Saudi British Bank completes 1st Phase with “Wethaq”

This technology permits beneficiaries to verify bank guarantees automatically

The Saudi British Bank (SABB) has completed the first phase of automating bank guarantees through “Wethaq” digital platform,recently launched by The Saudi Company for Exchanging Digital Information (Tabadul), a wholly-owned subsidiary of the Public Investment Fund (PIF).
This technology permits beneficiaries to verify bank guarantees automatically.
This makes SABB the first bank to complete the initial linking phase with “Wethaq”, which is the first-of-its-kind digital platform in Saudi Arabia and the region. In addition, the bank is working towards the second linking phase which is more complete management of bank guarantees, including; issuance, release, amendment, and cancellation.
In light of the rapid transformation, one of SABB’s priorities is to be the leading digital bank in the Kingdom by adopting new technologies, such as “Wethaq”.
This platform is in line with SABB’s strategy of digital transformation, which will support SABB’s leading position in providing Bank guarantees services. It will also help accelerate and raise the efficiency of transactions, while increasing safety and transparency for all parties.
Furthermore, SABB is actively working on achieving 2030 Vision objectives. By strengthening its strategic partnerships with government institutions, and supporting projects that will achieve sustainable development, including the Financial Sector Development Programme, while promoting economic growth and digital transformation.
SABB is focused on accelerating the digitisation of trade, through offering innovative products and services, including beingthe first bank in the kingdom to complete a Blockchain-based international commercial trade transaction.-- Tradearabia News Service

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