Latest news with #SDB
Yahoo
21 hours ago
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
SOCIAL DEVELOPMENT BANK (SDB) WINS BEST AI TRANSFORMATION BANKING INITIATIVE AT THE GLOBAL BRAND AWARDS 2025
LONDON, June 4, 2025 /PRNewswire/ -- Social Development Bank (SDB), a leading bank, has been recognised as the "Best AI Transformation Banking Initiative, Saudi Arabia, 2025", by Global Brands Magazine (GBM) at the Global Brand Awards. This recognition reflects SDB' s commitment to providing innovative features and enhanced customer experience. The Global Brand Awards recognise outstanding achievements across various industries worldwide. Social Development Bank received this award for its continued efforts in delivering innovative banking features, enhancing operational efficiency, and fostering workforce development and adoption of advanced technologies. Jay Reddy, CEO of Global Brands Magazine, commented, "We are delighted to present the Social Development Bank with the Best AI Transformation Banking Initiative award. SDB's innovative application of AI to advance financial inclusion and empower communities sets a remarkable standard for the banking industry. Congratulations to SDB for this outstanding accomplishment! " Sultan Al-Hamidi, CEO of Social Development Bank, said, "At the Social Development Bank, our mission is to empower every segment of society through inclusive financial and non-financial services. Our journey is guided by core values: earning trust, enabling growth, embracing responsibility, and driving innovation. Being recognised for our AI transformation is a proud moment that reflects the strategic path we have chosen. This award highlights our commitment to digital transformation and adopting bold, technology-driven solutions. As we continue to accelerate digitisation across our services, we aim to maximise impact, improve efficiency, and better serve our communities." ABOUT SOCIAL DEVELOPMENT BANK The Social Development Bank (SDB) is one of the largest development banks in the region. Since its establishment in 1971, it has played a pivotal and enduring role in the social and economic development of the Kingdom of Saudi Arabia. As a key enabler of the National Transformation Program and the Financial Sector Development Program, the bank began with an initial capital of SAR 5 million and has since grown into a cornerstone of the Kingdom's development finance ecosystem. Today, it manages a capital base exceeding SAR 45 billion. Over more than 53 years, SDB has disbursed upwards of SAR 162 billion, supporting over 10 million citizens through innovative, sustainable, and Sharia-compliant financing models. With a network of 26 branches and nationwide digital platforms, the bank offers a wide range of financial and non-financial services to individuals, freelancers, and micro and small enterprises. ABOUT GLOBAL BRANDS MAGAZINE (ENGLAND) Global Brands Magazine (GBM) is one of the largest brands publications in the world, leading the way in delivering insights, news, and opinions on brands shaping the future of their industries. Based in the UK, the magazine keeps readers informed about 'best-in-class' brands worldwide. Each year, GBM recognizes companies that demonstrate innovation, exceptional service, and consumer-focused solutions in their respective industries. With over 8.4 million annual visitors, and 14 million page views, GBM is the world's premier Brand magazine. The magazine also boasts a robust social media presence, engagement including 35k+ Facebook followers, 20k+ Instagram followers, 25k+ X followers, and 4k+ LinkedIn followers. ABOUT THE GLOBAL BRAND AWARDS The Global Brand Awards celebrate excellence in brand performance, recognising companies and organisations that excel in quality, innovation, and customer-centric services across various sectors, including finance, education, hospitality, technology, and more. More than 10,000 companies were evaluated in 2024 for the Global Brand Awards. The Global Brand Awards events were held at some of the most iconic properties in the world, including The Address Downtown, Waldorf Astoria, Emperors Palace, JW Marriott Marquis, Galaxy Macau, The Athenee Hotel, to name a few. The next awards ceremony will take place on the 13th of June 2025 at the Grand Hyatt in Dubai, United Arab Emirates. For a complete list of the winners of the Global Brand Awards, please visit: To nominate your company or leader for the Global Brand Awards 2025, visit: Logo - View original content to download multimedia: SOURCE Global Brands Magazine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Borneo Post
a day ago
- Business
- Borneo Post
RAM Ratings affirms Sabah Development Bank's AA1 rating
SDB's commercial papers are also affirmed at P1, the highest short-term rating assigned by RAM which reflects high safety for payment of short-term financial obligations.– Photo from Sabah Development Bank website KOTA KINABALU (June 4): RAM Rating Services Berhad (RAM) has on 4 June 2025 affirmed AA1/Stable/P1 ratings of Sabah Development Bank Berhad (SDB)'s debt instruments. The AA1 rating indicates high safety for payment of financial obligations by SDB and the stable outlook reflects RAM's expectations that the long-term rating will be unchanged over the intermediate term. SDB's commercial papers are also affirmed at P1, the highest short-term rating assigned by RAM which reflects high safety for payment of short-term financial obligations. RAM is the leading and largest credit rating agency in Southeast Asia, and publishes credit ratings to give independent, forward-looking opinion about an issuer's ability to repay its financial obligations. In RAM's report, it stated that 'The affirmation of SDB's ratings reflects our expectations of continued financial support from the Sabah state government. 