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Tamam Partners to Advance AI-Driven Fintech

Tamam Partners to Advance AI-Driven Fintech
  • PublishedNovember 4, 2024
Tamam,a leading fintech company in Saudi Arabia’s microlending market, is partnering with ZainTECH, Fico, and Lean Technologies to create innovative AI-based solutions for the Saudi consumer finance sector.
This collaboration will introduce Saudi Arabia’s first AI-driven credit assessment model that uses open banking data to foster financial inclusion and aligns with the Saudi Central Bank’s regulations and Vision 2030 goal of positioning the kingdom as a fintech leader.
This partnership unites key players in fintech to explore AI applications and open banking technologies, transforming Tamam’s platform. The aim is to deliver personalised, data-driven financial solutions tailored to Saudi customers’ evolving needs. Tamam’s digital platform offers Shari’a-compliant loans, allowing Saudi nationals and residents to access financing without visiting a bank or providing a guarantor. Loans up to SR50,000 ($13,312) are processed through a simple app-based application, with funds transferred within minutes.

Tamam’s CEO, Yousef Al Musaileem, described the partnership as a “milestone” for Tamam’s journey in AI-powered financial services. Through collaboration with technology experts, Tamam will offer secure, customer-centric solutions that align with Saudi Arabia’s vision of becoming a regional fintech hub.

Andrew Hanna, CEO of ZainTECH, highlighted the partnership’s role in advancing digital data and AI to enhance customer experiences in the Saudi market. The four-party collaboration is set to drive digital transformation and boost enterprise growth, strengthened by ZainTECH’s recent expansion in Riyadh.

The collaboration harnesses the expertise of each partner:

  • Tamam defines business requirements, ensuring solutions are relevant and secure, with strong data protection aligned with the Saudi Central Bank’s standards.
  • ZainTECH leads the deployment of AI solutions, enhancing compatibility, scalability, and security on Tamam’s platform.
  • Fico brings analytics for predictive credit scoring, risk assessment, and customer insights.
  • Lean Technologies provides open banking connectivity, ensuring secure, real-time data integration.

This initiative supports Vision 2030 by bringing advanced fintech solutions to Saudi Arabia, enhancing transparency and trust in financial services while prioritising data security and compliance.

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