Mambo Partnership

Mambo and financial platform

Mambo and financial platform Tameed announced a strategic partnership agreement to accelerate the development of Islamic financial technologies in the Kingdom of Saudi Arabia.The Kingdom of Saudi Arabia aims to become a financial technology innovation hub that is built on a solid foundation. In 2018, the Central Bank of Saudi Arabia launched a pilot environment to support the development of innovative financial technology in the Kingdom. Since the launch, the regulatory fund has received more than 250 applications, of which 40 have been approved and 14 fintech solutions have been licensed. In addition, Saudi Fintech transactions are expected to exceed $33 billion by 2023.To contribute to this vision, Mambo, the premier software-as-a-service banking platform, and Ta'meed, an Islamic fintech pioneer in SME financing that receive accreditations (purchase orders) from the government. agencies and companies in the Kingdom of Saudi Arabia have announced their strategic partnership.

To provide innovative Sharia-compliant digital finance for small and medium-sized companies and connect them with investors who want attractive returns with limited risks in the region.In this context, Mambo's core digital banking technology is integrated into the Tameed Finance platform for crowdfunding approvals from governments and companies (purchase orders), where the combined solutions support accelerating the digital transformation of financial institutions and Sharia-compliant financing and investment decisions in the Kingdom of Saudi Arabia.

The partnership will also aim to increase access to financial services and access to working capital financing for small and medium-sized companies that make an important contribution to the economic development of the Kingdom of Saudi Arabia, although they currently represent only 8.3% of total credit lines for banks and financial companies.For his part, Miljan Stamenkovic, Managing Director of Mambo Middle East and North Africa, said: "Through its "Vision 2030" initiatives, the Kingdom of Saudi Arabia aims to strengthen its financial sector while developing the financial technology ecosystem and infrastructure to support a diversified economy and financial availability. We are pleased to select Tameed as the first fintech company in Saudi Arabia to use Mambo's digital banking technology to improve its crowdfunding platform for government-approved institutions and companies, which will fuel the growth of Saudi Arabia. a leading role in the fintech and innovation sector, and support the Kingdom "Vision 2030 program" Tameed is the first Islamic fintech platform that provides fast crowdfunding for small and medium-sized companies that receive approval from government agencies and companies (purchase orders) in Saudi Arabia, Alternative and innovative. The baptism platform authorized in the experimental environment of the Central Bank of Saudi Arabia operates crowdfunding process for Islamic Sharia compliant baptisms.Commenting on the partnership, Mohamed Al-Omer, Co-Founder and CEO of Tameed Finance, said: “Mambo brings market-leading core digital banking solutions to the world's leading financial institutions, and by partnering with them, we integrate the latest digital finance solutions, backed by innovative Islamic finance products that provide millions of collective investors with the opportunity to finance and support small and medium-sized companies in the region and earn attractive returns from