anb Acquires a Share in Cashee Digital Banking and Financial Education Platform

anb announced that it has reached an agreement with Cashee, a start-up providing banking services in the United Arab Emirates to acquire a share in the Company, specialied in the development of free banking applications to enhance financial inclusion, promote savings culture and ways to manage money for teens.

This strategic agreement will pave the way for Cashee to roll out its innovative banking and knowledge solutions, applications and products in the Saudi market, to be available to the younger generations and teens. This will support anb’s efforts to invigorate its banking awareness activities targeting this group of the society, and expand the scope of financial knowledge and inclusion, leaning on Cashee’s financial and educational platforms specifically designed to cater to the youth.

Mr. Aiedh AlZahrani, anb’s Chief Operating Officer and Head of Retail Banking Group, commented saying: “The strategic partnership agreement with Cashee is an additional step on the bank’s digital transformation journey that aims to empower bank initiatives in the field of financial technology and digital banking, and to expand the scope of financial inclusion. It is also synchronous with the launch of anb’s new identity, which is based on 3 main themes: speed, simplicity and resilience”.

AlZahrani added that “The partnership between anb and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture amongst Saudi youth, in a way that will encourage savings, financial literacy and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.

For his part, Brad Whitfield, Co-Founder and CFO of Cashee, considered signing up anb, which brings along a prominent brand, wide presence, high capabilities and the fact that it is one of the most prestigious banking institutions in the region, as a partner of Cashee, constitutes an important addition to the Company, and is indeed a strong catalyst for its expansion plans into the Kingdom of Saudi Arabia which is the largest and most important economic market in the Middle East and North Africa, stressing his pride in this step. The partnership will foster mutual and constructive cooperation between both sides to serve the Saudi youth, and allow them easy and convenient reach to the products and solutions offered by Cashee, which will help them in developing their financial and cognitive skills.

It is worth mentioning that Cashee, headquartered in Dubai, was established in 2020 to support financial knowledge and inclusion for youth in MENA region, through providing smart applications for banking services, digital knowledge platforms for education technology, financial culture, foundations of financial management and saving for the younger generations, supported by the highest levels of security and protection, while providing parental control over children’s transactions on available smart applications.

Cashee applications are attracting ever increasing reputation and interest from investors and financial institutions in the region, thanks to the Company’s applications combining interactive financial solutions and financial awareness. This being said, Cashee joined in March of 2022 Visa International’s FinTech Accelerator Program, which aims to enhance digital payment solutions for the younger generations.