Al Amthal Financing Co & Codebase Technologies to launch digital lending services in KSA
By Delisha Fernandes
Al Amthal Financing Co., a SME lending company in the Kingdom of Saudi Arabia, has chosen Codebase Technologies, one of the world’s fastest-growing open API banking solutions providers, to launch their digital lending services in the KSA market. The project will be supported by Codebase Technologies local partner, Raqmiyat.
The collaboration will digitise the SME lending operations of Al Amthal and expand their retail lending business by utilising the cutting-edge capabilities of Codebase Technologies’ Digibanc platform, enabling the Saudi lender to offer their Retail and Corporate customers a Sharia-compliant digital onboarding, loan origination, and servicing experience.
Salem Albalhareth, Chief Information & Digital Officer, Al Amthal Financing Co, said, “Choosing Codebase Technologies is a strategic move towards realising our digital transformation objectives. We are keen to capitalise on market trends and transformative technologies, and we’re committed to introducing innovation for the benefit of our customers. This initiative is one of many in our strategy, and we believe it will form a strong foundation for us to deliver superior Sharia-compliant experiences in line with our core values.”
Codebase Technologies will leverage the omnichannel component of their Digibanc FinTech and banking platform to provide Al Amthal customers with seamless digital experiences accessible through web and mobile channels. To ensure compliance and security, Digibanc’s API integration layer will be used to seamlessly integrate with external agencies like SIMAH, Nafath, and Yakeen.
Tamer Al Mauge, Codebase Technologies MD for MENA, said, “We are thrilled to partner with Al Amthal, a major player in Islamic financing in KSA, to revolutionise their lending business. Our Digibanc platform’s omnichannel and digital onboarding components, coupled with instant credit decisioning and loan disbursement capabilities, will not only enhance Al Amthal’s market position, but also offer their customers an exceptional digital experience.”
Al Amthal is taking a leap forward in digital finance by deploying the solution on a cloud infrastructure. This move positions the organisation as an early adopter of cloud banking technology in KSA. The dynamic scaling capabilities of the cloud enable Al Amthal to seamlessly adjust to fluctuations in customer demand, ensuring that their services are always available to customers and are scalable at speed.
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