Al Rajhi Bank of Saudi Arabia will start providing a digital guarantee service through the electronic financial services platform called Etimad.
The new service intends to ensure smooth financial operations for beneficiaries, according to a bank statement. It will all be done in partnership with the Ministry of Finance’s National Center for Government Resources Systems.
Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform.
The service will entail electronic management of bank guarantees, automatic linkage of them with government competition for issuance, and the automatic cancellation of preliminary guarantees for non-winning competitors.
The steps come in line with Saudi Vision 2030, in building digital governance, improving work efficiency, and increasing the effectiveness of projects.
