New digital bank JB to launch in Saudi Arabia

Mike Cunningham announces the launch of JB, a new digital bank, in Saudi Arabia, promising a user-friendly experience.

Facts

• JB, described as a “digital leasing and lending platform,” is set to launch in the Kingdom of Saudi Arabia (KSA).
• Mike Cunningham, the former chief strategy and digital officer of Banque Saudi Fransi (BSF), confirmed JB’s launch via LinkedIn.
• JB originated as BSF’s digital challenger and aims to provide a clear and quick banking experience.
• The bank’s name, JB, is derived from the Arabic ‘جيبي’ (jybi), meaning ‘my pocket.’
• A countdown clock on JB’s landing page suggests an imminent launch.
• Cunningham’s tenure at BSF ended in January, and he stepped down from his role at 77 Ventures in June 2021.
• Cunningham previously established the digital banking service Clearly in 2016 and was involved in BSF’s Project AVA.
• Project AVA aimed for “hyper localisation” and support “by Saudis, for Saudis.”
• JB’s connection to Project AVA and the involvement of 77 Ventures and BSF remain unclear, as Cunningham has not responded to inquiries from Fintech Futures.