We’ve partnered with Qarar, the leading credits analytics and decision automation firm in the Middle East and the technological arm of SIMAH, Saudi Arabia's first and largest credit bureau. Through this partnership, we seek to improve access to real-time financial data, accelerate credit decisions, and foster financial inclusivity, specifically focusing on thin-file customers who have traditionally faced obstacles in securing credit. Together, we are transforming the lending landscape, facilitating easier access to credit across the region.
About Qarar
Qarar is renowned for its advanced analytics and decision automation, offering credit scoring, risk advisory, and decisioning solutions that empower financial institutions to make informed lending decisions, manage risk effectively, and catalyse business growth. Their cutting-edge systems offer unrivalled insights into customer behaviour and credit risk, forming a pivotal aspect of the partnership's commitment to enabling companies to serve thin-file customers better.
The Challenge
Traditional financial institutions have wrestled with accessing real-time financial data, an issue that often slows down credit decisions and hampers financial inclusion. This lack of real-time information creates barriers for individuals and businesses, especially thin-file customers, seeking credit, thereby limiting economic growth and development across the MENA region.
The Solution
Combining our open banking solutions with Qarar’s expertise in credit scoring and decision automation, this partnership is set to disrupt traditional lending processes, particularly for thin-file customers, by amplifying the use of financial data to understand a consumer's financial position better. This synergy allows financial institutions to offer tailored lending products that cater to the diverse needs of MENA’s population, ensuring equitable access to financial resources.
Qarar's market-leading credit decisioning and onboarding products and our open banking technology will be mutually distributed, strengthening their respective market positions and driving further innovation in the sector.
With access to real-time financial data and advanced analytics, financial institutions can make faster, more reliable, and more accurate credit decisions while reducing underwriting administrative costs. This partnership expedites lending and fosters financial inclusion, contributing significantly to the region's economic growth and development.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said:
“We are thrilled to partner with Qarar, a credit analytics and decision technology leader. Together, we will leverage our expertise, technology and the power of open banking to help financial institutions offer personalised lending solutions and drive financial inclusion in the MENA region.”
Zaid Kamhawi, CEO of Qarar, commented:
“This partnership with Tarabut Gateway marks a significant milestone for Qarar in our mission to empower financial institutions with advanced decision technology. We are excited to collaborate with Tarabut Gateway and further enhance the use of open banking data to inform and automate credit decisions that will help financial institutions better serve their customers and contribute to the growth of the region’s economy.”
Empowering Thin File Customers and Streamlining Credit Underwriting
Our partnership with Qarar represents our unwavering commitment to driving innovation, underscoring their pledge to create a more accessible, efficient, and inclusive financial ecosystem in the Middle East. This combined effort promises a new era of credit accessibility for thin-file customers, proving that everyone can attain economic prosperity with the correct data and technology.
