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BSF and SIMAH sign Data Sharing Agreement to enhance Digitization Strengthen Partnership

07/Jun/2022

BSF  and the Saudi Credit Bureau (“SIMAH”) have signed a first-of-its kind data sharing agreement (the “Agreement”) that will strengthen partnership between the two leading entities and improve digital services for BSF customers.

The Agreement was signed during a ceremony held to celebrate the strategic partnership between BSF and SIMAH. The Agreement offers BSF a salary certificate, one of SIMAH's added value services, which would enable BSF to check the salary and employment status of a consumer applying for credit products. It covers all beneficiaries in the governmental, semi-governmental and private sectors.

The Agreement comes at a time when BSF is planning to launch its new Installment Financing product as part of the innovative Agency Banking Platform (the “Platform”). This Platform offers clients fully digitized products that cover multiple solutions, from personal loans to credit cards and home loans.

To comment on the occasion, Bandar Al Qubisy, Head of Consumer Assets at BSF said, “Our decision to move forward using SIMAH and their cutting-edge services directly complements BSF’s vision of transforming its wide array of products into fully digitalized lending solutions.”

Alaa Al-Mashhadi, Chief Business Development Officer at SIMAH said, “SIMAH has designed a suite of added-value services, which provide best business solutions to all sectors. These added-value services are designed to help credit providers in their business challenges, understanding borrowers’ creditworthiness, and solving business challenges, to ensure the best credit environment in all sectors”.

BSF has recently taken several initiatives to enhance and expand its digital services and solutions, including the upcoming launch of Open Banking technology solutions in line with the Open Banking Initiative adopted by the Saudi Central Bank. Through its digitization strategy, BSF is aiming to become the go-to digital bank in Saudi Arabia.

On the other hand, SIMAH offers an optimized digital customer journey by providing comprehensive credit information services and added value products in order to sustain and afford the highest level of stakeholder satisfaction, such as DecisionSmart service. This service provides the ideal decision-making foundation for companies that need to successfully achieve digital transformation and provide instant lending decisions for financing products and services to their applicants.

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