Home News On E-commerce Acquisition Projects, SABB and Visa’s Cybersource Work Together

On E-commerce Acquisition Projects, SABB and Visa’s Cybersource Work Together

On E-commerce Acquisition Projects, SABB and Visa’s Cybersource Work Together

Saudi British Bank has announced a strategic partnership with Visa’s Cybersource payment gateway and risk platform, with the aim of fostering the bank’s growth in an evolving and dynamic e-commerce space.

This partnership will enhance the overall capabilities of SABB’s payment gateway, and most importantly, enhance network uptime, which will also supplement the bank’s payment gateway proposition. SABB will leverage Visa’s payment technology to offer its existing merchant network and explore new opportunities through a simplified onboarding journey and advanced platform functionalities, enabling merchants to provide customers with a frictionless, robust and secure payment experience.

“Through our partnership with Visa, we look forward to implanting the additional benefits offered by the Cybersource payment gateway, which will in turn reinforce our e-commerce strength. This initiative is evidence of our commitment and ambition to support the payment ecosystem in Saudi Arabia. I believe this will enable the e-commerce businesses to grow and expand further,” said Yasser Al-Barrak, chief corporate and institutional banking officer at SABB.

With the Visa Cybersource payment gateway and risk platform, SABB will be able to support businesses in meeting increasing demand from consumers for seamless and secure digital payment options online. According to a 2021 Visa survey, more than 60 percent of consumers surveyed in Saudi Arabia said they prefer to shop and pay online, rather than in-store.

“Embracing digital payments and a potentially cashless society are where the future lies. Visa is investing in our global assets, infrastructure, and digital capabilities to support businesses in their digital transformation and we are committed to supporting the Saudi government’s digital commerce ambitions,” said Ali Bailoun, Visa’s regional general manager for GCC cluster – Saudi Arabia, Bahrain, and Oman.

“We are very proud to partner with SABB, one of the leading e-commerce acquiring banks, to ensure that businesses in Saudi enjoy a range of domestic and international benefits that will enable them to deliver the seamless, secure e-commerce experience consumers are seeking,” he added.

Cybersource is a Visa company that offers a complete portfolio of online and in-person services that simplify and automate payments.

Through global reach, local expertise, modern capabilities, and commerce insights, the company offers flexible, secure, and creative commerce solutions for everyday life.

Aston Martin will apply its design mastery to the world of Japanese real estate, as part of a new partnership that sees the first luxury home in Asia to be designed by the luxury British sports car manufacturer.

The collaboration between Aston Martin and Japanese concierge leader Vibroa commences with the design and construction of No. 001 Minami Aoyama, a stunning private home in the Omotesando area of Minami Aoyama, renowned as one of Tokyo’s foremost architectural and style centers.

Impressions of the home, which features an automotive gallery, home cinema, gym, and private spa, have been unveiled, with Aston Martin’s design principles reflected throughout the property. Working with a local architect, the exterior design of the home is led by Aston Martin’s acclaimed designers, who are also responsible for the interior styling of the property and carefully selected furniture.

The four-story home, complete with a roof terrace and stunning views of Tokyo, is already sold to a private buyer and is scheduled for completion in November 2023. It is Aston Martin’s first real estate design collaboration in Asia and follows successful projects in the US, including the Sylvan Rock private residential estate and exclusive Aston Martin Residences in Miami, which are now 97 percent sold out ahead of the luxury waterfront tower’s scheduled opening in summer 2023.

Marek Reichman, executive vice president, and chief creative officer of Aston Martin, said: “The influence of Tokyo culture, with its amazing history and style, holds an important creative space within our design studio. I see fashion, architectural, and even culinary references being considered by our team when developing their work, so their presence can really be felt within our practice.

“We thought we would return the favor through our first ultra-luxury collaboration in Asia with Vibroa by tailoring our Aston Martin real estate design principles specifically to the No. 001 Minami property.

“Outside, we’ve created a striking architectural form with clean lines and seamless boundaries so the residents can connect with and experience this unique location. Inside, we’ve catered to the senses, using a holistic combination of elements and materials to create a calm and relaxing space for them to retreat.”

Toshiyuki Yoshida, chief executive of Vibroa, said: “Vibroa is committed to providing our clients with a priceless experience and added value in the world of luxury real estate through access to the world’s finest products and services. We are therefore delighted to be working with such an iconic ultra-luxury brand as Aston Martin, whose renowned design philosophy and expertise bring a unique dimension not just to this home, but the wider world of real estate in Japan.”

The Mi Fan gathering took place on Nov. 26, bringing together football lovers and communities for a fun-filled day of football fandom built around the entertainment and thrills of the FIFA World Cup.

