by the Global Innovation Institute “GInI” becoming the first bank in the Kingdom to be certified by GInI.  

SAB was also awarded the Global Banking Innovation Award for Small and Medium Enterprises by the Digital Banker.

The devastating effects of flooding on infrastructure, human lives, and the economy are undeniable. 

As climate change intensifies the frequency and severity of flooding events, effective flood management has become top priority. 

Through providing advanced analytics and forecasting tools, SAS has grown into a key player in the field of flood management, supporting organizations in both preparing for and minimizing the impact of floods.

Considering how unpredictable natural disasters like flooding can be, Alexander Tikhonov, regional director of SAS Middle East, Turkiye and Africa, underscored SAS’ dedication to developing innovative, lifesaving solutions.

“We are deeply committed to supporting communities with cutting-edge technologies that not only enhance operational efficiency but also safeguard lives. Our efforts through the SAS D[n]A Factory initiative reaffirm our dedication to developing innovative solutions that help communities better prepare for and respond to natural disasters.”

Under SAS D[n]A Factory, the company’s new, pioneering initiative, SAS draws on its extensive international expertise to create a tailored solution that responds perfectly to the region’s specific needs and challenges. 

This solution demonstrates the proven value of SAS’ flood management tools, based on trusted data, analytics, and AI, in equipping organizations better prepare for future flooding events and unforeseen situations.

Currently, the pilot version of the solution illustrates the following capabilities: 

1. Advanced Analytics: Processes enormous volumes of data coming from various data sources to provide accurate flood forecasts and risk assessments.

2. Real-Time Monitoring: Shows how important real-time data is when it comes to monitoring flood-prone areas and predicting potential flooding events.

3. Proactive Planning: Emphasizes the role of predictive analytics in proactive flood management, allowing organizations to plan and implement mitigation strategies well in advance.

4. Enhanced Community Preparedness: Provides insights into how communities can leverage SAS tools to improve their preparedness and response to flood emergencies.

SAS has proven that it can provide more than just theoretical answers by working with an extensive number of governmental and nongovernmental organizations globally to enhance their flood management systems.

For instance, SAS collaborated with the Jakarta government to deploy an award-winning flood control system integrated into the “JAKI” super app. 

Using real-time data and advanced predictive analytics, this innovative system can accurately predict flooding events. It combines sensor data and weather forecasts, enabling timely interventions that significantly reduce the adverse effects of floods. Not only has the system strengthened Jakarta’s flood response, but it has also garnered praise for its groundbreaking application of technology to city planning.

The Town of Cary in North Carolina, US, is another great example. SAS has provided the town with a tailored flood incident prediction and preparedness solution, utilizing the Microsoft Azure platform and integrating flood risk assessment, real-time monitoring, and predictive analytics capabilities. 

The system’s ability to bring together data from several sources, including weather forecasts, river levels, and historical data, allows for accurate flood forecasting and early warning services. Thanks to this proactive approach, the Town of Cary is now significantly better prepared to deal with potential flood threats, guaranteeing the community’s safety.

Regional flood management strategies can be drastically enhanced with the power of SAS advanced analytics and real-time data processing tools.  

In addition to mitigating flood damage, this new solution from SAS D[n]A Factory can help local communities feel less vulnerable to flooding events while properly equipped to quickly recover.