TAMAM partners with ZainTECH, FICO and LEAN to drive AI-Powered Innovation in Saudi Arabia’s Fintech Sector

Riyadh, KSA; Dubai, UAE – WEBWIRE – Tuesday, October 29, 2024

Four-party collaboration will result in the regions first-of-its-kind AI-driven credit assessment model in the Kingdom, leveraging open banking data to drive financial inclusionThe enhancement to Tamams microlending platform will revolutionize the consumer finance landscape, providing personalized, secure and data-driven financial solutionsTamam, a Zain fintech and leader in Saudi Arabias microlending sector, is collaborating with ZainTECH, FICO, and Lean Technologies to develop cutting-edge, AI-driven data solutions specifically tailored to the Saudi consumer finance market. The alliance will result in the regions first-of-its-kind AI-driven credit assessment model in the Kingdom, leveraging open banking data to drive financial inclusion, underscoring the Kingdoms ambitious Vision 2030, aimed at positioning Saudi Arabia as a global leader in fintech innovation, and aligns with the regulatory framework set by the Saudi Central Bank.

The strategic partnership brings together four key players to explore and integrate advanced AI applications and open banking technologies to enhance Tamams platform. Through this collaboration, Tamam aims to revolutionize the consumer finance landscape, providing personalized, data-driven financial solutions that cater to the evolving needs of Saudi customers.

Tamam is a leading one-stop shop for financial services in Saudi Arabia, providing individuals with the opportunity to receive Sharia-compliant loans without physically visiting a bank location. The platforms end-to-end application and award process takes just minutes from the time of downloading the app to the loan amount being paid out. Loans are provided to Saudi nationals and residents, without the requirement of a salary transfer or guarantor, with a finance amount up to SAR 50,000 available for a 24-month tenure.

Yousef Al Musaileem, CEO of Tamam, commented, “This strategic partnership marks a significant milestone in Tamams journey toward becoming a leader in AI-powered financial services in the Kingdom. By leveraging the expertise of leading-edge technology partners, we will deliver innovative, secure, and customer-centric solutions that meet the needs of our customers as well as contribute to Saudi Arabias 2030 vision of becoming a regional fintech hub.[/i”

Andrew Hanna, CEO of ZainTECH said, [i]The importance of digital data and AI in driving significant predictive capabilities that fintech pioneers like Tamam can utilize to improve customer experiences is significant. This four-party collaboration to accelerate the delivery of new innovative fintech propositions, reinforces our ambitions to drive digital transformation and empower growth of enterprises in Saudi Arabia, further substantiated by ZainTECHs recent opening of offices in Riyadh.

Combined, the partnership leverages:

– Tamam (Tamam.life) will define key business requirements and use cases, ensuring the solutions developed are practical, relevant, and secure for its customer base. Tamam will also prioritize stringent data protection and anti-fraud measures to maintain customer trust and comply with the Saudi Central Banks regulatory framework.

– ZainTECH (ZainTECH.com) the integrated digital solutions provider of Zain Group and lead technology provider, will oversee the deployment of AI-driven solutions across Tamams platform, ensuring compatibility and scalability while enhancing system efficiency and security.

– FICO (FICO.com) a global analytics software leader, will deliver AI use cases focused on predictive credit scoring, risk assessment, and customer behavior analytics, driving value through personalized financial insights.

– Lean (Leantech.me) will facilitate secure, compliant data connectivity through its open banking technology, ensuring seamless real-time data integration while adhering to the strict regulations set forth by the Saudi Central Bank.

Collaborative Innovation for Vision 2030

This partnership represents a significant step forward in the Kingdoms efforts 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. This collaboration directly supports Vision 2030, under the supervision and regulation of the Saudi Central Bank.

Data Security and Protection

A key focus of the partnership is ensuring the highest standards of data protection and security. The parties have committed to strict protocols for secure data sharing and confidentiality, utilizing Leans open banking technology to facilitate compliant data exchanges. These measures will bring cutting-edge technology to the Saudi financial market, enhancing transparency, trust, and customer privacy.

All four organizations (Tamam; ZainTECH; FICO and Lean) reaffirmed their commitment to driving innovation in the Saudi fintech landscape by enhancing Tamams offerings and contributing to the broader objectives of Saudi Arabias Vision 2030.

Notes to editors, For more on:

Tamam: https://tamam.life/

ZainTECH: https://www.zaintech.com/en/

FICO: https://www.fico.com/en (FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries)

LEAN: https://www.leantech.me/

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