Finastra, a leading financial services software provider, has opened new office in Riyadh, Saudi Arabia.

Finastra has been operating in Saudi Arabia for over 15 years, and currently works with 65 per cent of the country’s banks, including Bank Al Jazira, one of Saudi Arabia’s leading retail and corporate banks which uses Finastra’s core retail and transaction banking solutions, a statement said.

Ahmed Al Hassan, COO at Bank Al Jazira said, “We have been working with Finastra for the past 15 years. The company has played a central role in updating our systems, improving our customers’ experience and enhancing revenue streams. We look forward to Finastra having a base here, which will allow us to strengthen our relationship and continue our digital transformation journey.”

Finastra’s core banking solution, Fusion Essence, has also been chosen to power Saudi Arabia’s Agricultural Development Fund’s lending services. The governmental credit institution will use the platform - traditionally used by banks for retail - to provide its customers with an improved user experience, including new services and shorter loan approval times, as well as moving the fund forward in line with the Kingdom’s strategic transformation plan, Vision 2030.

“The fund’s credit services are a vital element towards developing the Kingdom’s agricultural activity,” said Muneer bin Fahad Al-Sahli, general director for Agricultural Development Fund. “It’s crucial for us to offer our clients - farmers and other players in the agricultural space - a seamless digital experience which enables them with their endeavours. With Fusion Essence, we will be able to increase automation through our loan portal, which will lead to reduced timeframes for loan approvals and improved operational efficiencies.”

Wissam Khoury, managing director for Middle East and Africa, Finastra, said: “Saudi Arabia is undergoing one of its most significant economic and technological transformations to date, and we are immensely proud to be part of it.

“This project with Saudi’s Agricultural Development Fund will enable the Kingdom’s farmers to access credit faster, in support of agribusiness success, and in turn, encourages Saudi Arabia’s agricultural development. We are committed to the region and opening our office here will enable us to increase our footprint with existing clients as well as growing our client base by positioning innovative solutions across digital banking to align with the Saudi vision 2030.”

Finastra will start off with a small team on the ground in Riyadh, with the aim to increase it over time, according to the statement. – TradeArabia News Service