BNY Mellon and SNB Capital have announced their collaboration in the Kingdom of Saudi Arabia (KSA) on a data management solution they describe as transformative for the creation of a robust and inclusive capital markets ecosystem.
Building on their existing strategic alliance for the provision of securities services in the Kingdom, SNB Capital will deploy BNY Mellon’s data platform within its IT infrastructure to enable client organisations to centralise and manage complex investment assets via a centralised data repository. The solution is designed in accordance with the Kingdom’s data-localisation requirements.
“Our collaboration combines the strengths of leading institutions to support the demands of Saudi Arabia’s growing financial sector and vision of a sustainable diversified economic ecosystem,” said Akash Shah, chief growth officer of BNY Mellon.
Rashed Sharif, CEO of SNB Capital, added, “Our leading role in growing and developing the Kingdom’s capital markets and the financial sector in line with Vision 2030 is highly dependent on having the right technology, capabilities and partners. This deployment reinforces our top market position when it comes to serving the complex data management and reporting needs of institutions and large asset owners in the Kingdom.”
Saudi Vision 2030 aspires to create a diversified financial services sector to support the development of the national economy.