'Given the state's strong track record of support and SDB's strategic role in advancing Sabah's development objectives, we assessed the Bank to have an 'almost certain' likelihood of receiving state support, in accordance with our Rating Approach for Government-Linked Entities (GLE) (October 2024).' In RAM's assessment, which evaluates both the importance of the GLE and the strength of its relationship with the Government, 'almost certain' represents the highest category of potential outcomes. SDB has made significant strides in its 3-Year Transformation Journey, which it embarked on in the second half of 2023 under a new Board and Management. The bank's aggressive restructuring efforts, backed by strong support from the state government, have resulted in a substantial reduction of its bond repayment obligations from RM5 billion in July 2023 to RM3 billion as of today. As a result of the kitchen-sinking exercise initiated in the second half of 2023, the bank's total capital ratio fell to 7.9 per cent by year-end. However, with strong support from the Sabah state government, it has since improved, reaching 19.6 per cent by the end of 2024. Since the setup of an independent professional recovery team in September 2023, notable progress has been made in addressing the non-performing loans (NPLs). From January 2024 to April 2025, the Bank's Board approved RM965 million in settlement proposals, in addition to the RM2 billion in pledged securities placed under receivership. In line with the mandate from the Sabah state government, SDB is now focused on financing development projects in Sabah predominantly in the infrastructure, power and water sectors. The State has positioned SDB as the lead lender for local content in major investments in Sabah, reinforcing the Bank's strategic role in State's economic development. Between January 2024 and April 2025, SDB approved RM1.708 billion loan applications aligned with its developmental mandate. During the same period, the bank dropped RM9.389 billion in loan applications that either fell outside its mandate or did not meet its enhanced credit standards. Sabah Development Bank Berhad
Daily Express
a day ago
- Business
- Daily Express
RAM affirms Sabah Development Bank Berhad's AA1 Rating
Published on: Wednesday, June 04, 2025 Published on: Wed, Jun 04, 2025 Text Size: RAM is the leading and largest credit rating agency in Southeast Asia, and publishes credit ratings to give independent, forward-looking opinion about an issuer's ability to repay its financial obligations. - Bernama pic Kota Kinabalu: RAM Rating Services Berhad (RAM) has on 4 June 2025 affirmed AA1/Stable/P1 ratings of Sabah Development Bank Berhad (SDB)'s debt instruments. The AA1 rating indicates high safety for payment of financial obligations by SDB and the 'Stable' outlook reflects RAM's expectations that the long-term rating will be unchanged over the intermediate term. SDB's Commercial Papers are also affirmed at P1, the highest short-term rating assigned by RAM which reflects high safety for payment of short-term financial obligations. RAM is the leading and largest credit rating agency in Southeast Asia, and publishes credit ratings to give independent, forward-looking opinion about an issuer's ability to repay its financial obligations. In RAM's report, it stated that 'The affirmation of SDB's ratings reflects our expectations of continued financial support from the Sabah state government (the State). Given the State's strong track record of support and SDB's strategic role in advancing Sabah's development objectives, we assessed the Bank to have an 'almost certain' likelihood of receiving state support, in accordance with our Rating Approach for Government-Linked Entities ('GLE') (October 2024).' In RAM's assessment, which evaluates both the importance of the GLE and the strength of its relationship with the Government, 'almost certain' represents the highest category of potential outcomes. SDB has made significant strides in its 3-Year Transformation Journey, which it embarked on in the second half of 2023 under a new Board and Management. The Bank's aggressive restructuring efforts, backed by strong support from the State Government, have resulted in a substantial reduction of its bond repayment obligations from RM5 billion in July 2023 to RM3 billion as of today. As a result of the kitchen-sinking exercise initiated in the second half of 2023, the Bank's total capital ratio fell to 7.9% by year-end. However, with strong support from the State Government, it has since improved, reaching 19.6% by the end of 2024. Since the setup of an independent professional recovery team in September 2023, notable progress has been made in addressing the Non-Performing Loans (NPLs). From January 2024 to April 2025, the Bank's Board approved RM965 million in settlement proposals, in addition to the RM2 billion in pledged securities placed under receivership. In line with the mandate from State Government, SDB is now focused on financing development projects in Sabah predominantly in the infrastructure, power and water sectors. The State has positioned SDB as the lead lender for local content in major investments in Sabah, reinforcing the Bank's strategic role in State's economic development. Between January 2024 and April 2025, SDB approved RM1.708 billion loan applications aligned with its developmental mandate. During the same period, the Bank dropped RM9.389 billion in loan applications that either fell outside its mandate or did not meet its enhanced credit standards. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Argaam
26-05-2025
- Business
- Argaam
WSM wins project to provide software licenses for SDB
WSM Information Technology Co. was awarded, on May 25, a project by the Social Development Bank (SDB), with a total value representing 8.7% of WSM's projected revenues for 2024. In a statement to Tadawul, the company said the project focuses on providing licenses and essential software for SDB, emphasizing that no related parties are involved in the deal. According to data available with Argaam, WSM's 2024 revenues are estimated at approximately SAR 29.02 million.
