Riyadh, Saudi Arabia: Zain Saudi Arabia (Zain KSA), a leading mobile telecom innovator in Saudi Arabia announces that its financial technology (fintech) subsidiary Tamam Financing Company (Tamam) has been officially licensed by the Saudi Central Bank (SAMA) to provide micro-financing services to consumers across the Kingdom.
The Saudi Central Bank License marks Tamam as the first Fintech provider authorized to offer consumers instant micro-lending solutions via a fully digital experience. Tamam will provide its services across the Kingdom through an instant, seamless process conducted over its innovative Shari’a compliant platform that enables customers to acquire micro-financing in less than five minutes from the time the app is downloaded to the moment of receiving the finance amount based on the evaluation of the customer’s credit profile.
Commenting on the occasion, Eng. Sultan Bin AbdulAziz Al-Deghaither Zain KSA CEO & Tamam Vice-Chairman & Managing Director said, “The Saudi Central Bank’s license is a breakthrough that gives Tamam a unique position as the first fintech digital provider in the Kingdom “he added “Innovation and investment in viable digital services such as the fintech sector is critical to Zain KSA’s vision of becoming the Kingdom’s leading digital lifestyle provider. Zain KSA’s vision requires us to tap new digital growth areas in line with the Kingdom’s national digital transformation plan within Saudi Vision 2030.”
Al-Deghaither noted, “We believe the thorough testing achieved during the eighteen months of trials within SAMA’s Regulatory Sandbox has made our platform the most robust of its kind, and we look forward to increasing the number of consumers benefiting from micro-financing services.”
During its pilot phase, Tamam demonstrated high product viability and obtained PCI-DSS accreditation which ensures a highly secure digital environment.
Al-Deghaither concluded by, “thanking HE Dr. Ahmed bin Abdulkarim Alkholifey, Governor of the Saudi Central Bank (SAMA) and all the relevant divisions of the establishment, for their proactive efforts to promote innovation in the fintech sector in the Kingdom, he also recognizes the efforts of the Tamam team, which played a vital role in realizing this opportunity and scaling it to its current level.”
Tamam, Zain KSA’s fintech arm was established in 2019, to address the Financial Sector Development Program of Saudi Vision 2030 which aims to increase financial inclusion in the Kingdom and develop digital solutions for that purpose.