- 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 knowledge to drive monetary inclusion
- The enhancement to Tamam’s microlending platform will revolutionize the buyer finance panorama, offering personalised, 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 knowledge options particularly tailor-made to the Saudi shopper 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 knowledge to drive monetary inclusion, underscoring the Kingdom’s formidable 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 purposes and open banking applied sciences to boost Tamam’s platform. Via this collaboration, Tamam goals to revolutionize the buyer finance panorama, offering personalised, data-driven monetary options that cater to the evolving wants of Saudi prospects.
Tamam is a number one one-stop store for monetary providers 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 utility and award course of takes simply minutes from the time of downloading the app to the mortgage quantity being paid out. Loans are supplied 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 out there 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 circumstances, making certain the options developed are sensible, related, and safe for its buyer base. Tamam can even prioritize stringent knowledge 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 expertise supplier, will oversee the deployment of AI-driven options throughout Tamam’s platform, making certain compatibility and scalability whereas enhancing system effectivity and safety.
– FICO (FICO.com) a worldwide analytics software program chief, will ship AI use circumstances targeted on predictive credit score scoring, threat evaluation, and buyer habits analytics, driving worth by way of personalised monetary insights.
– Lean (Leantech.me) will facilitate safe, compliant knowledge connectivity by way of its open banking expertise, making certain seamless real-time knowledge 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 big 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 prospects a extra personalised, safe, and seamless monetary expertise. This collaboration immediately helps Imaginative and prescient 2030, below the supervision and regulation of the Saudi Central Financial institution.
Knowledge Safety and Safety
A key focus of the partnership is making certain the best requirements of knowledge safety and safety. The events have dedicated to strict protocols for safe knowledge sharing and confidentiality, using Lean’s open banking expertise to facilitate compliant knowledge exchanges. These measures will convey cutting-edge expertise 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 targets of Saudi Arabia’s Imaginative and prescient 2030.
