ABANA Celebrates 40th Anniversary of Its Presence in Saudi Market

His Excellency Dr. Ahmed bin Abdulkarim Alkholifey, Governor of the Saudi Arabian Monetary Agency (SAMA) has honored the welcome ceremony, exhibition and forum held by ABANA Enterprises Group Co. to mark the 40^th anniversary of its establishment.

The celebration was also graced by the attendance of SAMA's Deputy Governor for Banking Operations, Mr. Hashem Alhekail and Chief Executive Officer of Saudi Telecom Company (STC) as well as many other CEOs in the Kingdom of Saudi Arabia’s banking and financial sector.

During the celebration, ABANA showcased the latest technology that would make a significant leap in services of consumer banking in the Kingdom of Saudi Arabia. 

On the occasion, Mr. Abdullah bin Mohammed bin Jebreen, the Chief Executive Officer of ABANA, made a statement in which he said that SAMA is leading a number of programs and initiatives aligned with the Kingdom’s Vision 2030 to activate the role of the private sector in improving the performance of the banking sector as well as in developing the services provided to citizens and residents through the development of cash centers and allowing local companies to invest in and operate them as well as the development of the operational performance of ATMs in terms of technical and security aspects in addition to SAMA’s current initiatives to issue a digital currency to be exclusively traded among banks as a pilot project, proving SAMA’s deep understanding of the financial and technical developments in the financial industry.

He added that ABANA has been keen to develop many products and services and carry out innovative projects as well as the development of applications and software for banking devices, pointing out that the company has achieved 44% of the localization of jobs and will reach 50% by the end of this year and 100% in cash centers. 

He concluded his statement by saying that the Company's digital transformation program will be finished in the first quarter of 2018. 

During the forum in the celebration, Softbank's vision was reviewed and how it is aligned with the Kingdom’s Vision 2030, which looks first and foremost the future at the perspective of creating a new and knowledge-based economy to be less dependent on oil revenues. 

Moreover, the latest developments in the technology of self-service machines for bank customers and technology trends for future service development were presented by the Vice President of NCR Corporation, which announced its strategic partnership with ABANA.

ABANA introduces new coin counting and sorting machines

Saudi Arabian Monetary Agency (SAMA) recently announced that its new banknotes and coins will be available in its branches and to the public starting December 26, 2016. 

The processing of coins will be challenging to the banks and retailers especially that the SAR 1 banknote has been replaced with a SAR 1 coin, in addition to other coin denominations such as 1, 5, 10, 25, and 50 halalas as well as a SAR 2 coin.  In a recent report, there will be 300 million coins of different denominations that will be produced and expected to be in circulation in the Saudi market in the coming days.

ABANA has been in the forefront of providing banknote and coin counting and sorting machines and services to banks, retailers, and other organizations, who deals with bulk quantity of banknotes and coins. 

ABANA is in partnership with the world’s leading manufacturers of coin counting and sorting machines.  ABANA has a complete coin processing product portfolio that is designed for banks cash centers, branches, big retailers, and even small shops and restaurants.   The products includes a huge coin counting sorting machines that can process up to 4,900 coins per minutes, and a desktop machine for smaller quantity of coins to be processed.  ABANA also has coin deposit and coin wrapping machines in its portfolio.

For more information about its products and services, please send an email to sales@abana.com.sa.

ABANA prepares for software upgrades for new SAR banknotes

Saudi Arabian Monetary Agency (SAMA) has released on Tuesday, December 13, 2016 the new designs of Saudi banknotes and coins.  Aside from the new designs, SAMA has added security features that make forgery more difficult.

ABANA is committed to be in compliance with government and market requirements. ABANA has deployed thousands of banknote counting and sorting machines in the market for the last several years with a dominant market share in the banking sector. 

ABANA’s banknote counting and sorting machines are equipped with software that can be upgrade to support new currencies and detect new counterfeit.  ABANA is currently working closely with SAMA in preparing the machines software to be able to process the new banknotes the soonest time possible.   

Meanwhile, ABANA’s Sales team is working on a proposal to upgrade the machines software in preparation for the new banknotes.

In addition, ABANA is preparing its coin counting and sorting machines to be in compliant with the new coins to be released in the market.  ABANA have partnered with the world’s leading manufacturers of coin counting and sorting machines to bring to the Saudi Arabian market the best-in-class products. 

For more information, please do not hesitate to send email to sales@abana.com.sa.