Wissam Khoury, Managing Director for Middle East and Africa, Finastra

Fusion Essence, Finastra’s core banking solution, has been chosen by Saudi Arabia’s Agricultural Development Fund to power its lending services. The platform is chosen to provide the fund’s customers with improved services such as shorter loan approval times, enhance the credit risk management practice as well as supporting Saudi Arabia’s strategic transformation plan, Vision 2030.

The Agricultural Development Fund specializes in financing various agricultural activities in Saudi Arabia, with a mandate to develop the sector and increase its productive efficiency. Its services allow farmers to obtain Shari’ah compliant loans for agricultural machinery and equipment. The selection of the new system, Fusion Essence, is part of the Information Technology initiative, one of the Fund’s 10 strategic transformation program initiatives, which seeks to achieve the fund’s objectives in line with the Kingdom’s vision for the future.

“The fund’s credit services are a vital element towards developing the Kingdom’s agricultural activity,” said Muneer bin Fahad Al-Sahli, General Director for Agricultural Development Fund. “It’s crucial for us to offer our clients – farmers and other players in the agricultural space – a seamless digital experience which enables them with their endeavors. With Fusion Essence, we will be able to increase automation through our loan portal, which will lead to reduced timeframes for loan approvals and improved operational efficiencies.”

Wissam Khoury, Managing Director for Middle East and Africa, Finastra, said “This is a tremendous demonstration of the flexibility and versatility of our products. It is great to see Fusion Essence recognized for its strengths, beyond its traditional banking remit. This project will enable the Kingdom’s farmers to access credit faster, in support of agribusiness success, and in turn, encourages Saudi Arabia’s agricultural development.”

The fund plans to go live with Fusion Essence by next year.

Finastra was recently selected by Myanmar’s Kanbawza (KBZ) Bank for its treasury management solution-Fusion Treasury-to automate systems, manage risks and increase operational efficiencies.

Formed in 2017 by the combination of Misys and D+H, Finastra provides a portfolio of financial services software such as retail banking, transaction banking, lending, and treasury and capital markets.

by Megha Bhattacharya
Market Analyst at IBS Intelligence