Discover how Qarar and Biz2X are transforming Saudi SME finance and fostering digital lending solutions in alignment with Saudi Vision 2030.
According to its Saudi Vision 2030, the Kingdom of Saudi Arabia wants to increase the SME sector to 22% of its GDP. Qarar, a wholly owned subsidiary of SIMAH and a leader in data analytics and credit decisioning in the Middle East, has teamed with Biz2X, a leading global fintech and finance firm, to contribute to this goal.
The partnership agreement’s main goal is to address the financial gap that SMEs suffer. In Saudi Arabia, the businesses are building a platform for SME finance. The digital experience for SMEs will enable smooth transactions between lenders and borrowers. Through the platform, lenders will also be able to build their own lending marketplaces. This improves their financial services to the SME sector even more. For early access to the platform, the companies ask lenders to get in touch with them.
The CEO of Qarar, Zaid Kamhawi, expressed his excitement for the alliance and said, “This partnership knits together our combined technical skills. It demonstrates success on a global scale and market penetration. Together, we are providing a strong and tested infrastructure that will enable Saudi Arabia’s SME loan sector change. We salute the Saudi Vision 2030 and are honored to support the bold fintech initiatives taking place across the Kingdom.
Implementing Saudi Vision 2030
The combined venture will significantly advance Saudi Vision 2030. It is consistent with the Kingdom’s objective to increase the SME sector to 22% of GDP. Compared to its present GDP contribution of 9%, this is a significant increase. Commercial banks have historically turned down up to 57% of SME funding requests each year because they were hesitant to lend to SMEs on a large scale.
The platform, which makes use of Biz2X’s technology, will give lenders the tools and resources they need to provide specialized and affordable SME lending solutions. This will lead to quicker and simpler access to financing. The alliance between Qarar and Biz2X improves the SME financing market’s general efficiency. This is advantageous to lenders and borrowers alike.
“Our partnership with Qarar reflects the financing expertise and cutting-edge technology that the Biz2X platform delivers,” said Rohit Arora, CEO of Biz2X. We are achieving our goal of making SME lending more available and effective for businesses globally by providing our technology and experience to lenders in Saudi Arabia. This will promote wealth and economic progress.
