back Back

Qarar & Biz2X launch cloud-based SME lending platform in Saudi Arabia

By Delisha Fernandes

August 30, 2023

  • Biz2X
  • borrowers
  • Credit Decisioning
Share

Biz2X , Qarar, Lending , SME, credit decisioning ,data analytics, borrowers , lenders, SME financing, FinTech news, FinTech Saudi ArabiaQarar, a data analytics and credit decisioning company, and Biz2X, a FinTech provider, has announced a strategic joint venture that aims to enhance the landscape of SME lending in Saudi Arabia.

The primary objective of the partnership agreement is to bridge the financing gap faced by SMEs. Qarar and Biz2X are creating one of the largest SME lending platform in Saudi Arabia with a streamlined digital experience that empowers SME borrowers and lenders to transact seamlessly.

Lenders will also have the ability through the platform to create their own lending marketplaces, further enhancing their financial offerings to the SME sector. The companies invite lenders to contact them for early access to the platform.

Rohit Arora, CEO of Biz2X, said, “Our partnership with Qarar reflects the financing expertise and advanced technology that the Biz2X® platform delivers. By bringing our technology and expertise to lenders in Saudi Arabia we are fulfilling our mission to make SME lending more accessible and efficient for businesses everywhere, fostering economic growth and prosperity.”

Leveraging Biz2X technology, the new platform will transform the SME lending process to fix this financing gap. Biz2X equips lenders with the necessary tools and resources to offer tailored and competitive SME loan solutions, resulting in faster and easier access to finance. The Qarar-Biz2X partnership enhances the overall efficiency of the SME lending market, benefiting both borrowers and lenders alike.

Zaid Kamhawi, CEO of Qarar, said, “We are excited to partner with Biz2X to support the development of the SME sector in Saudi Arabia. This partnership knits together our combined technical expertise, established international success, and on-the-ground market presence. Together, we are offering a powerful and proven platform that will help transform the SME lending market in Saudi Arabia. We applaud the Saudi Vision 2030 and are delighted to be contributing to the ambitious fintech initiatives throughout the Kingdom.”

Previous Article

August 30, 2023

AiBANK and Visa partner to enhance digital payments in Egypt

Read More
Next Article

August 30, 2023

Providence FCU enhances digital banking with Mahalo Banking platform

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Biz2X

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 23, 2024

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

July 23, 2024

Finastra & CredAble team to offer supply chain finance to banks globally

Read More

July 23, 2024

UAE SMEs identified accepting contactless payments as a critical investment area to meet consumer expectations, study shows

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024