Tabadul and Al Rajhi launch the first end-to-end electronic bank guarantee

The Saudi Company for Exchanging Information Electronically (TABADUL) celebrated issuing the first end-to-end electronic bank guarantee with Al Rajhi bank through its flagship digital product, Wthaq offering premium financial solutions for the banking sector in the Kingdom in line with global best practices. 

The ceremony, held at Al Rajhi headquarters in Riyadh, was attended by Tabadul CEO Mr. Majed bin Faleh Al-Otaibi and Corporate Banking General Manager at Al Rajhi, Mr. Hossam Al-Basrawi along with a number of banking experts and stakeholders.

The event announced the issuance of Al Rajhi’s first bank guarantee letter through Wthaq platform which brought the agreement into effect by issuing and reporting end-to-end bank guarantees through Wthaq in record time 

To this end, Tabadul CEO Mr. Majed bin Faleh Al-Otaibi stated: “The agreement with Al Rajhi Bank cements Tabadul’s overarching strategy of innovating and implementing digital solutions, in line with Saudi Vision 2030. Wthaq’s strategic approach allows for fully automating, controlling, and unifying secure and reliable bank guarantees in the Kingdom through periodic statistical reports that enhance the level of satisfaction among all beneficiaries.”

For his part, Corporate Banking General Manager at Al Rajhi, Mr. Hossam Al-Basrawi said: “This vital partnership will offer our clients an unrivaled opportunity to leverage Wthaq’s features and services and enhance Al Rajhi bank’s premium electronic and digital solutions. It will also inspire quality transactions and save time and effort in issuing and verifying secure and reliable bank guarantees while highlighting Al Rajhi’s strategy of developing the banking and financial sector in the Kingdom.”

Notably, Wthaq is one of Tabadul’s flagship products and the first-of-its-kind digital platform in the Kingdom and the region that provides an integration mechanism with regional banks and specializes in issuing digital bank guarantees under the supervision of the Saudi Central Bank (SAMA). Issuing the first digital bank guarantee is an extension to Al Rajhi Bank’s pioneering initiative of digitizing cross-border letters of credit, one of the most vital trade financing tools worldwide.