Tamam, a leader in the microlending sector in Saudi Arabia, has announced a strategic collaboration with ZainTECH, Fico, and Lean Technologies to develop innovative, AI-driven data solutions tailored for the Saudi consumer finance market.
This partnership aims to create the region’s first AI-driven credit assessment model, utilizing open banking data to enhance financial inclusion, which aligns with Saudi Arabia’s ambitious Vision 2030 initiative to establish the country as a global leader in fintech innovation. It also adheres to the regulatory framework set by the Saudi Central Bank.
The alliance brings together these four key players to explore and integrate advanced AI applications and open banking technologies, enhancing Tamam’s platform. Through this collaboration, Tamam intends to transform the consumer finance landscape by providing personalized, data-driven financial solutions that cater to the evolving needs of Saudi customers.
Shari’a-compliant Loans
Tamam offers a comprehensive range of financial services in Saudi Arabia, enabling individuals to obtain Shari’a-compliant loans without visiting a bank. The platform allows users to complete the entire loan application and approval process within minutes. Loans of up to SR50,000 ($13,312) are available for a 24-month tenure, with no salary transfer or guarantor required.
Yousef Al Musaileem, CEO of Tamam, stated, “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 our technology partners, we will deliver innovative, secure, and customer-centric solutions that align with Saudi Arabia’s 2030 vision of becoming a regional fintech hub.”
Andrew Hanna, CEO of ZainTECH, emphasized the critical role of digital data and AI in enhancing customer experiences. “This four-party collaboration to accelerate the delivery of innovative fintech propositions reinforces our ambitions to drive digital transformation and empower enterprise growth in Saudi Arabia, further highlighted by ZainTECH’s recent office openings in Riyadh.”
Collaborative Innovation for Vision 2030
This partnership signifies a major step in Saudi Arabia’s ambition to lead the region in fintech innovation. The advanced AI-driven solutions being developed will enable Tamam to offer its customers a more personalized, secure, and seamless financial experience, in direct support of Vision 2030 and under the supervision of the Saudi Central Bank.
Data Security and Protection
A primary focus of this partnership is ensuring high standards of data protection and security. The collaborating parties have committed to strict protocols for secure data sharing, utilizing Lean’s open banking technology to facilitate compliant data exchanges. These measures aim to introduce cutting-edge technology to the Saudi financial market, enhancing transparency, trust, and customer privacy.
All four organizations—Tamam, ZainTECH, Fico, and Lean—have reaffirmed their commitment to driving innovation in the Saudi fintech landscape by enhancing Tamam’s offerings and contributing to the broader objectives of Saudi Arabia’s Vision 2030.
