Tamam Financing and SIMAH join hands to build a robust, modern digital financial sector
Tamam Financing, Zain KSA’s 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’s Financial Sector Development Program. The agreement was signed on the sidelines of global tech event LEAP, hosted in Saudi Arabia and supported by the Ministry of Communications and Information Technology and the Saudi Federation For Cybersecurity, Programming and Drones (SAFCSP).
The MoU was signed by Vice Chairman and Managing Director of Tamam Financing, Eng. Sultan bin Abdulaziz Al-Deghaither, and the CEO of SIMAH, Mr. Swaied AlZahrani
The agreement outlines the framework of mutual cooperation in credit data analysis as a way to empower sound financial decisions which would reduce credit risks and contribute to achieving financial inclusion. Tamam is one of the first FinTech providers in Saudi Arabia and a pioneer in providing consumer micro-lending solutions, serving its inclusive customer base through an instant, seamless and all-digital process over its innovative digital platform. Tamam also holds the PCI-DSS accreditation which protects the security of the digital infrastructure and data. In parallel, SIMAH is the first Credit Information Company to adopt the best practices for enhancing operational efficiency and refining data quality through the full automation of services, procedures and transactions, which increases its contribution to the development of financial systems.
Tamam and SIMAH will collaborate to explore opportunities for cooperation in the fields of credit systems, credit risk management, and the deployment of modern technology and Artificial Intelligence in credit rating processes and credit report analysis.
Commenting on the MoU, Tamam’s Vice-Chairman and Managing Director, Eng. Sultan bin Abdulaziz Al-Deghaither, said: “We value this mutual cooperation with SIMAH, which will help us synchronize our efforts to develop the Kingdom’s FinTech sector by introducing innovative services and tech-powered systems that contribute to building a modern, reliable financial sector that keeps pace with the future trends of digital credit. Our increased collaboration also serves to enhance our contribution to the objectives of Saudi Vision 2030 and the corresponding goals of the Financial Sector Development Program, as well as the Saudi government’s digital economy strategy which aspires to build an innovative and diversified economy that enhances the Kingdom’s global competitiveness and raises the quality of life through services that support superior livability and sustainability.”
In his remarks, CEO of SIMAH, Mr. Swaied AlZahrani stated: “Through its huge database and the financial tools it offers, SIMAH actively seeks to contribute to promoting economic development by fostering a more competent financial system that supports highly efficient transactions between all parties, which is an effective and positive step that contributes to accelerating the growth of businesses. This MoU with Tamam Finance is aligned with SIMAH’s approach to build strategic partnerships to achieve diversity, inclusion, and financial stability, while deepening the role of the financial sector by automating data and using it to develop financial tools and compatible solutions for each sector. Our cooperation with Tamam, the first provider of digital consumer micro-lending solutions in the Kingdom, provides added value and greater depth in the field of data, and so we are confident that the outputs of this cooperation will endorse the development of the digital finance and FinTech sectors in Saudi Arabia.”
It is worth noting that Tamam Financing enables customers to acquire micro-financing in less than five minutes, from the time the app is downloaded to the moment of receiving the finance amount, based on the evaluation of the customer’s credit profile. Tamam is the first FinTech provider authorized by the Saudi Central Bank (SAMA) to offer consumers instant micro-lending solutions across Saudi Arabia and the region. The company successfully passed the testing period during which the service was vetted for functionality, security, and compatibility with customer user profiles in Saudi Arabia, in line with the Regulatory Sandbox guidelines, proving its high efficiency through its modern and fast-evolving digital structure.
