Riyadh, KSA:– Al Amthal Financing Co., a prominent 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, with a strong presence in the Middle East, to launch their digital lending services in the KSA market. The project will be supported by Codebase Technologies local partner, Raqmiyat.

Statistics show the Kingdom of Saudi Arabia has seen a significant penetration of digital banking services since 2013. According to Statista, the adoption rate has surged from 15.55% to 51.42% in 2023, with projections showing a further increase to nearly 70% by 2028. As with many regions worldwide, financial institutions in the KSA are recognizing the importance of adopting modern banking practices to attract and retain customers.

Salem Albalhareth, Chief Information & Digital Officer, Al Amthal Financing Co, commented on the partnership saying, "Choosing Codebase Technologies is a strategic move towards realizing our digital transformation objectives. We are keen to capitalize 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.”

The collaboration will digitize the SME lending operations of Al Amthal and expand their retail lending business by utilizing 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.

Codebase Technologies MD for MENA, Tamer Al Mauge, added, "We are thrilled to partner with Al Amthal, a major player in Islamic financing in KSA, to revolutionize 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.”

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.

“Al Amthal Financing aims to position itself as one of the leading Islamic financial institutions in the region and engaging Codebase Technologies and Raqmiyat will accelerate the organization's long-term digital transformation strategy, enabling the lender to stay ahead of the curve in the rapidly evolving digital financial landscape,” commented Acting General Manager & Vice President of Sales at Raqmiyat, Bahaa Eddine Al Indary.

Al Amthal is taking a leap forward in digital finance by deploying the solution on a cloud infrastructure. This move positions the organization 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. In addition, the deployment on cloud will help Al Amthal save significant costs on their CapEx and OpEx, and benefit from robust data and customer security features.

"Al Amthal will leverage Digibanc's in-built, AI-based credit decisioning to optimize the lenders efficiency and improve accuracy for decisioning leading to a reduction in operating costs and increase in revenue. Access through remote onboarding also expands the organization's market reach and customer base, while improving satisfaction and lowering customer attrition. We commend Al Amthal's decision to move to the cloud, as this will significantly improve their agility and scalability while ensuring robust security. We are excited to deliver tangible value to Al Amthal and their customers through this transformative partnership," added Mazen Baalbaki, Territory Sales Manager at Codebase Technologies.                                

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About Codebase Technologies 

Codebase Technologies is one of the world's fastest-growing open API banking solution fintechs. With a vision to "disrupt the way technology is utilized for a greater purpose," the company engineers impactful digital financial experiences for conventional and Islamic banks, fintechs, neobanks, lenders, and startups.

Codebase Technologies has launched several digital, challenger, and neobank financial propositions worldwide with a proven success rate and unparalleled speed to market, exponentially growing as a digital banking technology pioneer in the global banking industry.

The company's award-winning DigibancTM fintech platform is a cloud-enabled, API-driven, and highly adaptable digital banking platform allowing institutions to deliver inclusive digital financial experiences. The platform's open architecture embraces a diverse ecosystem of partners and vendors, driving collaborative experiences across the financial services landscape. Built on a component-based, micro-services architecture, DigibancTM provides a robust and agile environment to launch new financial products and services at speed and scale.

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About Al Amthal Financing Co.
AL AMTHAL Financing is a Saudi company licensed by the Saudi Central Bank and has been operating in the Saudi market since 2000. It is one of the first and leading companies specialized in leasing finance programs, offering services to the highest worldwide standards in its field. The company has multiple branches to serve its customers better.

AL AMTHAL Financing's customer base has expanded to include all productive economic sectors in the Kingdom, providing movable and non-movable leasing assets such as equipment, factories, hospitals, construction equipment, transportation, and automobile covers leasing for a wide range of activities including general contracting, healthcare, travel and tourism companies, industrial, commercial, and service sectors. The company particularly focuses on serving small and medium-sized businesses in accordance with Islamic-based financing models and frameworks.

In addition, the company serves the individuals sector by helping customers achieve their desired car through carefully built monthly payments schedules. AL AMTHAL Financing leased cars are often better than what they could have purchased on their own.

The company operates in the Saudi market through strategic partnerships with the most important agents of vehicles and equipment in the Kingdom, enabling them to meet the needs of their customers better. Over the past thirteen years, AL AMTHAL Financing has served tens of thousands of customers through their expertise.

Learn more at: https://www.al-amthal.com.sa/

About Raqmiyat

Raqmiyat, one of the Al Ghurair Group of Companies, established in 1983, is a leading system integrator and Digital Transformation provider in the UAE & KSA Region. Raqmiyat’s core areas of expertise include Digital Banking, AI Chatbot, Digital Workforce, Automation & Analytics, Integration & Data management, IT Technology Staffing, Microsoft Services, Business Applications & Mobility, and Cybersecurity & Infrastructure. Raqmiyat has over 450+ associates with technical and domain expertise in delivering solutions to BFSI, Government, Education, Healthcare, Oil & Gas, Telecom, and Transport & Aviation verticals. Raqmiyat also offers comprehensive services through its partnership with Microsoft, OutSystems, eMudhra, Software AG, Yellow.ai, Kissflow, and SAS to deliver differentiated value to customers.

Know more about Raqmiyat at https://raqmiyat.com/

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Tom Romanski
Branding & Communications Lead
Email: romanski@codebtech.com