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# Embedded finance enabler partners with Saudi Bank
- URL: https://www.embeddedfinancereview.com/embedded-finance-enabler-partners-with-saudi-bank/
- Published: 2024-11-11T21:10:00.000Z
- Updated: 2025-11-16T13:20:11.000Z
- Description: Audax partners with Riyad Bank's Jeel for Standard Chartered BaaS in Saudi Arabia. How Vision 2030 transforms Middle East fintech infrastructure.
- Author: Lars Markull
- Tags: News, Audax, Jeel (Riyad Bank), Enabler, Saudi-Arabia, Embedded Banking

**What happened:** Audax partners with Jeel, the digital innovation arm of Riyad Bank, to enable local banks to launch digital banks, BaaS, super apps, and open banking solutions ([Finextra](https://www.finextra.com/pressarticle/103043/audax-financial-technology-and-jeel-forge-baas-partnership?%5Fbhlid=91b3832d1ef347e065d8bda74c00288126555004&ref=embeddedfinancereview.com)). Audax is headquartered in Singapore and is a subsidiary of Standard Chartered. Saudi Arabia’s financial service sector is going through a massive transformation as part of the Vision 2030 activities.

**My comment:** Audax’s journey started under the brand Standard Chartered Nexus where it enabled its owner, Standard Chartered, to become the first bank in Asia to offer banking-as-a-service products, including the partnership with Indonesian commerce platform Bukalapak ([Bukalapak](https://blog.bukalapak.com/berita/standard-chartered-partners-bukalapak-to-boost-financial-inclusion-in-indonesia-113845?%5Fbhlid=cfe9bf02ce2133a6ee8bfc38eb443a1bebfdb058&ref=embeddedfinancereview.com)). After this success, Standard Chartered decided to rebrand the unit into Audax and offer the services to other banks. It seems logical for Riyad Bank to partner with a provider like Audax, as it enables them to gain massive insights and the necessary tech to offer such solutions.

Unlike half of my LinkedIn connections, I haven’t been to Saudi Arabia’s event “24 Fintech” this year and have only limited knowledge about the market. I would assume that banking-as-a-service, embedded finance, and perhaps also open banking have big potential in the market. However, I would also expect that use-cases could be quite different from Western markets, and especially wealth-related solutions might be much more relevant.