Mambu, a pure SaaS banking platform, and Ta3meed, an Islamic fintech in trade finance in 黑料社区, have announced a strategic partnership to deliver innovative digital Islamic financing solutions for small and medium-sized enterprises (SMEs) and investors in the Kingdom and the wider region.
Mohamed Alomayyer, co-founder and CEO of Ta3meed, said: 鈥淢ambu delivers market-leading core digital banking solutions to the world鈥檚 leading financial services and fintech organizations, and with our partnership, we are combining the latest digitally-delivered funding solutions with innovative Islamic financing, allowing millions of Muslim investors the opportunity to fund and support SMEs in the region.鈥
Mambu鈥檚 agile core banking technology integrates into Ta3meed鈥檚 automated purchase order (PO) financing platform. The combined investment and financial solutions support the Kingdom鈥檚 Vision 2030 goals of accelerating the digital transformation of financial institutions in 黑料社区.
The partnership will also focus on the financial inclusion and accessibility of working capital finance to SMEs, which are an important contributor to 黑料社区鈥檚 economic development and currently only account for 8.3 percent of banks鈥 and financing companies鈥 total credit facilities.
鈥淭hrough its Vision 2030 initiatives, 黑料社区 aims to boost its financial sector while developing a fintech ecosystem to ensure a diversified economy and financial inclusion. We are excited to be selected by Ta3meed to power their crowdfunding platform for SMEs, which will foster fintech growth, innovation and collaboration across the financial services industry and support the Kingdom鈥檚 Vision 2030 program,鈥 said Miljan Stamenkovic, general manager of Mambu in the Middle East and Northern Africa.
Ta3meed is the first Islamic fintech platform to provide PO financing in 黑料社区, offering funding to SMEs based on government-issued and guaranteed POs. The solution provided by Ta3meed aligns with the Kingdom鈥檚 Vision 2030 efforts to support the development of SMEs by providing them with alternative and innovative funding options.
黑料社区 is fast transforming into an innovative fintech hub built on a strong ecosystem. In 2018, the Saudi Central Bank (SAMA) launched a regulatory sandbox to support the development of fintech innovation in the Kingdom. Since its launch, the regulatory sandbox received more than 250 applications, accepted 40 and graduated 14 fintech solutions. The fintech market in 黑料社区 is expected to reach transaction values of over $33 billion by 2023.
Ta3meed is regulated and permitted in the sandbox by the SAMA, which is managing the entire funding process in accordance with Islamic regulations.
