Ascenda, BSF Team to Offer Banking Rewards in Middle East

Payments and banking rewards provider Ascenda has formed a partnership with Saudi Arabia’s Banque Saudi Fransi (BSF), the companies said in a news release Thursday (June 16).

The partnership will tap BSF’s JANA Rewards Program and is powered by Ascenda’s TransferConnect network, which the companies say is the world’s largest points exchange network. The collaboration brings more than 50 live currency rewards partners to BSF’s JANA Rewards Program portfolio.

“The only global hub connecting banks and major merchants, TransferConnect is facilitating seamless rewards currency conversion for all of BSF’s retail customers,” the release said. “BSF is also leveraging Ascenda’s best-in-class customer engagement capabilities to deliver personalized financial solutions for its customers both at home and abroad.”

Read more: Cross-Border Loyalty Program Launched in China by Visa, Ascenda Partnership

Mohammed Alsheikh, who heads BSF’s personal banking group, said the partnership is in line with the company’s mission to become the region’s most “experience-focused” bank.

And Sebastian Grobys, CSO and co-founder at the Singapore-based Ascenda, noted that banks such as BSF are looking to stand out in an “age of personalization and growing consumer appetite for comprehensive redemption opportunities.”

This is the latest in a series of partnerships for Ascenda, which in March announced it was working with South Korean credit card issuer Hyundai Card to launch a suite of consumer and corporate cards on the American Express network.

See also: Ascenda Teams with Hyundai Card to Intro Amex Cards in South Korea

The card suite offers six products for consumers and corporations that include a rewards program powered by Ascenda.

In February, the company joined forces with Visa to debut a new customer loyalty solution to advance cross-border transactions in China.

Using Ascenda’s technology, the new program unlocks customer spending for issuers in China and encourages card payments by offering rewards. The program also includes integration with TransferConnect.