Jeel - Comprehensive Analysis Report

Summary

Jeel is a prominent digital innovation and product development services provider, operating as a wholly-owned subsidiary of Riyad Bank, one of Saudi Arabia's largest financial institutions. Launched as a direct outcome of Riyad Bank's 2019 digital transformation strategy, Jeel is dedicated to revolutionizing the banking sector by delivering advanced digital solutions, high-efficiency financial and technology services, and cloud transformation across Saudi Arabia and the GCC region. Its core mission is to reshape the financial ecosystem with cutting-edge, compliant, and customer-centric solutions, enabling businesses to thrive in a dynamic market. Jeel's overarching significance lies in its role as a key digital innovation enabler, driving impact in the financial technology sector by empowering financial institutions, fintechs, and technology aspirers, while also fostering thought leadership, emerging technology adoption, and robust research and development, all in alignment with Saudi Vision 2030.

1. Strategic Focus & Objectives

Core Objectives

Jeel's strategic focus is centered on empowering digital transformation through technology solutions specifically tailored to market needs within Saudi Arabia and the broader GCC. Its primary objectives include:

Providing Scalable, End-to-End Digital Platforms: Developing and deploying comprehensive digital solutions that seamlessly connect financial and non-financial sectors.

Driving Sustainable Growth: Fostering long-term growth for its clients and the broader digital economy through innovative technological advancements.

Enabling Exceptional Digital Transformation: Guiding businesses through modernization of IT infrastructure, optimization of software applications, and deployment of cloud-based solutions to improve performance, enhance security, and scale efficiently while reducing operational costs.

Specialization Areas

Jeel possesses specialized expertise across several critical areas:

Digital Banking Solutions: Developing next-generation banking platforms and services.

Digital Transformation and Managed Services: Offering end-to-end transformation support, including IT modernization and cloud adoption.

Market Entry Support: Providing tailored assistance to ensure full compliance with local financial policies and regulatory frameworks.

Innovation Services: Leveraging artificial intelligence (AI), machine learning, UX design, and other emerging technologies to fuel business growth and operational efficiency.

Technology Incubation and Acceleration: Acting as a hub for pioneering digital innovations in financial services such as Banking-as-a-Service (BaaS), open banking, and digital payments.

Target Markets

Jeel primarily targets:

Financial Institutions: Banks and other traditional financial service providers seeking digital modernization.

Fintechs: Emerging financial technology companies requiring robust platforms and compliance support.

Technology Aspirers: Non-financial entities looking to integrate advanced digital and financial services.

Saudi Arabia and the GCC Region: Focusing its operations and solutions specifically on the evolving market needs and regulatory landscapes of these regions.

2. Financial Overview

Funding History

Jeel Digital Innovation Company is a wholly-owned subsidiary of Riyad Bank, with a foundational capital of SAR 100,000,000. This capital is directly provided by Riyad Bank, serving as the dedicated funding source for Jeel's mandate to build and develop innovative digital and technical solutions for the bank and its extended ecosystem. This ownership structure ensures a stable financial backing, allowing Jeel to invest significantly in product development, technological infrastructure, and talent acquisition to drive its digital innovation goals. The substantial capital enables Jeel to undertake large-scale projects and establish itself as a leader in digital banking transformation.

3. Product Pipeline

Key Products/Services

Jeel is actively involved in developing and deploying a range of cutting-edge digital products and services:

Edara:

Description: A mobile application designed for property portfolio management.

Development Stage: Operational and actively used.

Target Market/Condition: Property owners and real estate managers.

Key Features and Benefits: Streamlined management of property assets, improved oversight, and enhanced decision-making.

Smart Banking for Youth:

Description: A next-generation digital banking solution focused on promoting financial literacy among youth.

Development Stage: Under development and rollout.

Target Market/Condition: Young individuals and educational institutions.

Key Features and Benefits: Intuitive financial tools, educational resources, and secure digital banking experiences tailored for a younger demographic.

WSL – API Marketplace:

Description: A comprehensive API marketplace designed to facilitate seamless integration for fintech companies.

Development Stage: Established and continuously expanding.

Target Market/Condition: Fintech startups, financial institutions, and developers.

Key Features and Benefits: Enables rapid innovation, fosters collaboration, and accelerates the deployment of new financial services through robust APIs.

Financial Hub for MSMEs:

Description: A dedicated financial hub providing integrated services for Micro, Small, and Medium Enterprises.

