The Saudi National Bank has announced the launch of its new SME Financing platform in partnership with Tarabut and Geidea.
Following this announcement, the solution is powered by Tarabut, MENA’s regulated financial technology platform, and delivered through Geidea, a Saudi Arabian payment solutions provider.
This initiative currently remains subject to all necessary approvals from the Saudi Central Bank (SAMA), while the partnership will also support Vision 2030 and the Financial Sector Development Program through the process of developing faster, simpler, and more inclusive access to working capital for SMEs, the backbone of Saudi Arabia’s economy.
More information on SNB’s launch of its SME Financing platform
According to the official press release, Tarabut will provide the intelligence layer that powers Open Banking in the Kingdom, while also enabling banks like SNB to deliver instant, secure, and tailored credit experiences directly within the platforms SMEs already rely on. At the same time, through the process of bringing financing closer to the point of need, Tarabut is set to deliver digital lending for SMEs, as the partnership with SNB and Geidea aims to deliver development at a national scale.
With Geidea’s regional merchant network spanning several PoS terminals, this initiative aims to bring financing directly to the merchants’ payment ecosystem over Point of Sale and ecommerce channels. With this collaboration, the firms are set to bring financing directly into the same platform that SME customers already use in order to manage and grow their businesses.
The first rollout will soon be launched, providing SMEs with the possibility to benefit from direct access to SNB-powered financing enabled by Tarabut’s technology without leaving their PoS environment. In addition, by removing barriers and reducing waiting times, the partners are set to bridge the Kingdom’s credit gap and strengthen entrepreneurship.
