anb announced today that it has reached an agreement to invest in Cashee, a technology company based in the United Arab Emirates. Cashee specializes in the development of youth banking and financial education platforms and applications with the aim of increasing financial inclusion, promoting a culture of savings and improving the way young people manage their silver.
This strategic agreement will pave the way for Cashee to deploy its innovative banking and knowledge solutions, applications and products in the Saudi market, available to younger generations and teenagers. This will support anb’s efforts to reinvigorate its banking outreach activities targeting this group of society and expand the reach of financial literacy and inclusion, building on Cashee’s financial and educational platforms specifically designed to meet the needs of young people.
Mr. Aiedh AlZahrani, Chief Operating Officer of anb and Head of Retail Banking Group, said, “The strategic partnership agreement with Cashee is another step on the bank’s digital transformation journey which aims to strengthen banking initiatives in the area of fintech and digital. banking and expand the reach of financial inclusion. It is also synchronous with the launch of anb’s new identity, which revolves around 3 main axes: speed, simplicity and resilience”.
AlZahrani added that “The partnership between anb and Cashee aims to develop the first banking app of its kind in Saudi Arabia that promotes financial literacy among young Saudis, in a way that will encourage savings, financial literacy and other worthy objectives, as the bank’s contribution to the achievement of one of the main objectives of Vision 2030.
For his part, Brad Whittfield, co-founder of Cashee, considered signing anb, which brings a leading brand, broad presence, high capabilities and the fact that it is one of the most prestigious banking institutions. of the region, as a partner of Cashee, constitutes an important addition to the Company, and is indeed a powerful catalyst for its expansion plans in the Kingdom of Saudi Arabia which is the largest and most economic market important in the Middle East and North Africa, underlining his pride in this stage. The partnership will foster mutual and constructive cooperation between the two parties to serve Saudi youth and provide them with easy and convenient access to products and solutions offered by Cashee, which will help them develop their financial and cognitive skills.
It is worth mentioning that Cashee, headquartered in Dubai, was established in 2020 to support financial literacy and youth inclusion in the MENA region, by providing smart apps for banking services, digital knowledge platforms for technology education, financial literacy, the fundamentals of financial management and savings for younger generations, backed by the highest levels of security and protection, while providing parental control over children’s transactions on smart apps available.
Cashee apps are attracting ever-increasing awareness and interest from investors and financial institutions in the region, thanks to the Company’s apps that combine interactive financial solutions with financial awareness. That being said, Cashee joined Visa International’s FinTech Accelerator program in March 2022, which aims to improve digital payment solutions for younger generations.