Al Rajhi Bank Partners with RATL Technology to Empower SMEs Digitally
In a groundbreaking move, Al Rajhi Bank, known for its innovative banking solutions in Saudi Arabia, has announced a strategic collaboration with RATL Technology, the brains behind the Muhide fintech platform. This partnership aims to digitally empower and finance SMEs within a secure, authenticated, and governed ecosystem.
MUHIDE Platform: Revolutionizing Trade Transactions
Under the sponsorship of Sharakah, a program of Thiqah, the MUHIDE platform has emerged as a game-changing solution that offers robust operational governance tools. These tools are designed to minimize potential commercial and financial disputes between buyers and sellers, thus ensuring a seamless trade experience.
Enhancing Trade Credibility and Efficiency
The MUHIDE platform plays a pivotal role in safeguarding sellers’ payment rights and buyers’ delivery rights while optimizing the efficiency of trade transactions. By bolstering the credibility of the trade ecosystem in Saudi Arabia, the platform creates a trustworthy business environment that fosters growth for SMEs.
Empowering SMEs with Blockchain-Enabled Solutions
Through this collaboration, Al Rajhi Bank will offer SMEs a blockchain-enabled solution that enables them to govern trade transactions in a risk-mitigated ecosystem. This initiative also provides SMEs with access to payables and receivables financing solutions, all geared towards driving their growth and success.
Driving Financial Inclusion and Sustainability
By leveraging the visibility and transparency offered by the MUHIDE platform, Al Rajhi Bank will provide SMEs with competitive financing rates. This will enable SMEs to achieve cost savings, improve their cash flow, and strengthen their risk mitigation strategies, ultimately fostering financial inclusion and sustainability.
Commitment to Empowering SMEs and Driving Digital Transformation
Both Al Rajhi Bank and RATL Technology are committed to empowering SMEs through digital innovation and robust trade ecosystems. By digitizing transactions and enhancing cash flow sustainably, SMEs can secure their transactions and build trust-based relationships with their business partners, driving growth and success in the Saudi market.
