Riyadh - Sharikat Mubasher: Saudi National Bank (SNB) is launching NEO, a new mobile banking brand.

Launching the banking application comes with a multi-currency debit card (supporting up to 20 different currencies with fixed currency rates); a rewards program, including cashback and discounts, gift cards, and additional services such as cinema, restaurant, and hotel bookings.

Backbase, an existing banking tech partner of SNB, underpins the digital front end of NEO.

Mohammed AL-Faifi, Head of Products and Innovation at NEO, said that Backbase’s flagship white-label digital platform “enables banks to gradually replace or decompose disparate legacy systems and construct a modern journey orchestration architecture around customer needs.

It is worth noting that Backbase was founded in 2003 in Amsterdam, Netherlands. Today, it has a global network of offices, 120+ customers worldwide, and over EUR 200 million in revenue. Saudi Arabia’s Banque Saudi Fransi is among its clients in the Middle East. In 2022, Backbase raised EUR 120 million in growth equity funding from Motive Partners.