The Bench recently advised Virgin Mobile Middle East and Africa on a strategic agent banking agreement in the Kingdom of Saudi Arabia (KSA).
The partnership aims to expand banking services and products, enable mobile financial services and has been endorsed by the Saudi Arabian Monetary Agency (SAMA). Virgin Mobile is the first entity to be awarded a banking agent license in Saudi Arabia through its local partner and the partnership launches as part of Virgin Mobile’s ongoing strategy to provide innovative digital solutions for its customers across the Middle East, aimed at simplifying and enhancing everyday interactions.
The Bench team was led by Joby Beretta and included Ahmed Thabet, who was previously VP of Legal at Emirates NBD. Joby commented: “It was a pleasure to advise Virgin Mobile on this market-leading transaction, the first of its kind to benefit from the new Agent Banking regulations in KSA ”’.
The Bench lawyers are consistently recognised as amongst the leading real FinTech lawyers in the United Arab Emirates. Chambers FinTech Guide 2021 noted that “The Bench has a diverse range of strengths in the FinTech industry, and can provide expert advice on IP protection strategies, FinTech M&A and outsourcing. The firm displays excellent capacity for handling complex contract negotiations and licensing agreements. The team is also adept in providing clients with an excellent understanding of the digital payments sector and the legal obligations associated with it. The firm counts an impressive list of FinTech startups, financial institutions and TMT suppliers among its client base.”