Saudi Arabia to bring ‘Wthaq’ for unifying its bank guarantee procedures

By Backend Office, Desk Reporter
Saudi Arabia
Representational Image

Saudi Arabia’s leading digital solution providers Tabadul is all ready to introduce a first-of-its-kind digital platform in the middle east, “Wthaq” for an efficient bank guarantee process.

Wthaq was launched in May as part of the Saudi Vision 2030’s digital transformation mission. It aims to assist in all kinds of bank guarantees, improve the efficiency of transactions to save time and effort as well as to prevent fraudulent activities through proper verification.

The approximate number of bank guarantees issued yearly in the Kingdom is around 100,000. Wthaq will automate the bank guarantee procedures including all issuing and verifying processes as well as unify the standard for issuing bank guarantees in the Kingdom.

With innovative services provided through Wthaq, Tabadul is accomplishing one of its key objectives of bringing digital transformation in the financial sector. 

The first stage of Wthaq was initiated by linking 12 local banks and its work is currently progressing with the rest of the banks in the Kingdom. The second phase of the platform will enable customers to issue, release, modify and confiscate bank guarantees electronically.

The platform allows both the beneficiaries in public and private sectors to manage the bank guarantees issued to their accounts or electronically.

The CEO of Tabadul, Abdulaziz Al Shamshi talked about “Fasah” another integrated electronic system for implementing export and import related operations which created a complete transformation in facilitating, speeding up and shortening the paper works involved earlier.

Al Shamshi also added that Tabadul is trying to work with all logistic industry members to establish a national system for export and import.

Tabadul is working with the Saudi Customs Authority and the Saudi Ports Authority to broaden the Trucks Management Project to include the main ports and entry points of the country for facilitating the flow of trucks. 

The digital service provider is also working with the General Authority of Civil Aviation and the Transport General Authority to link their e-services.

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