Tabadul set to streamline bank guarantee services in Saudi Arabia through Wthaq
Tabadul, Saudi Arabia’s leading digital solutions provider to effectively promote global trading system, is set to further streamline the bank guarantee process in Saudi Arabia through “Wthaq”, the first-of-its-kind digital platform in the Middle East.
Launched in May, Wthaq is in line with the Saudi Vision 2030’s digital transformation program, serves all types of bank guarantees, and improve the efficiency of transactions to save time and effort, as well as prevent fraud through verification.
The first phase of Wthaq was launched by linking with 12 local banks. Work is currently ongoing to link with the rest of the banks operating in the Kingdom. The second phase of the platform will enable clients to issue, release, modify and confiscate bank guarantees electronically.
"The estimated number of bank guarantees issued annually in the kingdom stands at around 100,000. Wthaq will automate all procedures for issuing and verifying bank guarantees online, along with unifying the standards for issuing the guarantees by banks in the Kingdom," commented Abdulaziz Al-Shamsi, CEO, Tabadul.
Tabadul’s involvement in financial services is one of the company’s strategic objectives. The innovative services offered through Wthaq enables the beneficiaries from both the public and private sectors to manage bank guarantees issued to their accounts, or those they issue electronically.
Wthaq platform provides an integration mechanism by connecting with the bank’s system of guarantees and represents an extension of the excellent electronic and digital services offered by Tabadul to customers.
On the other hand, Al Shamsi said Fasah, a unified and specialized platform used in implementing the electronic procedures related to export and import operations, has led to a paradigm shift in facilitating, speeding up and shortening the paper procedures used previously.
He pointed out that the platform currently serves more than 68,000 importers and exporters, with the daily operations averaging nearly 300,000.
Al Shamsi emphasized that Tabadul is seeking to work with all members of the logistics industry, aiming to establish a national system for export and import.
Tabadul has worked with the Saudi Customs Authority over the past year to activate Fasah platform to provide an online application service at 35 land, air and port entry points of the Kingdom.
Tabadul is working with the Saudi Customs Authority and the Saudi Ports
Authority to extend the Trucks Management Project application to include the main ports and entry points of the Kingdom, which will contribute to facilitating the flow of trucks and enhancing work efficiency.
"We are also working with the General Authority of Civil Aviation and the Transport General Authority to link with their electronic services," Al Shamsi concluded.