Riyadh – Mubasher: Riyad Bank and Mastercard jointly launched an innovative Travel and Expense (T&E) Corporate Card program, marking the Saudi lender’s first corporate card offering in the Kingdom.
The launch builds on the two entities’ ongoing efforts to redefine business travel within the Kingdom, the MEA region, and beyond, according to a press release.
The offering includes “versatile” corporate cards designed to meet the daily operational needs of business users, alongside “executive” cards tailored for senior management and decision-makers.
Through these solutions, the program aims to address the evolving payment requirements of corporates and merchants operating within an increasingly digital economy.
It also delivers a range of value-added benefits, including enhanced data capture, streamlined expense reconciliation, and localized travel rewards.
Cardholders will gain access to Mastercard’s proprietary web-based expense management platform, which provides businesses with advanced tools to monitor spending, manage costs, and improve financial oversight.
The launch is expected to support the growing number of enterprises investing in Saudi Arabia by providing an integrated, end-to-end corporate payments and expense management solution.
Mastercard’s Country Manager, Saud Swar, commented: “We are very pleased to have teamed up with Riyad Bank to serve the travel and expense needs of enterprises operating in the Kingdom and beyond. Our new corporate card program will empower these businesses to realize their potential and contribute to the development of a world-class digital economy in the process.”
Chief Corporate Banking Officer at Riyad Bank, Mohammed Abo Al Naja, said: “Our collaboration with Mastercard is built on this shared focus. Our new corporate card program was created with this in mind, equipping enterprises with two tailored offerings that improve the efficiency of their travel and expense operations.”
The Kingdom is well on its way towards accomplishing its goal of a 70% cashless transaction rate by 2030, having reached 85% of total retail payments in 2025, up from 79% in 2024, as per the Saudi Central Bank’s (SAMA) data.
More than 700 multinational companies have established regional headquarters in Saudi Arabia, surpassing the Kingdom’s original Vision 2030 target ahead of schedule, with spending by Saudi travelers abroad increasing by 7% to reach SAR 110.40 billion in 2025, compared to SAR 103.40 billion in 2024.
The Saudi lender recently announced net profits after tax valued at SAR 2.61 billion in the first quarter (Q1) of 2026.
