As Saudi Arabia’s financial sector undergoes a remarkable transformation, wealth management stands out as a critical driver of innovation and economic growth. Today, we’re thrilled to sit down with a leading expert in financial technology to discuss a groundbreaking partnership between Jeel, powered by Riyadh Bank, and Synpulse. This collaboration aims to revolutionize wealth management in the Kingdom through a next-generation platform. Our conversation explores the vision behind this initiative, the technology shaping it, and how it aligns with the broader goals of Saudi Arabia’s Vision 2030.
How did this partnership between Jeel and Synpulse come about, and what are its primary goals for transforming wealth management in Saudi Arabia?
This partnership emerged from a shared vision to modernize wealth management in Saudi Arabia at a time when the Kingdom is experiencing rapid financial evolution. Jeel, with its strong local ecosystem, and Synpulse, with its deep expertise in Swiss wealth management, saw an opportunity to create something truly transformative. Our primary goal is to develop a cutting-edge wealth platform that not only meets the needs of today’s investors but also anticipates future demands. We aim to empower individuals and institutions with innovative tools and services, making wealth management more accessible and efficient across the region.
What can you tell us about the next-generation wealth platform you’re co-developing, and how it’s designed to stand out in the market?
The platform we’re building is a game-changer. It’s designed with open APIs, which means it can seamlessly connect with both local and international financial systems, from custody banks to digital asset providers. This flexibility ensures that users have access to a wide range of services through a single, unified interface. What sets it apart is its focus on customization and scalability—whether you’re an individual investor or a large institution, the platform will offer tailored solutions, from traditional wealth management to innovative offerings like digital assets and private market investments.
Can you explain the role of the Jeel Sandbox in bringing this platform to life?
The Jeel Sandbox is essentially our testing ground—a controlled environment where we can innovate, experiment, and refine the platform before it goes live. It’s a launchpad for creativity, allowing us to simulate real-world scenarios and ensure the technology is robust and user-friendly. This step is crucial because it helps us iron out any issues early on, ensuring that when we roll out full-scale services like Banking as a Service and Wealth as a Service, they’re seamless and ready to meet the Kingdom’s needs.
What unique strengths does Synpulse bring to this collaboration, especially given its background in Swiss wealth management?
Synpulse brings a wealth of experience from Switzerland, which is globally renowned for its excellence in wealth management. Their expertise lies in creating sophisticated, client-centric solutions that adhere to the highest international standards. This means we’re not just building a platform—we’re embedding global best practices into it, from data security to personalized advisory services. Their ability to adapt these principles to the Saudi market, combined with a deep understanding of technology integration, is invaluable for ensuring our platform is both innovative and reliable.
There’s been talk about redefining wealth management in the Kingdom. What does that vision mean to you, and what challenges are you aiming to tackle?
Redefining wealth management in Saudi Arabia means creating a system that’s more inclusive, tech-driven, and responsive to the unique needs of the region’s population. Right now, one of the biggest challenges is accessibility—many people don’t have easy access to sophisticated financial tools or advice. There’s also a gap in integrating modern solutions like digital assets into traditional wealth management. Our vision is to bridge these gaps by offering a platform that democratizes access to high-quality services, making wealth management not just a privilege for the few but a possibility for many.
How does this initiative tie into Saudi Arabia’s Vision 2030, particularly in terms of economic diversification and financial inclusion?
This project aligns perfectly with Vision 2030’s goals of building a diversified economy and a thriving financial sector. By introducing advanced wealth management solutions, we’re supporting economic diversification by enabling investments in new asset classes and markets beyond traditional sectors. At the same time, we’re expanding access to financial services, especially through digital platforms that can reach underserved communities. This isn’t just about technology—it’s about empowering people across the Kingdom to participate in the financial system and build their futures.
What does unlocking the full potential of wealth in Saudi Arabia mean to you, and what opportunities are you most excited about?
Unlocking the full potential of wealth here means tapping into the immense opportunities that exist in a rapidly growing market. Saudi Arabia has a young, tech-savvy population and a burgeoning economy, yet much of this potential remains untapped when it comes to sophisticated wealth management. I’m particularly excited about the chance to introduce innovative products like digital assets and private market investments, which can open up new avenues for growth. It’s about giving investors the tools to diversify their portfolios and think beyond conventional boundaries.
What is your forecast for the future of wealth management in Saudi Arabia over the next decade?
I believe the next decade will be transformative for wealth management in Saudi Arabia. With initiatives like ours paving the way, I foresee a shift toward fully digital, personalized, and accessible financial services. Technology will play a central role—think AI-driven advisory tools, blockchain for secure transactions, and platforms that integrate seamlessly with global markets. At the same time, I expect greater financial literacy and inclusion as more people engage with these tools. If we continue on this trajectory, Saudi Arabia could become a leading hub for wealth management innovation in the region, setting a benchmark for others to follow.