Tabadul set to streamline bank guarantee services in Saudi Arabia

Saudi Company for Exchanging Digital Information (Tabadul), a Riyadh-based digital solutions provider that promotes the global trading system, plans to streamline the bank guarantee process in the Kingdom through Wthaq, a digital platform in the Middle East.

Launched in May, Wthaq is in line with the Vision 2030's digital transformation program, serving all types of bank guarantees, improving the efficiency of transactions, as well as preventing fraud through verification.

The first phase of Wthaq was launched by linking with 12 local banks. Currently, work is ongoing to link with the rest of the banks. 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," said Abdulaziz Al-Shamsi, CEO, Tabadul.

Wthaq platform provides an integration mechanism by connecting with the bank's system of guarantees and represents an extension of the excellent electronic and digital services offered by Tabadul to customers.

On the other hand, Al Shamsi said Fasah, a unified and specialized platform used in implementing the electronic procedures related to export and import operations, has led to a paradigm shift in facilitating, speeding up and shortening the paper procedures used previously.

He pointed out that the platform currently serves more than 68,000 importers and exporters, with the daily operations averaging nearly 300,000.

Meanwhile, Tabadul worked with the Saudi Customs Authority over the past year to activate Fasah to provide an online application service at 35 land, air and sea entry points of the Kingdom. It is also working with the Saudi Customs Authority and the Saudi Ports Authority to extend the Trucks Management Project application to include the main ports and entry points of the Kingdom.

Tabadul is working with the General Authority of Civil Aviation and the Transport General Authority to link with their electronic services, Al Shamsi noted.