Saudi Arabia's Alinma Bank announced a partnership with IBM on 20 February 2025 to create an advanced API platform that enhances the bank's IT infrastructure and opens new revenue streams. The collaboration implements IBM's advanced hybrid cloud and AI integration technologies, aligning with Saudi Arabia's Vision 2030 digital transformation initiative. Alinma's centralised API repository already serves as a critical component of the bank's IT architecture, supporting a wide range of retail and B2B banking channels.
The new platform utilises IBM Cloud Pak for Integration, IBM API Connect, Red Hat OpenShift on IBM Cloud, and IBM DataPower to deliver a secure, scalable infrastructure for fintech firms and SMEs. As a centralised API marketplace, it allows fintech companies to access essential banking data while offering paid API services, expanding Alinma's revenue opportunities. According to Yasser AlOufi, Chief Information Officer at Alinma Bank: Our new API platform provides corporate customers and fintech partners with competitive, secure, and accessible digital services that support their growth and resilience, while Fahad Alanazi, General Manager of IBM Saudi Arabia, added: Our collaboration on the API Monetisation platform unlocks greater potential for Saudi fintechs and SMEs.
The partnership, which aligns with Alinma's 2025 transformation strategy, streamlines the integration of key banking functions, including onboarding, pricing, and payments, with IBM API Connect serving as the core solution to ensure reliable and consistent services. Incorporating IBM's Cloud Pak for Integration, Alinma ensures secure and compliant data access across all banking channels. At the same time, Red Hat OpenShift provides a centralised and scalable repository for critical financial data, reinforcing the bank's position in Saudi Arabia's digital economy.
Sources:
1.
Fintechnews Middle East
2.
Gloria Methri
3.
Refna Tharayil