Development Stage: Under development.

Target Market/Condition: MSMEs seeking comprehensive financial management and growth tools.

Key Features and Benefits: Simplified access to financial tools, business support, and resources tailored to the needs of growing businesses.

Fully Digitalized Home-Buying Ecosystem:

Description: An end-to-end digital platform that streamlines the entire home-buying process.

Development Stage: Under development.

Target Market/Condition: Individuals and families aspiring to purchase homes.

Key Features and Benefits: Simplified application processes, digital documentation, and integrated services for a hassle-free home acquisition experience.

4. Technology & Innovation

Technology Stack

Jeel distinguishes itself through a robust technological platform and a profound commitment to innovation. The company strategically leverages proprietary technologies and methodologies to develop advanced digital products.

Core Platforms and Technologies: Jeel integrates leading-edge technologies including artificial intelligence (AI), machine learning (ML), and advanced UX/UI design prototyping. It also focuses on next-generation data and payment technologies.

Proprietary Developments: The company operates a state-of-the-art Digital Innovation Center, which functions as an integrated hub comprising a Digital Lab, Digital Factory, Digital Studio, and Digital Research arm. This center is a dedicated space for exploring new ideas, experimenting with cutting-edge technologies, and developing innovative solutions.

Scientific Methodologies: Jeel acts as an incubator and accelerator for pioneering digital innovations in financial services, specifically focusing on Banking-as-a-Service (BaaS), open banking, and various digital payment solutions. It emphasizes data-driven innovation, including the leveraging of synthetic data generation and AI-powered risk analytics to enhance credit-decision accuracy and accelerate model development, all while safeguarding customer information.

Technical Capabilities: The company's capabilities extend to providing a secure, high-speed innovation environment for fintechs, enabling rapid migration from legacy systems within the Saudi banking industry, and fostering flexible business models such as digital banks, super apps, and open banking solutions. Its collaborative efforts with partners like Google Cloud enhance its ability to provide cutting-edge digital services across financial and non-financial organizations.

5. Leadership & Management

Executive Team

Nader Al-Koraya, Chairman

Professional Background: CEO of Riyad Bank since February 2024, one of the largest banks in the GCC. He possesses over thirty years of experience in domestic and international financial markets, starting his career at Samba Financial Group. Prior to his CEO role, he was Chief Treasury and Investment Officer at Riyad Bank, where he led significant transformations in financial management, capital restructuring, and investment product development.

Notable Achievements: Instrumental in leading major financial transformations at Riyad Bank. Holds an MBA from California State University and a Bachelor's degree in Civil Engineering.

Key Contributions to the Company: As Chairman of Jeel Digital Innovation, he provides strategic oversight and aligns Jeel's vision with Riyad Bank's broader digital transformation goals. He also serves as Chairman of 1957 Ventures Fund, a board member of Riyad Capital, and a member of Mastercard's Advisory Council for the Middle East and Africa region.

LinkedIn: [https://www.linkedin.com/in/nader-al-koraya-97a7a1190/](https://www.linkedin.com/in/nader-al-koraya-97a7a1190/)

George Harrak, CEO

Professional Background: Currently serves as the CEO of Jeel.

Notable Achievements: Instrumental in fostering partnerships and integrating cutting-edge technologies. His work enhances agility and scalability across Saudi Arabia and the broader region.

Key Contributions to the Company: Committed to driving innovation and technological digital advancement within Jeel. He focuses on accelerating the digital transformation of customers, including banks, financial institutions, and non-bank entities, enabling them to launch advanced solutions quickly and efficiently.

LinkedIn: [https://www.linkedin.com/in/george-harrak-ab5b927/](https://www.linkedin.com/in/george-harrak-ab5b927/)

Recent Leadership Changes

Upon its launch in October 2023, Jeel's Chairman was Mr. Tariq Al-Sadhan, who, at that time, also held the position of CEO of Riyad Bank. In February 2024, Mr. Nader Al-Koraya was appointed CEO of Riyad Bank and subsequently transitioned to become the Chairman of Jeel Digital Innovation. Concurrently, George Harrak assumed the role of CEO of Jeel. This progression signifies a strategic shift towards a dedicated leadership structure for Jeel. By having the current CEO of Riyad Bank serve as Chairman and a separate CEO specifically appointed to oversee Jeel's daily operations and strategic execution, it underscores Riyad Bank's commitment to Jeel's autonomy and specialized focus on digital innovation.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Jeel is actively engaged in recruitment, particularly for its operations in Riyadh, Saudi Arabia. The current open positions indicate a robust growth trajectory and a significant investment in expanding its capabilities and workforce across various technical and business domains. Key roles currently being recruited include:

UI/UX Analyst

UI/UX Design Specialist

Senior Data Scientist

DevOps Engineer

PMO Trainee

Business Trainee

Information Technology Trainee

Marketing Trainee

Human Capital Trainee

Enterprise Solutions Architect

Senior Scrum Master

Senior Backend Developer

Executive Administrator to CEO

The company emphasizes fostering an environment where employees can thrive, with a strong commitment to innovation, collaboration, and well-being. Jeel offers attractive employment benefits, including flexible work arrangements, comprehensive medical coverage for employees and their families, and substantial career growth and learning opportunities through dedicated training programs and mentorship. The company promotes an inclusive and collaborative culture, highlighting the opportunity for employees to work on cutting-edge digital projects and benefit from an exclusive employee loyalty program. This active and diverse recruitment drive is a strong indicator of Jeel's strategic expansion and its focus on rapidly scaling its expertise and operational capacity.

7. Social Media Presence and Engagement

Digital Footprint

Jeel maintains a proactive and strategic presence across several key social media platforms to engage with its audience, promote its brand message, and reinforce its position as a leader in digital innovation for the financial sector.

LinkedIn: [https://www.linkedin.com/company/jeel-digital-innovation/](https://www.linkedin.com/company/jeel-digital-innovation/)

Activity: Frequently shares updates on strategic partnerships, industry insights, sustainability reports, and announcements related to digital transformation and fintech innovation.

Brand Messaging: Establishes itself as a thought leader and key player in the digital finance ecosystem.

X (formerly Twitter): [https://twitter.com/jeel_net](https://twitter.com/jeel_net)

Activity: Utilized to disseminate news, highlight collaborations, and engage with the broader fintech and technology community, often retweeting relevant industry news and partner announcements.

Community Engagement: Fosters real-time interaction and provides timely updates on company activities and industry trends.

Instagram: [https://www.instagram.com/jeel.net/](https://www.instagram.com/jeel.net/)

Activity: Likely focuses on visual content to showcase its work environment, corporate events, and to convey its brand identity within the dynamic digital innovation sphere.

Positioning: Emphasizes its commitment to innovation and its vibrant company culture through visual storytelling.

Through these platforms, Jeel effectively communicates its strategic vision, highlights its innovative projects, and engages with stakeholders, solidifying its digital footprint as a forward-thinking entity in the financial technology landscape.

8. Recognition and Awards

Industry Recognition

Jeel has actively engaged in initiatives that have garnered significant attention and positive feedback, underscoring its growing recognition within the industry.

Seamless Saudi Arabia Conference: Participation in this prominent industry event generated over 900,000 online impressions, significantly enhancing public awareness and brand visibility.

"TekTalk" Sessions: Jeel has fostered an internal innovation culture demonstrated by its "TekTalk" sessions. These sessions achieved a 93% satisfaction rate from over 150 attendees, indicating successful internal engagement and a commitment to knowledge sharing and continuous learning within the company. These initiatives highlight Jeel's dedication to thought leadership and fostering an innovative ecosystem.

9. Competitive Analysis

Major Competitors

In the rapidly evolving digital banking and fintech landscape of Saudi Arabia and the GCC, Jeel, as a digital innovation arm, operates in a competitive environment that includes both established financial institutions with their own digital initiatives and numerous standalone fintech companies.

STC Pay

Company Overview: A prominent digital wallet and financial services provider.

Focus Areas: Mobile payments, digital wallets, and consumer-focused financial solutions.

Technological Capabilities: Strong mobile-first approach, robust payment infrastructure.

Notable Achievements: High market penetration in mobile payments in Saudi Arabia.

Competitive Positioning: Strong brand recognition and user base, particularly in mobile transactions.

Meem Digital Banking (by Gulf International Bank)

Company Overview: A comprehensive digital banking service.

Focus Areas: Full-suite digital banking services, personalized customer experience.

Technological Capabilities: Cloud-native architecture, advanced banking features.

Notable Achievements: One of the first fully digital banks in the region.

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