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Tamam\nFinancing, Zain KSA\u2019s FinTech subsidiary, has signed a memorandum of\nunderstanding with the Saudi Credit Bureau (SIMAH) to step up mutual\ncollaboration for increasing financial inclusion in Saudi Arabia and reducing\ncredit risks, in line with the goals of Saudi Vision 2030\u2019s Financial Sector\nDevelopment Program. The agreement was signed on the sidelines of global tech\nevent LEAP, hosted in Saudi Arabia and supported by the Ministry of\nCommunications and Information Technology and the Saudi Federation For\nCybersecurity, Programming and Drones (SAFCSP).<\/p>\n\n\n\n
The\nMoU was signed by Vice Chairman and Managing Director of Tamam Financing, Eng.\nSultan bin Abdulaziz Al-Deghaither, and the CEO of SIMAH, Mr. Swaied AlZahrani<\/p>\n\n\n\n
The\nagreement outlines the framework of mutual cooperation in credit data analysis\nas a way to empower sound financial decisions which would reduce credit risks\nand contribute to achieving financial inclusion. Tamam is one of the first\nFinTech providers in Saudi Arabia and a pioneer in providing consumer\nmicro-lending solutions, serving its inclusive customer base through an\ninstant, seamless and all-digital process over its innovative digital platform.\nTamam also holds the PCI-DSS accreditation which protects the security of the\ndigital infrastructure and data. In parallel, SIMAH is the first Credit\nInformation Company to adopt the best practices for enhancing operational\nefficiency and refining data quality through the full automation of services, procedures\nand transactions, which increases its contribution to the development of\nfinancial systems.<\/p>\n\n\n\n
Tamam\nand SIMAH will collaborate to explore opportunities for cooperation in the\nfields of credit systems, credit risk management, and the deployment of modern\ntechnology and Artificial Intelligence in credit rating processes and credit\nreport analysis.<\/p>\n\n\n\n
Commenting\non the MoU, Tamam\u2019s Vice-Chairman and Managing Director, Eng. Sultan bin\nAbdulaziz Al-Deghaither, said: \u201cWe value this mutual cooperation with SIMAH,\nwhich will help us synchronize our efforts to develop the Kingdom\u2019s FinTech\nsector by introducing innovative services and tech-powered systems that\ncontribute to building a modern, reliable financial sector that keeps pace with\nthe future trends of digital credit. Our increased collaboration also serves to\nenhance our contribution to the objectives of Saudi Vision 2030 and the\ncorresponding goals of the Financial Sector Development Program, as well as the\nSaudi government\u2019s digital economy strategy which aspires to build an\ninnovative and diversified economy that enhances the Kingdom\u2019s global\ncompetitiveness and raises the quality of life through services that support\nsuperior livability and sustainability.\u201d<\/p>\n\n\n\n
In\nhis remarks, CEO of SIMAH, Mr. Swaied AlZahrani stated: \u201cThrough its huge\ndatabase and the financial tools it offers, SIMAH actively seeks to contribute\nto promoting economic development by fostering a more competent financial\nsystem that supports highly efficient transactions between all parties, which\nis an effective and positive step that contributes to accelerating the growth\nof businesses. This MoU with Tamam Finance is aligned with SIMAH’s approach to\nbuild strategic partnerships to achieve diversity, inclusion, and financial\nstability, while deepening the role of the financial sector by automating data\nand using it to develop financial tools and compatible solutions for each\nsector. Our cooperation with Tamam, the first provider of digital consumer\nmicro-lending solutions in the Kingdom, provides added value and greater depth\nin the field of data, and so we are confident that the outputs of this\ncooperation will endorse the development of the digital finance and FinTech\nsectors in Saudi Arabia.\u201d<\/p>\n\n\n\n
It\nis worth noting that Tamam Financing enables customers to acquire\nmicro-financing in less than five minutes, from the time the app is downloaded\nto the moment of receiving the finance amount, based on the evaluation of the\ncustomer’s credit profile. Tamam is the first FinTech provider authorized by\nthe Saudi Central Bank (SAMA) to offer consumers instant micro-lending\nsolutions across Saudi Arabia and the region. The company successfully passed\nthe testing period during which the service was vetted for functionality,\nsecurity, and compatibility with customer user profiles in Saudi Arabia, in\nline with the Regulatory Sandbox guidelines, proving its high efficiency\nthrough its modern and fast-evolving digital structure.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tamam Financing, Zain KSA\u2019s FinTech subsidiary, has signed a memorandum of understanding with the Saudi Credit Bureau (SIMAH) to step up mutual collaboration for increasing financial inclusion in Saudi Arabia and reducing credit risks, in line with the goals of Saudi Vision 2030\u2019s Financial Sector Development Program. The agreement was signed on the sidelines of …<\/p>\n","protected":false},"author":2,"featured_media":44454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-44453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n