The ceremony, held at Al Rajhi headquarters in Riyadh, was attended by Tabadul CEO Mr. Majed bin Faleh Al-Otaibi and Corporate Banking General Manager at Al Rajhi, Mr. Hossam Al-Basrawi along with a number of banking experts and stakeholders.
The event announced the issuance of Al Rajhis first bank guarantee letter through Wthaq platform which brought the agreement into effect by issuing and reporting end-to-end bank guarantees through Wthaq in record time
To this end, Tabadul CEO Mr. Majed bin Faleh Al-Otaibi stated: The agreement with Al Rajhi Bank cements Tabaduls overarching strategy of innovating and implementing digital solutions, in line with Saudi Vision 2030. Wthaqs strategic approach allows for fully automating, controlling, and unifying secure and reliable bank guarantees in the Kingdom through periodic statistical reports that enhance the level of satisfaction among all beneficiaries.
For his part, Corporate Banking General Manager at Al Rajhi, Mr. Hossam Al-Basrawi said: This vital partnership will offer our clients an unrivaled opportunity to leverage Wthaqs features and services and enhance Al Rajhi banks premium electronic and digital solutions. It will also inspire quality transactions and save time and effort in issuing and verifying secure and reliable bank guarantees while highlighting Al Rajhis strategy of developing the banking and financial sector in the Kingdom.
Notably, Wthaq is one of Tabaduls flagship products and the first-of-its-kind digital platform in the Kingdom and the region that provides an integration mechanism with regional banks and specializes in issuing digital bank guarantees under the supervision of the Saudi Central Bank (SAMA). Issuing the first digital bank guarantee is an extension to Al Rajhi Banks pioneering initiative of digitizing cross-border letters of credit, one of the most vital trade financing tools worldwide.
###