Emkan Finance, Emkan Emkan Finance, an omnichannel FinTech company owned by Al Rajhi Bank, has collaborated with IBM to develop its digital financing product for Saudi Arabia’s small and medium enterprises (SMEs).
The collaboration will enable Emkan Finance to provide easy access for SMEs to acquire financial support, helping them grow and contribute to the local economy while being able to better assess and manage risks through the use of digital technology.
Driven by the need for seamless financing solutions, Emkan Finance is looking to transform its operations and provide its clients with a self-service digital financing product.
Emkan Finance is leveraging IBM Cloud Pak for Integration to help accelerate its modernization, securely connecting mission-critical data from a variety of its systems and applications. Emkan Finance is integrating multiple apps to power its new digital financing product, including Core banking, Anti Money Laundering (AML) Systems, Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) integration.
The new SME digital financing product covers end-to-end digital services, including new customer registration and loan disbursement. Powered by smart credit and a decision-making engine, the product will enable Emkan Finance to further provide seamless financing services to its client base, helping support the growth of SMEs in the Kingdom.
Saud Alghonim, CEO, Emkan Finance, said, “The development of this new product is a major milestone for Emkan Finance and underscores our commitment to supporting the growth of SMEs in Saudi Arabia. Working together with IBM, we have built a novel product that will play a key role in transforming the Kingdom’s SME space. This is a state-of-the-art offering powered by the latest technology — one that will help us enhance our services and achieve our long-term objectives.”
Fahad Alanazi, General Manager, IBM Saudi Arabia, said, “This collaboration is another example of IBM’s commitment to helping our clients in Saudi Arabia unlock the full potential of digital technologies. We are delighted to have collaborated with Emkan Finance to deliver the industry’s hybrid cloud and AI experience that will bolster the Kingdom’s growing SME space. As the global economic landscape continues to evolve and digital acceleration continues apace, firms need more support than ever to accomplish their goals.”