At the event, guests were treated to a live screening of the Saudi Arabian national team’s vital Group C tie with Poland. They were given a colorful array of football paraphernalia – including Saudi and Xiaomi flags – to cheer the Saudi national side to victory. Guests were treated to a delicious spread of food, with a wide range of beverages and snacks available for them to choose from. After the match, a lucky draw was held, giving participants the chance to win Xiaomi-Eco prizes, including a 55-inch Mi TV, the state-of-the-art Mi Robot Vacuum Mop 2 lite, and an air fryer.

All fans were handed gift bags filled with prizes such as the Xiaomi Band 7 Pro, the Redmi Buds 3, and a Xiaomi T-shirt.

“The fan meetup underlines Xiaomi’s commitment to creating memorable experiences for the Kingdom’s tech-savvy community of consumers. It is in keeping with the smartphone company’s mission to make quality technology accessible to everyone across the Kingdom,” the company said in a statement.

“The event emphasizes Xiaomi’s dedication to catering to its customer’s needs, with the brand sharing Saudi citizens’ and residents’ passion for football. Ultimately, the meetup aims to reward Xiaomi fans for their loyalty and support for the brand.”

In the run-up to the special fan event, a pre-meetup lucky draw was also held online on social media, with a group of winners being chosen to get their hands on a Redmi Note 11s – one of Xiaomi’s most acclaimed and cutting-edge smartphones.

ITC Infotech, leading global technology services, and solutions provider announced that it has successfully completed 10 years of strategic association with Saudi National Bank, the largest commercial bank in Saudi Arabia. ITC Infotech in these years has played a pivotal role in the bank’s modernization, digital transformation, and growth journey.

Commenting on the relationship, Saleh Saleh, group chief technology and digital officer at SNB, said: “Our collaboration with ITC Infotech has been transparent from the start resulting in a fruitful and successful relationship. ITC Infotech’s deep domain experience has helped leverage growth and profitability in the rapidly transforming competitive landscape. It further enriched and expanded SNB’s digital capabilities which resulted in the successful delivery of a large array of technology projects. We, at SNB, strive to fulfill one of our strategic visions to be the best digital bank and we continue to be a premier financial and banking service provider in the region.”

Vishal Kumar, president, and regional head, of Middle East, Africa, and APAC, ITC Infotech, said: “We are very pleased to have collaborated with SNB and have played a pivotal role in their digital transformation. This relationship is testimony to our proven capabilities and experience in anchoring the bank’s growth journey and fulfilling its vision. Our association with SNB will set a benchmark in the region and with our capabilities, we will be able to contribute to the digital development of the financial and banking operations in the Middle East.”

Over the last decade, ITC Infotech has harnessed its deep-domain expertise and capabilities to deliver best-in-class technology consulting solutions that help clients overcome challenges and accelerate growth in the Kingdom. The company will continue to stay committed to empowering clients to meet Saudi Arabia’s Vision 2030 goals.

Americana Restaurants International Plc, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa, and Kazakhstan, has announced investor allocations and the revised timetable for its initial public offering – the historic, first-of-its-kind concurrent dual listing on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange.

As announced on Nov. 24, the final price for the shares to be sold in the offering has been set at 2.62 dirhams ($0.70) per share in the UAE and SR2.68 ($0.71) per share in Saudi Arabia.

The concurrent book-building process generated orders of approximately $105 billion in aggregate from qualified institutional investors as well as individuals and other investors in a number of countries, including the UAE and Saudi Arabia. The UAE retail offer and the KSA retail offer were oversubscribed by approximately 48.2 times and 2.8 times, respectively, and the institutional offer was oversubscribed 65.5 times, resulting in an aggregate oversubscription level of 58 times. A total of 283,245 retail subscribers are participating in the offering in Saudi Arabia.

Following the conclusion of the concurrent book-building process, 80 percent of the offering (2,021,671,944 ordinary shares) has been allocated to the institutional offer; 10 percent to the UAE retail offer (252,708,993 ordinary shares), and 10 percent to the KSA retail offer (252,708,993 ordinary shares). Americana Restaurants allocated a minimum of 1,000 offer shares to each subscriber in the UAE retail offer and a minimum of 892 offer shares to each subscriber in the KSA retail offer.

The IPO will be concluded through a dual listing process on ADX and the Saudi Exchange, with the admission of the offer shares to listing and trading now expected to be on Dec. 12, subject to receiving all required regulatory approvals.

Mohamed Ali Rashed Alabbar, chairman of Americana Restaurants, said: “This is a proud day for all at Americana Restaurants, a testament to the immense value that has been created by the business since inception and, more recently, through its transformation journey. For the offering to be priced at the top of the range is a clear demonstration of the opportunity that we present to investors, and that was further proven by aggregate oversubscription of approximately 58 times.

“We are looking forward to the next step of our growth journey and working toward future value creation. We are equally proud to have taken the final step toward a historic first-ever concurrent dual listing on ADX and the Saudi Exchange – further enhancing the depth and maturity of the UAE and Saudi capital markets. We look forward to welcoming our new shareholders in December.”