BNY Mellon Partners with SNB Capital for Data Management Solution in Saudi Arabia

The global investment platform BNY Mellon recently announced that it has expanded collaboration with SNB Capital, the securities, asset management and investment banking arm of Saudi National Bank, to launch transformative data management solution in Saudi Arabia.

The partnership builds on the two companies' earlier strategic partnership to deliver securities services capabilities. SNB Capital will deploy BNY Mellon’s data platform within its IT infrastructure in the Kingdom.

The solution is one of the first of its kind to provide services within SNB Capital's IT infrastructure designed in accordance with the Kingdom's data-localization requirements, adding a unique value proposition. This latest collaboration is a significant development for Saudi Arabia's financial sector and is set to deliver institutional clients of SNB Capital a single, unified solution for local and global assets.

“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,”kash Shah, Chief Growth Officer of BNY Mellon, said.

“This deployment reinforces our top market position when it comes to 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,”Rashed Sharif, CEO of SNB Capital, added.

Earlier this year, BNY Mellon has formed a longstanding partnership with Microsoft​, to move its infrastructure supporting wire payments into Microsoft Azure, the public cloud computing platform.