Saudi Arabia Tourism Development Fund Launches Digital Lending Service With Temenos In Just 60 Days
A new digital service streamlines access to financing solutions from TDF advance tourism projects in Saudi Arabia; Temenos (www.Temenos.com) the cloud-based banking platform enabled rapid development and time to market; Powered by Temenos and implemented by NdcTech, the service offers digital customer onboarding and loan origination, delivering a fast and frictionless customer experience.
Temenos (SIX: TEMN), the banking software company, announced that the Saudi Arabia Tourism Development Fund (TDF) launched a digital loan service on Temenos in just 60 days. The new service offers investors and businesses in the tourism sector quick access to financing solutions from TDF. The DAS 15 billion (USD 4 billion) was created to enable private sector tourism investments and develop the tourism sector as part of the plans to diversify the Saudi economy.
Faced with unprecedented global challenges due to the ongoing pandemic, the new digital service allows local and international tourism investors to access more quickly and easily financing solutions for tourism development projects. The service currently offers corporate lending and treasury investing products with seamless digital integration and origin.
The solution is powered by the cloud-native Temenos Infinity digital banking platform and the Temenos Transact next-generation core on the Oracle Cloud data center in Saudi Arabia. With the out-of-the-box features of Temenos, a modern microservices architecture and a low-code environment, TDF benefits from speed, agility and speed to market. With the support of the local implementation partner NdcTech, TDF was able to build and launch gradually, commissioning the first phase of digital service in just two months.
TDF offers tailor-made financing solutions to investors in the tourism sector with attractive financing rates. The use of predefined country-specific functions and the integration of Temenos Infinity helped the Fund to shorten the implementation times.
Tourism is one of the main pillars of Saudi economic reforms. The country has opened up to international tourists and foreign investors and hopes the sector will contribute more than 10% of gross domestic product by 2030, up from 3% currently.
Qusai Al Fakhri, CEO, Tourism Development Fund, commented: “With Temenos, we were able to build a new digital service to serve our investors in record time. The first phase of the project was launched within 60 days, and funding is already starting to flow to tourism projects across the Kingdom. The Tourism Development Fund has a critical role to play in stimulating the growth of Saudi Arabiatourism and in the diversification of our economy. It was therefore essential to have a technological partner who shares our vision and our ambition. Temenos was the obvious choice. It is the global leader in banking technology with an agile platform and deep expertise that allows us to build quickly and scale. “
Yasser Alkhathlan, Executive Director – Business Technology, Tourism Development Fund, added: “Temenos has an unrivaled reputation in digital banking with many successful projects with financial institutions and lenders in the region. This in-depth experience and expertise was the key to the rapid commissioning of TDF. With Temenos, we have simplified access to financing that will advance important tourism projects. Over time, we plan to leverage the rich out-of-the-box banking functionality of the Temenos digital banking platform to continue improving service and customer experience.
Jean-Paul Mergeai, President – International Sales, Temenos, said: “Launching a digital banking service in less than two months is a fantastic achievement. It testifies to the dedication and commitment of the Tourism Development Fund and its teams. TDF has bold ambitions, and Temenos’ open and flexible platform will allow TDF to continue to innovate quickly and at scale in the cloud as it grows. In addition to advanced technology, TDF will benefit from our 25 years of experience in the Middle East with 120 financial institutions in the region, from digital challengers such as STCPay to the biggest banks, including Al Rajhi. Together with TDF, we are proud to make access to finance that will stimulate tourism investments faster and easier.
Ammara Masoud, CEO and President NdcTech, commented: “Our many years of experience on the Temenos platform have enabled us to launch TDFsystem in such a short time on the OIC Cloud. TDFThe s team was extremely collaborative, and working together as one team with Temenos made this rapid implementation possible.
Temenos is the platform of choice for digital banks looking to get started quickly. It has more than 70 neo and challenger banks around the world on its platform, more than any other provider, and is ranked the best seller of the category in the SCI Intelligence sales ranking table 2021.
Temenos carried out the project as part of a consortium led by Almoammar Information Systems (MIS) with National Data Consultants (NdcTech), a Saudi partner specializing in the implementation of Temenos. Work together, the handset.
Distributed by APO Group on behalf of Temenos.
Jessica Wolfe and Scott Rowe
Temenos Global Public Relations
Phone. : +1 610 232 2793 & +44 20 7423 3857
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Phone. : +44 20 7680 6550
Building a flourishing tourist hub requires a strong involvement of the private sector.
The Tourism Development Fund (TDF) was created in 2019 with a capital of USD 4 billion to stimulate the growth of tourism in Saudi Arabia. TDF enables local and international investors seeking to take advantage of the sector’s strong potential by providing viable financing solutions and leveraging its large network of partners including government entities, public and private lenders as well as operators and providers of services… all deployed to bring investments to life.
Well positioned at the heart of the Saudi tourism ecosystem, TDF is well positioned to offer advice and financing options to SMEs, and tailor-made investment solutions to qualified investors. The vision of the Fund is to contribute to the achievement of the objectives of the National Tourism Strategy by opening up opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the 50 largest banks, trust Temenos to handle both the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payments and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.
Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half of the industry average, and return on equity of 29%, or three times the average of the sector. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business.
For more information, please visit www.Temenos.com.
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