Jeel and Mambu Partner to Accelerate Saudi Arabia’s Fintech Innovation and Enable Banking as a Service (BaaS)

Jeel, the innovation and technology subsidiary of Riyad Bank, has partnered with Mambu, the global cloud-native core banking platform, to strengthen the unified fintech ecosystem powered by the newly launched Jeel Sandbox, Saudi Arabia’s pioneering fintech accelerator developed in collaboration with Fintech Saudi.

The Jeel Sandbox serves as a cornerstone of Saudi Arabia’s fintech transformation under Vision 2030, empowering startups, financial institutions, and innovators to test, validate, and deploy digital financial solutions efficiently within a secure, scalable, and regulatory-compliant environment. The initiative bridges the gap between ideation and real-world deployment, reducing time to market and accelerating innovation across the Kingdom’s evolving financial landscape.

Built on Mambu’s composable banking architecture and hosted on Google Cloud Platform (GCP) in alignment with SAMA’s cloud regulations, the Jeel Sandbox combines agility with enterprise-grade security. It offers a progressive pathway from mock APIs and Wallet-as-a-Service (WaaS) capabilities to a full Banking-as-a-Service (BaaS) platform – laying the foundation for a unified ecosystem where fintechs can build, test, and scale seamlessly.

“Our collaboration with Mambu strengthens Jeel’s role in driving innovation and enabling fintech leadership in Saudi Arabia,” said George Harrak, Chief Executive Officer of Jeel. “Through the Jeel Sandbox, we are laying the foundation for scalable Banking as a Service – giving fintechs, innovators and institutions the confidence to innovate, comply, and grow within a secure, future-ready environment fully aligned with Vision 2030.”

Harjit Kang, Regional Lead, Middle East at Mambu, commented: “This is a pivotal moment for Mambu as we continue to increase our presence in the Kingdom of Saudi Arabia. Supporting Vision 2030 through our technology developments and partnerships with leaders in the area demonstrates how committed Mambu is to furthering the goals of the region. We look forward to working with Jeel to support financial institutions in the initial stages of growth.”

This partnership marks a significant milestone in Saudi Arabia’s fintech evolution, setting the stage for the onboarding of fintechs into Jeel’s sandbox, with the first pilot cohort expected later this year. As the platform matures, it will enable advanced testing, regulatory readiness, and commercial deployment through Jeel’s Banking-as-a-Service offering, further positioning Saudi Arabia as the regional fintech launchpad.

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