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Treasury and Payments

Saudi Arabia reimagines cash management for the future

Diversification of the Saudi Arabian economy has required a rethink of treasury solutions. As the Saudi Vision 2030 plan develops, J.P. Morgan has launched cash management solutions to help support the next stage of The Kingdom’s future.


The challenges of the COVID-19 pandemic have intensified the focus on treasurers’ cash and liquidity positions worldwide. Companies with manual processes and disparate account structures may face additional pressure and uncertainty, underscoring the importance of having a resilient, forward-thinking and location-specific treasury strategy.

This is especially apparent in Saudi Arabia, where they are taking a ‘top down’ approach, leading and encouraging the growth of the private sector in order to diversify the economy. Historically, the Kingdom has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government’s focus is on expanding the role of the private sector in the health care, education and tourism industries and attracting foreign investment. [1]

This is reflected in the Saudi Vision 2030 Plan, which aims to reduce dependence on fossil fuels, and generate long-term, sustainable economic growth to boost the Kingdom’s standing in the region and overseas.[2]

Cash Management Benefits & Solutions

Within Saudi Arabia, treasurers are looking for comprehensive cash management solutions that include the integration of back office systems, a regional network with global connectivity, innovative product solutions and increased technological capability.

The availability of this domestic Physical Cash Concentration automated transfer product allows users to automatically consolidate cash from multiple accounts into a single account within J.P. Morgan’s Riyadh branch, providing increased visibility and control of liquidity. Benefits of this solution include helping to improve working capital to reduce idle balances, increase efficiency with internal cash, improve deficit balances and the elimination of overdraft fees.

This product launch in Saudi forms part of our global cash concentration offering, allowing clients to choose tailored sweep parameters to suit their needs, and set a pre-determined intra-day or end of day sweep time.

Martijn Stoker, Head of EMEA Liquidity & Account Solutions, J.P. Morgan Payments

Martijn Stoker (Head of EMEA Liquidity & Account Solutions), J.P. Morgan Payments: “Our continued investment in Saudi Arabia, including automating the future of treasury in the Kingdom, will truly support the vision and diversification of this thriving economy. Our payments solutions bring together the global network and local onshore expertise needed to support commerce in the region with comprehensive electronic banking services. This product launch in Saudi forms part of our global cash concentration offering, allowing clients to choose tailored sweep parameters to suit their needs, and set a pre-determined intra-day or end of day sweep time. Our solution helps clients improve visibility, control and optimisation of their cash positions.”

Bader Alamoudi, Saudi Senior Country Officer, added, “Expanding our product capabilities to include Physical Cash Concentration sweeps enhances our existing product offering of lending, trade finance, cash management, treasury liquidity and FX. In addition, our local onshore presence in the location with global expertise allows us to apply tailored solutions to clients based on their objectives and shifting market dynamics.”

J.P. Morgan Payment’s global capabilities, industry expertise and transformative technology are helping clients at every stage of their cash management journey, with our continued focus on global expansion and continued investment.

To find out more, contact your local TS product or liquidity product team.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.

JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.

© 2022 JPMorgan Chase & Co. All Rights Reserved.

 

1.Saudi Vision 2030 Plan: https://www.vision2030.gov.sa/
2.Saudi Vision 2030 Plan – Sustainability: https://www.vision2030.gov.sa/v2030/a-sustainable-saudi-vision/
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