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Small and medium enterprises (SMEs) in Saudi Arabia will get a boost thanks to a new joint venture.
Dubai-headquartered credit risk company Qarar and US lending platform Biz2X have launched a joint venture to bridge the financing gap and tackle financing issues by SMEs.
According to its statement, the joint venture is expected to be a major contributor to the Saudi Vision 2030 and aligns with the kingdom’s goal to expand the SME sector to 22% of GDP, up from 9% currently.
Aimed to be the largest SME lending platform in the region, the initiative plans to connect SME borrowers to lending organizations and offer lenders the ability to create their marketplaces and expand their reach in the SME sector.
Qarar, a wholly-owned subsidiary of the Saudi Credit Bureau, is Saudi’s first national credit bureau licensed to offer consumer and commercial products and services.
Biz2X, a New York-based software-as-a-service platform, supports financial institutions that offer customized online lending products to SMEs.
“This partnership knits together our combined technical expertise, established international success, and on-the-ground market presence,” said Zaid Kamhawi, CEO of Qarar. “Together, we are offering a powerful and proven platform that will help transform the SME lending market in Saudi Arabia.”
Meanwhile, Rohit Arora, CEO of Biz2X, added, “By bringing our technology and expertise to lenders in Saudi Arabia, we are fulfilling our mission to make SME lending more accessible and efficient for businesses everywhere, fostering economic growth and prosperity.”
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