Al Rajhi Bank Recognised with Best Payment Innovation Award
Al Rajhi Bank's Neoleap subsidiary grew from 4,000 to over 44,000 POS terminals in a single year, launching a data aggregation vertical - earning our Best Payment Innovation Award.
16 September 2024, Riyadh: The Best Payment Innovation Award goes to Al Rajhi Bank for the extraordinary growth of its payments subsidiary, Neoleap.
At Global Banking Monitor, we track a lot of payment innovations across the Gulf, but few have matched the pace of Neoleap's expansion in 2024. The fintech arm of Al Rajhi grew its POS terminal network from approximately 4,000 to over 44,000 in a single year - a tenfold increase that speaks to both execution capability and market demand.
Alongside this physical expansion, Neoleap launched a new Data Aggregation vertical, moving beyond pure payments processing into the kind of merchant intelligence services that create genuine stickiness. This is smart strategy: terminals are commoditising, but the data they generate is increasingly valuable.
Al Rajhi Bank's willingness to build a dedicated fintech subsidiary rather than trying to bolt payment innovation onto legacy infrastructure is a model that other Gulf banks would do well to study. In a market where merchant acquiring is becoming increasingly competitive, Neoleap's scale advantage will be difficult to replicate.
Congratulations to Al Rajhi Bank and the Neoleap team on this well-deserved recognition.
Sources: Al Rajhi Bank in 2024 | neoleap | Al Rajhi Bank Taps ServiceNow AI Platform
Visit Al Rajhi Bank to learn more.
Assigned by Sebastien Parker, Senior Research Analyst, Global Banking Monitor, 16 September 2024
