AlRaedah Finance and Sure Global Tech
seal agreement providing
POS Financing Across the Kingdom
26thFebruary 2020– Riyadh–AlRaedah Finance and Sure Global Techtoday signed an agreement for providing Point of Sale (POS) financing to SME’s across the Kingdom. Representing AlRaedah Finance, Paul Melotto, AlRaedah CEO,signed the agreement alongside Sure Global Tech CEO,Basem Bn Abdullah Alsallom. The Agreement brings together two industry leaders in providing a unique first of a kind financing solution to SME’s. The signing ceremony took place on the 26thof February 2020, at the MEFTECH conference hosted at the Riyadh Ritz Carlton Hotel.
POS Financing is one of the most innovative products in alternative business finance. Put simply, it uses the business’s POS terminal to ‘secure’ short term lending — perfect for businesses without many assets, but who have a good volume of credit/debit card transactions every month. SME business owners taking advantage of POS Financing won’t have monthly payments. Instead, repayment is automatic and taken from their daily credit/debit card processing settlements. It’s simple, easy and affordable because repayment is a fixed percentage of POS transactions, and not a fixed Riyal amount. Hence, when POS sales are high, the merchant repays more; when they’re lower, they repay less.
“We have seen other POS financing-related products in the market and they were clearly often one-sided in favor of the Banks so we have tried leveling the playing field to make this product a win-win for both the SME and Financial Institution.”, said Paul Melotto, AlRaedah CEO.
The amount a business can apply for is determined by their average credit/debit card sales. AlRaedah Finance, by way of its advancedArtificialIntelligencemodels along with AlRaedah’s Financing platform allows it to quickly analyze data and avail funds ranging from SR50,000 to SR500,000 to approved SMEs.
Basem bin Abdullah Alsallom, Sure CEO, said that Sure Global Tech is excited to team up with AlRaedah in leading the digital transformation through effective business and digital solutions. Since the establishment of the company in 2004, Sure Global Tech has been keen on providing different governmental and private bodies with the best digital solutions as a part of its contribution in the Kingdom’s digital transformation journey.
“We are excited that Sure Global Tech has decided to use AlRaedah finance platform to provide financing to their clients” said Abdulaziz Aldawood, AlRaedah Chief Commercial Officer.
Paul added, “We are already working on enhancement to the product based on the feedback of our initial pilot group of SMEs and will continue to provide the Saudi market with new and innovative financing solutions”.
At times, it might be tough for small businesses to get funding through traditional financing. AlRaedah Point of Sale POS Finance Program, in collaboration with SURE Global Tech is the solution. With approval rates of 85%, a simple application, minimal documentation and no guarantors, SME’s can get their financing in a matter of days to grow their business.
MEFTECH 2020 support Saudi Arabia’s thriving Fintech growth
February19. 2020, Riyadh, Saudi Arabia:
Saudi Arabia will host the third edition of Middle East Financial Technology Exhibition and Conference “MEFTECH”, in patronage of Saudi Arabian Monetary Authority Governor HE. Dr. Ahmed bin Abdul Kareem Al Khulaifi, at the Ritz-Carlton in Riyadh, from February 25-26, 2020.
This event is longest running Banking and Finance Technology conference and exhibition in the MENA region, which will be held in a strategic partnership with Mada, the national payment network, and SADAD Payment to support their commitment to enhance the growth of the payment system, the e-commerce and the retail industry in the Kingdom.
This event treats the Kingdom’s goals in achieving 70% of the cashless transaction by 2030. Theconference will discuss the latest developments in the digital economy, blockchain, mobile payments and the artificial intelligence within the e-commerce industry that will pave the way for future methods used by banks, institutions, and individuals in the Kingdom. These topics will be highlighted in line of the Kingdom’s boom reflected by 3 billion payment transactionsin 2019, estimated at SAR 50 trillion, passed by Mada, SADAD and SARIE .
On this occasion, Ziyad AlYousef, Managing Director, Saudi Payments said: “Based on Fintech Saudi initiative, the Kingdom continues in its efforts to be transformed into an innovative Fintech hub with a thriving and responsible ecosystem driven by local and international stakeholders. The Saudi government implemented multiple reforms to promote the digitalization of financial services and drive towards a cashless society. This move is part of the Financial Sector Development Program, which is one of the kingdom’s vision 2030. MEFTECH 2020 will continue our journey as an ideal platform to bring together the industry experts and the government representatives to enhance the discussions, bring new ideas, and industry-changing technologies within the Fintech industry.”
MEFTECH 2020 will be held in the joint sponsorship with STC Pay and attract 1,000s of attendees from banks, government departments, financial institutions, and enterprises large and small who will come to share knowledge, network and the business practice.
Ahmed Al Enazi, Vice President of Business, from STC Pay, a leading digital financial services company in the Kingdom and sponsor of MEFTECH 2020 said: “It is essential for the Kingdom to steadily shift towards a cashless society as it enables transparency within the financial sector and supports modernization of payments infrastructure, which is the key catalyst for the economic development. STC Pay is a significant step towards digitizing and building a safe and seamless payments service across the Kingdom. At STC Pay, we aim to provide new and innovative technologies and digital experiences to our customers and empower individuals to take full control of their finances.”
Over the years, the event has brought together more than 12,000 senior financial industry executives and over 1,000 innovative technology providers from across the region to conduct business. MEFTECH is supported by platinum sponsors Banque Saudi Fransi and Digitial Cash International (DCI), payment technology partner MasterCard. To find out more about the conference agenda, showcase your company’s products and solutions or to participate in round-table discussions, competition and awards, visit: www.meftechksa.com
Victoria Johnson, Head of PR
|Meezan Bank signs MoU with Journal of Islamic Banking and Finance for research on Islamic Finance
Published on: 18 March, 2013
|March 18, 2013 – Karachi: Meezan Bank, Pakistan’s first and largest Islamic Bank, has signed an MoU with the Journal of Islamic Banking and Finance (JIBF), one of the oldest Islamic finance research publications of Pakistan (1984), under which Meezan Bank will contribute its research and articles on Islamic Banking & Finance to JIBF for publication.
With the objective to bridge the gap between academia and industry, Meezan Bank with its largest research team across all Banks in Pakistan, will share case studies, research papers and articles with JIBF.
The agreement was jointly signed by Meezan Bank’s Head of Consumer Banking & Marketing, Mr. Muhammad Raza and Unit Head Shariah Audit, Mr. Farhan Ul Haq Usmani with JIBF’s Chairman, Mr. Basheer Ahmed Chowdry and Chief Editor, Mr. Aftab Siddiqui. Mr. Ahmed Ali Siddiqui, Head of the Product Development & Shariah Compliance at Meezan Bank said “Meezan Bank’s efforts are focused towards its Vision of establishing Islamic banking as banking of first choice. and this initiative is an example of the Bank’s dedication towards this cause.”
This Press Release appeared in the following papers:
The News, Business recorder, Express Tribune, The Financial Daily, The Nation, Express, Daily Messenger, Pakistan State times, Basharat, Islam, The Finance, The Leader, National Courier, Dunya, Nai Baat
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