Tabadul, the Kingdom of Saudi Arabia’s leading digital solutions provider is set to further streamline the bank guarantee process through Wthaq, first-of-its-kind digital platform in the Middle East. Launched in May, Wthaq is in line with the Saudi Vision 2030’s digital transformation programme, serves all types of bank guarantees and improves the efficiency of transactions to save time and effort. It also helps to prevent fraud through verification.
The first phase of Wthaq was launched by linking with 12 local banks. Work is currently ongoing to link with the rest of the banks operating in the Kingdom. The second phase of the platform will enable clients to issue, release, modify and confiscate bank guarantees electronically.
“The estimated number of bank guarantees issued annually in the kingdom stands at around 100,000. Wthaq will automate all procedures for issuing and verifying bank guarantees online, along with unifying the standards for issuing the guarantees by banks in the Kingdom,” commented Abdulaziz Al-Shamsi, CEO, Tabadul said in a statement.
Tabadul’s involvement in financial services is one of the company’s strategic objectives. The innovative services offered through Wthaq enables the beneficiaries from both the public and private sectors to manage bank guarantees issued to their accounts, or those they issue electronically.