Tabadul invites banks in KSA to join its digital financial services platform

By Leandra Monteiro

The Saudi Electronic Info Exchange Company (Tabadul) is inviting all Saudi banks and foreign banks operating in the Kingdom to partner with it and join Wthaq, the digital financial services platform endorsed by the Saudi Central Bank (SAMA).

Wthaq is a platform that is distinguished at the local and regional levels for its outstanding services. The platform automates all procedures of issuing and managing bank guarantees while unifying the standards involved in the process and ensuring high security to serve bank guarantee issuers and beneficiaries. The platform also provides periodic statistical reports that contribute to enhancing the transparency and reliability of the financial sector’s data.

Commenting on the initiative, Tabadul, CEO, Majed bin Faleh Al-Otaibi said, “Wthaq enables users to view, verify, issue, amend and cancel bank guarantees by linking beneficiaries to banks in Saudi Arabia over an all-digital process. The platform complements our core function of providing logistic services that contribute to the Kingdom’s digital transformation and Saudi Vision 2030’s Financial Sector Development Program. Tabadul is committed to serving the goals of the national vision and the universal sustainable development goals by innovating solutions and striking strategic partnerships with government institutions and private enterprises to spur economic growth and drive the development of the financial sector and digital transformation.”

Wthaq is one of Tabadul’s flagship products that offers several features, including payments management, profile management, user management, bank guarantee services for the public and private sectors, and authorization management. Each feature covers a set of services, making Wthaq a more comprehensive and effective platform and Tabadul’s main arm for innovating and delivering secure and reliable technical solutions for the financial sector through an integrated smart digital system that covers the bank guarantee journey from end to end.