Riyadh – Mubasher: Tabadul is set to further streamline the bank guarantee process in Saudi Arabia through “Wthaq”, the Middle East's first-of-its-kind digital platform launched last May.
The new platform, which is in line with the Saudi Vision 2030’s digital transformation programme, serves all types of bank guarantees, prevents fraud through verification, and improves the efficiency of transactions, according to a press release on Thursday.
The first phase of Wthaq was launched by linking with 12 local banks. Work is currently in motion to link with the rest of the banks operating in the kingdom.
Moreover, 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," remarked CEO of Tabadul, Abdulaziz Al Shamsi.
The innovative services provided through Wthaq enable public and private sector beneficiaries to manage bank guarantees issued to their accounts, or those issued electronically.
On Fasah, which is a unified and specialised platform used in implementing the electronic procedures related to export and import operations, Al Shamsi said it has led to a paradigm shift in facilitating, speeding up, and shortening the paper procedures used previously. The platform currently serves more than 68,000 importers and exporters, with the daily operations averaging nearly 300,000.
Over the past year, Tabadul has worked with the Saudi Customs Authority to activate Fasah to provide an online application service at 35 land, air and port entry points of Saudi.
"We are also working with the General Authority of Civil Aviation (GACA) and the Transport General Authority to link with their electronic services," Al Shamsi concluded.
