Press Releases | 15/01/2023

Alrajhi Bank adds Ministry of Industry and Mineral Resources to Digital Business-Business (B2B) Bank Guarantee Service

Press Releases | 15/01/2023

Alrajhi Bank adds Ministry of Industry and Mineral Resources to Digital Business-Business (B2B) Bank Guarantee Service

alrajhi bank signed yet another partnership agreement with the Ministry of Industry and Mineral Resources along with Bwatech (Fintech) to offer automated B2B service for Letters of Guarantee (LG) beneficiaries in line with Vision 2030. This is the second entity after Saudi Electric Company to benefit from this service.

His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar Al-Khorayef, sponsored the signing, which took place during the Future of Mining Conference in Riyadh recently. The agreement was signed by Mr. Hossam Al-Basrawi, General Manager of Alrajhi bank’s Corporate Banking Group and Mr. AbdulIlah Al-Hadab, Assistant Undersecretary of the Ministry of Industry and Mineral Resources in the presence of His Excellency the Deputy Minister Industry and Mineral Resources for Mining Affairs Engineer Khaled Al-Mudayfer.

alrajhi bank is considered a pioneer in providing digital services having launched first-of-its-kind end-end digital Letters of Guarantee service with Tabadul/Wthaq as well as Cross-border Digital Letters of Credit Service back in 2022.

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