- 4-party collaboration will end result within the area’s first-of-its-kind AI-driven credit score evaluation mannequin within the Kingdom, leveraging open banking information to drive monetary inclusion
- The enhancement to Tamam’s microlending platform will revolutionize the patron finance panorama, offering customized, safe and data-driven monetary options
Tamam, a Zain fintech and chief in Saudi Arabia’s microlending sector, is collaborating with ZainTECH, FICO, and Lean Applied sciences to develop cutting-edge, AI-driven information options particularly tailor-made to the Saudi client finance market. The alliance will end result within the area’s first-of-its-kind AI-driven credit score evaluation mannequin within the Kingdom, leveraging open banking information to drive monetary inclusion, underscoring the Kingdom’s bold Imaginative and prescient 2030, geared toward positioning Saudi Arabia as a worldwide chief in fintech innovation, and aligns with the regulatory framework set by the Saudi Central Financial institution.
The strategic partnership brings collectively 4 key gamers to discover and combine superior AI functions and open banking applied sciences to boost Tamam’s platform. By this collaboration, Tamam goals to revolutionize the patron finance panorama, offering customized, data-driven monetary options that cater to the evolving wants of Saudi clients.
Tamam is a number one one-stop store for monetary companies in Saudi Arabia, offering people with the chance to obtain Shari’a-compliant loans with out bodily visiting a financial institution location. The platform’s end-to-end software and award course of takes simply minutes from the time of downloading the app to the mortgage quantity being paid out. Loans are offered to Saudi nationals and residents, with out the requirement of a wage switch or guarantor, with a finance quantity as much as SAR 50,000 obtainable for a 24-month tenure.
Yousef Al Musaileem, CEO of Tamam, commented, “This strategic partnership marks a significant milestone in Tamam’s journey toward becoming a leader in AI-powered financial services in the Kingdom. By leveraging the expertise of leading-edge technology partners, we will deliver innovative, secure, and customer-centric solutions that meet the needs of our customers as well as contribute to Saudi Arabia’s 2030 vision of becoming a regional fintech hub.”
Andrew Hanna, CEO of ZainTECH stated, “The importance of digital data and AI in driving significant predictive capabilities that fintech pioneers like Tamam can utilize to improve customer experiences is significant. This four-party collaboration to accelerate the delivery of new innovative fintech propositions, reinforces our ambitions to drive digital transformation and empower growth of enterprises in Saudi Arabia, further substantiated by ZainTECH’s recent opening of offices in Riyadh.”
Mixed, the partnership leverages:
– Tamam (Tamam.life) will outline key enterprise necessities and use instances, guaranteeing the options developed are sensible, related, and safe for its buyer base. Tamam will even prioritize stringent information safety and anti-fraud measures to keep up buyer belief and adjust to the Saudi Central Financial institution’s regulatory framework.
– ZainTECH (ZainTECH.com) the built-in digital options supplier of Zain Group and lead know-how supplier, will oversee the deployment of AI-driven options throughout Tamam’s platform, guaranteeing compatibility and scalability whereas enhancing system effectivity and safety.
– FICO (FICO.com) a worldwide analytics software program chief, will ship AI use instances centered on predictive credit score scoring, threat evaluation, and buyer conduct analytics, driving worth by customized monetary insights.
– Lean (Leantech.me) will facilitate safe, compliant information connectivity by its open banking know-how, guaranteeing seamless real-time information integration whereas adhering to the strict laws set forth by the Saudi Central Financial institution.
Collaborative Innovation for Imaginative and prescient 2030
This partnership represents a major step ahead within the Kingdom’s efforts to steer the area in fintech innovation. The superior AI-driven options being developed will allow Tamam to supply its clients a extra customized, safe, and seamless monetary expertise. This collaboration straight helps Imaginative and prescient 2030, below the supervision and regulation of the Saudi Central Financial institution.
Information Safety and Safety
A key focus of the partnership is guaranteeing the best requirements of information safety and safety. The events have dedicated to strict protocols for safe information sharing and confidentiality, using Lean’s open banking know-how to facilitate compliant information exchanges. These measures will carry cutting-edge know-how to the Saudi monetary market, enhancing transparency, belief, and buyer privateness.
All 4 organizations (Tamam; ZainTECH; FICO and Lean) reaffirmed their dedication to driving innovation within the Saudi fintech panorama by enhancing Tamam’s choices and contributing to the broader aims of Saudi Arabia’s Imaginative and prescient 2030.
