Al Rajhi Bank move to digitally empower, finance SMEs
Al Rajhi Bank, a pioneer in innovative banking solutions in Saudi Arabia, has announced a strategic partnership with RATL Technology, the owner of MUHIDE fintech platform, to digitally empower and finance SMEs within a secure, authenticated, and governed ecosystem.
MUHIDE platform was launched under the sponsorship of Sharakah, a program of Thiqah.
The platform stands as an innovative solution that provides robust operational governance tools to reduce potential commercial and financial disputes between buyers and sellers.
MUHIDE platform contributes to ensuring the protection of sellers' payment rights and buyers' delivery rights, while enhancing the efficiency of trade transactions.
Additionally, the platform strengthens the credibility of the trade ecosystem in the Saudi market and creates a seamless and trustworthy business environment for SMEs.
Through this partnership, Al Rajhi Bank will extend to SMEs a blockchain-enabled solution that allows them to govern trade transactions within a risk-mitigated ecosystem and access payables and receivables financing solutions.
Al Rajhi Bank will offer SMEs competitive financing rates due to the visibility and transparency provided by the MUHIDE platform, enabling SMEs to achieve cost savings, boost their cash flow, and enhance their risk mitigation strategies.
This integrated solution not only digitizes transactions but also provides SMEs with a unique opportunity to enhance their cash flow sustainably, secure their transactions, and build strong, trust-based relationships with their business partners.
Hossam Al-Basrawi, general manager of corporate banking at Al Rajhi, said: "We always strive to empower SMEs by innovating solutions that help in authenticating and governing trade financing within an integrated digital system."
Hashim Al-Hussaini, CEO of RATL Technology Ltd., said: 'Trade financing for payables and receivables is fundamental for the growth of SMEs as it enhances cash flow and operational efficiency.
"We are proud to partner with Al Rajhi Bank to empower SMEs through a digitally robust trade ecosystem.
"Saudi Arabia is at the forefront of digital evolution in the region, and we are committed to contributing to the Kingdom's Vision 2030 and its digital transformation journey, paving the way for attracting more local and foreign investments.'
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