Savvy Games Group announced Monday that it has signed a Memorandum of Understanding (MoU) with Saudi Arabia-based financial institution Alinma Bank to collaborate on creating “tailored banking solutions available for gamers and esports fans in Saudi Arabia.”
Financial terms of this new deal were not disclosed.
Both Alinma Bank and Savvy Games Group have deep financial ties to the Saudi Arabian government. Savvy Games Group is owned by the Saudi Arabian government’s sovereign wealth fund, the Public Investment Fund (PIF) and its board is chaired by the de facto ruler of the kingdom, HRH Crown Prince MBS. Around 30% of Alinma Bank shares are held by Saudi Arabian government-owned and operated entities including the PIF, Saudi Arabian Public Pension Agency (PPA) and the Saudi Arabian General Organization for Social Insurance (GOSI).
Under the terms of this new agreement, Alinma Bank will work closely with Savvy Games Group subsidiary ESL FACEIT Group (EFG) to create and promote banking solutions for citizens in the kingdom who are fans of esports and/or gaming.
“We are pleased to be working with Alinma Bank to expand the ways millions of gamers and esports fans in Saudi Arabia can access tailored products and services that truly meet their needs,” said Amr Sager, chief of staff, at Savvy Games Group. “It is encouraging to see leading organizations in banking and other sectors placing stronger focus on our industry and its highly engaged, digitally native communities.”
In its announcement, Savvy Games Group said that this new partnership with Alinma Bank is “aligned with objectives set out in Saudi Arabia’s Vision 2030, and the National Gaming and Esports Strategy, to support the continuous growth of games and esports industry.”
Savvy Games Group handles the PIF investments into the global gaming sector; the fund has minor stakes in some of the biggest publishers in the world including Nintendo and Activision Blizzard, and owns 100% of Japanese fighting games maker SNK Corporation. Savvy Games Group is also home to mobile game maker Scopely and fully owns EFG, which is home to ESL, FACEIT, DreamHack, and the former and current staff of Esports Engine in the UK and the United States.
Projects related to the Saudi Arabian government are frequently accused of helping the government engage in so-called “sports washing,” or using various forms of sport and entertainment to cover up its record on human rights, women’s rights, LGTBQ+ rights, military actions in Yemen, and more. These and other criticisms are actively highlighted by international watchdog groups such as Amnesty International and Human Rights Watch.