ZAWYA-PRESSR: Riyad Bank collaborates with Mastercard to introduce its first corporate card portfolio in the Kingdom
RIBL 1010.SA | 0.00 |
Riyadh, Saudi Arabia: Riyad Bank and Mastercard announced today the launch of an innovative Travel and Expense (T&E) Corporate Card program, marking Riyad Bank’s first corporate card offering in the Kingdom. The launch marks the latest collaboration between the two entities, building on their ongoing efforts to redefine business travel within the Kingdom, the Middle East and Africa region and beyond.
Introducing two new corporate card variants to the Kingdom, the program is uniquely tailored to the needs of a rapidly growing business community. The program offers access to a family of personalized corporate cards. These powerful payments solutions are custom made to enable enterprises’ middle management and senior leadership to accomplish their business goals.
Offering the choice of “versatile” corporate cards designed to fulfil the vital, everyday requirements of the Kingdom’s most enterprising cardholders, and “executive” cards ideally suited to senior management, the program addresses the payments needs of merchants and corporates in an evolving digital economy.
The program presents a range of differentiated benefits, empowering users with enhanced data capture, streamlined reconciliation, and localized travel rewards. These benefits are complemented by Mastercard’s proprietary web-based expense management system, which offers access to a suite of tools that support entities to better monitor costs and spending. This provides added value to the growing network of enterprises investing in the country, giving businesses a complete, end-to-end payments and expense solution.
“The Kingdom is firmly established as a cosmopolitan hub of regional and global players distinguished by their broad entrepreneurial outlook. We are very pleased to have teamed up with Riyad Bank to serve the travel and expense needs of enterprises operating in the Kingdom and beyond. Our new corporate card program will empower these businesses to realize their potential and contribute to the development of a world-class digital economy in the process,” said Saud Swar, Country Manager – Saudi Arabia, Bahrain, Jordan and other Levant, Mastercard.
“Serving as a trusted financial solutions partner to a global community of investors and entrepreneurs demands an unwavering focus on innovation. Our collaboration with Mastercard is built on this shared focus. Our new corporate card program was created with this in mind, equipping enterprises with two tailored offerings that improve the efficiency of their travel and expense operations,” said Mohammed Abo Al-Naja Chief Corporate Banking Officer, Riyad Bank.
Figures shared by the Saudi Central Bank (SAMA) indicate the Kingdom is well on its way towards accomplishing its goal of a 70% cashless transaction rate by 2030, having reached 85% of total retail payments in 2025, up from 79% in 2024. Today, more than 700 multinational companies have established regional headquarters in Saudi Arabia, surpassing the Kingdom’s original Vision 2030 target ahead of schedule, with spending by Saudi travelers abroad increasing by 7% to reach SAR 110.4 billion in 2025, compared to approximately SAR 103.4 billion in 2024.
As digital transformation contributes to the development of an inclusive digital economy and the Kingdom sets itself apart as a thriving travel hub, the introduction of Riyad Bank’s corporate card program will redefine how companies manage their travel and expense operations.
About Mastercard www.mastercard.com
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
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