BNY Mellon and SNB Capital announced a transformative data management solutions collaboration in the Kingdom of Saudi Arabia to help build a robust, market-leading and inclusive capital markets ecosystem.
Building on the earlier strategic alliance to deliver securities services capabilities, SNB Capital will deploy BNY Mellon’s data platform within its IT infrastructure in the Kingdom. The BNY Mellon data platform enables organisations to transform their data landscapes by centralising and effectively managing complex investment assets. Capabilities include providing user-centric solutions that deliver accurate and timely data, gauge risk exposure and provide system-wide security via a centralised data repository.
The solution is one of the first of its kind to provide services within SNB Capital’s IT infrastructure designed by the Kingdom’s data-localisation requirements, adding a unique value proposition. This latest collaboration is a significant development for Saudi Arabia’s financial sector. It is set to deliver institutional clients of SNB Capital a single, unified solution for local and global assets.
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Akash Shah, Chief Growth Officer of BNY Mellon, said, “As capital markets shift towards a digital future, we are delighted to further our alliance with SNB Capital by providing a future-ready data analytics solution to help build the leading global capital markets infrastructure in the Kingdom and drive growth. 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. At BNY Mellon, our mission is to empower our clients, institutions and leaders to succeed across the financial world, and we are proud to build on our legacy of trust and innovation in the region.”
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 in serving the complex data management and reporting needs of institutions and large asset owners in the Kingdom. The strength of our partnership with BNY Mellon will be a driver for continued growth in our Custody and Asset Servicing business.”
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BNY Mellon’s data management platform, which aims to accelerate the optimisation of typically manual investment workflows, will offer SNB Capital’s clients in the Kingdom significant opportunities to improve their performance through enhanced data flows. This open-architecture software will connect all market participants and enable collaboration with leading technology providing clients with the tools for using data in the front, middle and back offices.
The collaboration builds on BNY Mellon’s activity in the region, including the previous announcement of a strategic alliance with SNB Capital, the Kingdom of Saudi Arabia’s largest custodian. This marked a key milestone in the Kingdom’s capital markets infrastructure and Saudi Vision 2030, which includes creating a diversified financial services sector to support the development of the national economy.
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