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New digital banking brand launched in Saudi Arabia, NEO | Fintech InShorts: Latest fintech news, analysis by experts

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New digital banking brand launched in Saudi Arabia, NEO

September 5, 2024

Launch of NEO: Saudi National Bank (SNB) is launching NEO, a new mobile banking brand in Saudi Arabia, described as a “lifestyle digital banking and financial ecosystem”.
Features of NEO: The NEO banking app includes a multi-currency debit card supporting up to 20 different currencies with fixed currency rates, a rewards programme with cashback and discounts, gift cards, and additional services like cinema, restaurant, and hotel bookings.
Leadership: Mohammed AL-Faifi is the head of products and innovation at NEO. He was previously head of cards portfolio management at Alinma Bank in Saudi Arabia.
Technology: The digital front-end of NEO is supported by Backbase, a tech partner of SNB. Backbase provides a white-label digital platform that helps banks modernize their systems and improve customer journeys.
Backbase Overview: Founded in 2003 in Amsterdam, Backbase has over 120 customers globally and generates more than €200 million in revenue. It received €120 million in growth equity funding from Motive Partners in 2022.
Background of SNB: SNB, also known as SNB AlAhli, was previously known as the National Commercial Bank. It is the largest commercial bank in Saudi Arabia, formed after merging with Samba Financial Group in 2021.

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