Zain Group FinTech device secures kingdom's first buyer micro-financing licence
04 January, 2021
A good subsidiary of Kuwait-based telecom operator Zain Group has been granted a licence by the Saudi Central Lender to supply micro-financing services to consumers in the kingdom through a portable app.
The award of the licence to Tamam Funding Company, a FinTech set up by Zain Group in 2019, may be the to begin its kind by a regulator in the kingdom, Zain Group said in a statement on Sunday.
Tamam is a good Sharia-compliant platform offering client micro-finance in less than five minutes, the business said.
“Investing in viable digital services such as the FinTech sector is a technique we have launched a couple of years ago with Zain Money and continue steadily to implement across our market segments as a critical element of our sustained evolution and success," Bader Al-Kharafi, vice-chairman and group chief executive of Zain, said.
Tamam aims to increase financial inclusion found in the kingdom based on the Financial Sector Development Program of Vision 2030 program launched by Crown Prince Mohammed bin Salman to diversify the overall economy.
The licensing follows the completion of an 18-month testing period within a regulatory sandbox set up by the Saudi Central Bank. The app and the program were vetted for efficiency, reliability, and compatibility with customer individual profiles in Saudi Arabia, in line with the sandbox's guidelines, the business said.
“Innovation and investment found in digital offerings, such as FinTech, reaches the center of Zain KSA's perspective to come to be the leading supplier of digital services found in the kingdom,” Sultan Al Deghaither, leader of Zain's Saudi Arabian business and Tamam vice-chairman and managing director, said.
Zain Group, listed on Boursa Kuwait, operates found in Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. It offers mobile services to a lot more than 49.8 million active customers by September 30, 2020.
Demand for digital repayments and other financial technology solutions has burgeoned as more people use online banking products and services to transfer funds and pay for e-commerce transactions amid the coronavirus pandemic.
Globally, digital payments are set to grow to $8.26 trillion in 2024, from $4.4tn this past year, according to Statista.
In November, the Central Lender of the UAE said it opened up a fresh FinTech office to fuel the growth of digital payments and improve monetary inclusion in the united states.
Source: www.thenationalnews.com
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