Manama: Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in Bahrain, has signed a memorandum of understanding (MoU) with Ryalize to provide a platform that enables employees of the bank’s corporate clients to obtain part of their monthly wages in advance.
This is in line with the bank’s approach to provide innovative digital services to clients as per new strategy objectives, it said in a statement.
Employees of institutions that join this platform will be able to request part of their wages in advance to fulfil their financial obligations. This would contribute to the enhancement of their institutional loyalty and job stability, as well as have a positive impact on their productivity.
KHCB chief executive Sattam Sulaiman Algosaibi said: “We are delighted to announce this strategic partnership with Ryalize, as it reflects our tireless efforts to select available fintech products and services that meet the aspirations of our valued clients in the corporate sector, in order to enhance their banking experience and contribute to achieving their institutional objectives.
“This platform will have its impact on increasing efficiency and improving performance for institutions and employees alike, and we will continue our commitment to offer the latest banking innovations and smart financial solutions to provide the finest services to our retail and corporate clients.”
Ryalize CEO Khaled Alshakrani said: “This platform is the first of its kind in the kingdom, and we are pleased to currently introduce it exclusively in partnership with KHCB.
“Our innovative platform is easy to use by corporate clients and their employees, without entailing institutions joining the platform with any financial risks or impacts on their cash flows. It is also easy to integrate into the wage structure and salary system.
“We are certain that this platform will positively contribute to strengthening the relation between employees and institutions due to the advantage it offers; an advantage that has become one of the fundamental necessities of many employees, considering the multiplicity and diversity of financial obligations and their varying due dates. This has encouraged us to develop such a platform that will replace many employees’ need for temporary finances to pay their necessary obligations,” Mr Alshakrani added.
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