Saudi consumers can now access financial services on their mobile phones... Virgin Mobile's tie up with SAIB represents a first such initiative in the Kingdom. (Image used for illustration purposes.) Image Credit: Reuters

Dubai: Virgin Mobile's Saudi operations has signed up as a 'strategic agent' with The Saudi Investment Bank (SAIB), which will enable mobile-based delivery of financial services. It thus becomes the first entity in the kingdom to be awarded a banking agent's license.

The delivery of these services has been endorsed by Saudi Arabian Monetary Agency (SAMA) under its related rules.

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Under the agreement, the two entities will "build, develop and commercially execute a unique value proposition and strategically positioned solutions for the end-user," Virgin Mobile Saudi said in a statement. This follows the launch of mobile-compatible life insurance plans launched in November 2019 by the FRiENDi brand in Oman.

Erik Dudman Nielsen, Group CEO, Virgin Mobile Middle East & Africa, said: “The post-pandemic world has sharpened the customer’s digital expectations and we look forward to continuously expanding and innovating through enhanced digital capabilities that will not only meet our customer’s expectations, but also elevate Virgin Mobile’s position as a true global leader in digitalization.”