Saudi Arabia Tourism Development Fund Launches Digital Lending Service With Temenos

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 TDF’s financing solutions. The SAR 15 billion (USD 4 billion) fund was created to enable private sector tourism investment and develop the tourism sector as part of Saudi economic diversification plans.

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, modern microservices architecture, and a low-code environment, TDF benefits from speed, agility, and a fast time to market. With the support of local implementation partner NdcTech, TDF was able to build and launch gradually, commissioning the first phase of the 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 of Tourism Development Fund, said: “With Temenos, we were able to create 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 vital role to play in the growth of Saudi Arabia’s tourism sector 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 launch 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 is a testament 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 cutting-edge 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. With TDF, we are proud to facilitate and accelerate access to financing that will stimulate tourism investment.

Ammara Masood, CEO and President of NdcTech, commented: “Our many years of experience on the Temenos platform allowed us to launch the TDF system in such a short time on the OCI Cloud. The TDF team was extremely collaborative, and working as a team with Temenos made this rapid implementation possible.

Temenos is the platform of choice for digital banks looking to get started quickly. It has over 70 neo and challenger banks worldwide on its platform, more than any other vendor, and is ranked best-selling category in the IBS Intelligence Sales League Table 2021.

Temenos carried out the project as part of a consortium led by Almoammar Information Systems (MIS) with National Data Consultants (NdcTech), Temenos’ specialist Saudi implementation partner. By working together, the combined resources and expertise ensured a smooth integration and shortened implementation time.

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