Arab Bank has long been at the forefront of innovation in lending to small and medium-sized enterprises. Its regional reach gives it the kind of presence few can match. At the time of writing, the Jordanian bank oversees a network of 600-plus branches on five continents and boasts offices in Jordan, Lebanon, the UAE, Qatar, Saudi Arabia and Egypt.
Key to its long-term plans in serving smaller enterprises is a new banking application launched in 2022. Arabi Next, described by Arab Bank as ushering in a new era of SME banking, allows small and mid-sized firms to conduct digital transactions within the lender’s network, as well as with financial institutions around the world, using its CliQ instant payments technology.
Another service, Arabi Connect, delivers a host of tools and services to mid-sized corporates, including account management, trade finance and cash management. The new platform gives business owners full visibility of all events across the corporate network, helping them to manage liquidity and prepare for any unexpected kinks in the system.
Arab Bank’s reach and willingness to adapt to the needs of clients in individual markets were the main reasons it won this award. Last year in Egypt, it introduced a new lending facility, Arabi Mongez, which supports the needs of faster growing small firms by disbursing loans with a maximum value of $160,000. The bank also opened 11 new SME-specialist branches in its home market of Jordan, taking the total to 19.
Technology is at the heart of everything Arab Bank does. The bank’s focus on offering clients best-in-class digital services has continued under the leadership of Randa Sadik, who replaced longstanding chief executive Nemeh Sabbagh in February 2022. Salik joined Arab Bank as deputy chief executive in 2010.
Also central to Arab Bank’s longstanding success is its continued willingness to innovate and to anticipate clients’ needs. One of the region’s leading financial innovators, it uses data analytics to understand the needs of SME clients and to deliver a broader range of personalized and targeted services.
Arab Bank continues to look far and wide in search of partners that share its inclusive approach to financial services
Arabi Mobicash allows clients to accept payments via QR code and to settle trades instantly. Its AB Merchants Portal enables firms to view daily transactions and engage in real time with the bank’s army of dedicated relationship managers.
Another new service is Arabi Shopix, which allows firms to build customized e-commerce sites that link to the lender’s payments gateway. This uses an advanced artificial intelligence fraud prevention system to identify harmful sites and offers multi-currency support and value-added services, including instant merchant pay-out and dynamic currency conversion for international card holders. In 2022, it launched AB Accelerator, which works to identify early-stage tech startups that stand a good chance over time of becoming part of the bank’s core set of SME clients.
Arab Bank continues to look far and wide in search of partners that share its inclusive approach to financial services. A €300 million facility with the European Investment Bank helps it to finance eligible SMEs in Jordan, Lebanon and Morocco, helping to create jobs and alleviate the region’s refugee crisis.
